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Loan Summary

This template drafts a single note payable financial statement disclosure for plans that have up to 20 loans payable. The template establishes links to individual loan amortization worksheets created with the Loan Amortization template and prepares a note disclosure that describes each loan and lists the plan's five-year debt maturities.
The disclosures presented are those that are common to most loan agreements. Additional disclosures may be required if the loan agreement contains restrictive covenants, an unreasonable stated interest rate, or unusual payment terms. For a complete listing of required disclosures related to notes payable, long-term debt, and other obligations, refer to the GAAP disclosure checklist found in PPC's Guide to Audits of Employee Benefit Plans.

Entering Data

All of the information needed to produce the financial statement disclosure is entered on the Input worksheet.
The first section of the Input worksheet requests the plan's name, preparer’s name and financial statement date. The balance sheet date is used in the text of the summarized financial statement disclosure, and the template will not present debt maturity information if a financial statement date is not entered.
Note that the balance and maturity information for each loan is computed by the linked Loan Amortization workbook and thus is based on the balance sheet date entered in that workbook, not the financial statement date entered on the Loan Summary’s Input worksheet. To avoid compiling information based on multiple balance sheet dates, a loan’s information will not be included in the Loan Summary’s financial statement disclosure if it was prepared using a financial statement date other than that entered on the Loan Summary’s Input worksheet.
To add a loan to the Loan Summary worksheet, press one of the "Add link" buttons and select a Loan Amortization workbook from the dialog box that appears.  To remove a loan from the Loan Summary worksheet, press the "Remove link" button next to the loan information.

Updating the Summary for Changes Made to Linked Workbooks

If changes are made to a linked workbook (for example, if a loan amortization schedule and disclosure are updated to reflect a new financial statement date), information in the Loan Summary workbook will be updated automatically if both the linked workbook and Loan Summary workbook are open at the same time. To update information in the Loan Summary workbook when a linked workbook is not open, select Edit|Links from Excel’s menu bar, highlight the linked workbook whose information changed, and press the "Update Now" button.