IFTA, Inc. Clearinghouse Funds Netting Calendar Proposal Notifications Fuel and Distance Reports Demographics

Clearinghouse Members

Funds Netting The goal of funds netting is to eliminate the need to send out checks to each jurisdiction on a monthly basis. The IFTA, Inc. Clearinghouse will be able to derive one total due figure based on all participating jurisdiction transmittal activity for a given time period. In some instances, some jurisdictions may never have to send out a check or money again. EFT accounts will be set up between the jurisdictions and IFTA, Inc. IFTA, Inc. will be responsible for the re-distribution of funds at the end of each month.

Funds Netting The Need for Changes To make funds netting work the following compromise will have to take place. The timely submission of transmittals must occur. -This is needed so that IFTA, Inc. can generate a total due amount. - As well, jurisdictions have their own numbering systems based on whatever they feel works for them. This has complicated matters. -Without a global numbering system that all jurisdictions follow, it is impossible for the Clearinghouse to determine what should be compared to what using the current numbering system. - What will be used for funds netting is the date that a transmittal is loaded into the Clearinghouse. - With those dates IFTA, Inc. will be able to compare transmittals and generate total dues. Summary- Jurisdictions will have to agree on a calendar.

Funds Netting The Need for Changes pt 2 Benefits of a Calendar For the user, the calendar will help determine what transmittals they should be looking at in a given month. - Currently there have been complaints with what people should be looking at. I can not help in this area till a calendar is in place. The only thing you can use currently are the updates to track new transmittals. Corrections to data will be made possible. -Our current Clearinghouse allows no time for correction to transmittal data without a lot of work on the jurisdiction end. Replacing data is simply not an option at this time. Why? If we start replacing data after it’s already been loaded and distributed to the IFTA community then there is the possibility that checks that are already in the mail will have to be resent. Furthermore, jurisdictions that have went to the Clearinghouse to print or use the transmittal data in any capacity will have to go back and re-do it. (cont. next slide)

Funds Netting – The Need for Changes pt 2 Benefits of a Calendar (cont.) Corrections to data will be made possible. (cont.) With the calendar in place jurisdictions will have time to replace the data if needed. This should help eliminate any mistakes and further help all the other jurisdictions as they use your data. The Clearinghouse will be able to group each funds netting run and show exactly what detail is being used each month.

Funds Netting Calendar Proposal Funds Netting Update Last month, the Clearinghouse Advisory Committee (CAC) and IFTA, Inc. sent out a questionnaire regarding a calendar to help begin the funds netting process. The community was nearly split in half regarding the calendar and therefore the proposal will not be implemented. Here are the results. First, a misconception. The and subsequent calendar proposal was not looking to implement funds netting by December 1st, What was being asked was whether you could adjust your systems by December 1st to start uploading transmittal data to the Clearinghouse using the dates as stated in the calendar. Some jurisdictions thought full implementation of funds netting was going to go into affect by the December 1st date, but that was not the case. We will be slowly rolling out funds netting in phases: Phase 1: Calendar and the Upload of Data in a given time period. Phase 2: Testing of funds netting and totals derived from transmittals. Phase 3: EFT Accounts and the transfer of money. There will be a long testing period for each phase. Your jurisdictions will not be jumping into funds netting immediately. We will be taking this slowly and dutifully. Secondly, the majority of ‘No’ responses were in regards to posting transmittals on time. Jurisdictions did not feel there would be enough time to get all the post marked tax returns properly posted. We felt that this was a valid enough concern and was the main reason that the calendar proposal failed.

Update your Notifications for both Transmittal and Audit Notifications on the web site.

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