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#322344 - 02/25/05 04:23 PM CRA Gross Revenue-rounding over 1M?
complyaudit2 Offline
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complyaudit2
Joined: Apr 2002
Posts: 119
I have reviewed the CRA reporting guide and other publications, but have not been able to locate an answer...

If an actual gross revenue for a small-business loan, is actually over 1M, should the code be 1 or 2? For example actual gross revenue amounts from 1.1 to 1.4 million, should these amounts be "rounded" down to 1M?

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#322345 - 02/25/05 04:26 PM Re: CRA Gross Revenue-rounding over 1M?
Don_Narup Offline

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Joined: Jul 2001
Posts: 3,708
Las Vegas Nevada
You round to the nearest 1,000 and not million. So 1.4 million in revenue would 1 million 400 thousand and would be reported with a revenue code of 2
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#322346 - 02/25/05 04:31 PM Re: CRA Gross Revenue-rounding over 1M?
complyaudit2 Offline
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complyaudit2
Joined: Apr 2002
Posts: 119
Thank you. This was my first thought, but I wanted to double check.
LCoyle

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#322347 - 02/25/05 07:58 PM Re: CRA Gross Revenue-rounding over 1M?
HRH Dawnie Offline
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HRH Dawnie
Joined: Aug 2002
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Anchorage Alaska
But wait...you don't round at all. If the revenues are one million and one dollar, you have a revenue code 2. If they are 999,999 you have a revenue code 1. Only for HMDA do you need to do any rounding, because you actually report the figure, not a code.
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