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Yes, you need to log it. You also would need to log in your book any sale of a C&R firearm even if you first acquired the firearm before you had your C&R license. Basically, the ATF wants you to log what C&R guns you purchase and what C&R guns you sell while you possess a C&R license.
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Yep, that's why I cancelled my C&R after three renewals.
You have to get the seller's info on a C&R FTF deal so you can book it just the same as if you bought it at a 01 shop or from another 03 holder. If you sell a C&R FTF you have to get the driver's lic # as well as the other info from the buyer so you can book it out.
Lots of folks balk on giving out their info anymore. I can't say I blame them. I lost a couple of good FTF buys in a month due to that so back the C&R went.
I don't miss my C&R a bit either. FTF for anything involves just asking if they are a prohibited person and then it's cash and carry.