Funds Netting Amanda Koeller IFTA, Inc.

FUNDS NETTING Here, I’d like to show the pattern of the money coming in. As you can see, there is a definite drop in funding as expectedon the Quarterly months. Our highest netting reached around $46miliion in Nov. 2011, and our lowest goes to about $3 million in Oct. 2010.

LATE FUNDING STATS 39%

HOUSEKEEPING Update Contacts on www.iftach.org Communicate Changes: Member Jurisdictions IFTA, Inc. Staff

DO create a bulk email group DON’T have 1 contact for Funds Netting. DO create a bulk email group For Funds Netting. IFTAFunds@state.gov Funds Netting Lists work best when there are at least 2 recipients for each Jurisdiction. Electronic receipts are sent out monthly as money is received or distributed. If your one contact is out of the office, and we are having a banking or transmittal issue, it is vital that we can contact someone that knows about the process.

WHAT’S NEW??? PEI has recently joined our Clearinghouse and Funds Netting process. We recently posted the 2013 Funds Netting Calendar on www.iftach.org. FN Calendar is so useful on our website! Check this out and distribute it to your staff for deadlines.

Transmittal Home Page When new transmittal data is added by your jurisdiction to the Clearinghouse, IFTA, Inc. sends your transmittal contact a copy of the Summary and Detail Totals comparison. IFTA, Inc. will total your Total Due column for each Jurisdiction using the detail data. It will use those totals and compare it to the Summary Total Due Column for each respective jurisdiction. The e-mail will provide you a quick glance to see if there are any errors between the detail and summary file. But you should not stop there. It is strongly encouraged that you take a couple of minutes to look at your data on the Clearinghouse, the best way to do that is with the ‘Compare Totals’ search feature.

Checking Total and Data When the Compare Totals report is run, you will be given a screen to choose what Transmittal Number you want to view for your jurisdiction.

Summary Comparison After you choose what transmittal number you want to view, you will see a screen like this. This is essentially the same break down you saw in the e-mail with the totals. Any difference noted between the set of numbers will be highlighted in ‘red’. BUT DON’T STOP YET!!! Also take a moment too look at your numbers and make sure everything looks correct. Is there a large or small amount that doesn’t seem right? If there is an issue, you have until the last upload day of that month to re-submit your data. Nothing is final until Funds Netting Totals are issued.

Recent Uploads If you are ever curious to know if your data was posted or if another jurisdiction posted data, use the ‘Recent Uploads’ link at the top of the pages.

Clicking ‘View’ on any upload as seen to the right, will allow you to also check the totals and view the transmittals of any other jurisdiction.

Regarding IAR’s - Inter-jurisdictional Audit Reports, One significant change we have made, that you may have noticed, is that Jurisdictions must provide a 9-11 digit Tax Payer ID. Some jurisdictions started using internal numbers for the IFTA License Number. This caused some confusion as an internal number is useless to anyone external to your organization. . Why is an internal number useless? Often times users looking at your data would like to look up the carrier on the transmittal or demographic pages. Having the tax payer id handy makes it quicker. Also, when an audit appears on a transmittal, it’s easier to lookup the IAR with the tax payer id. Not providing the tax payer id would mean that search results would never find the IAR. The external users would have to know the internal number, which is not possible.

Check and Double-Check your Upload Accuracy! Update your Communications List on website!