IFTA, Inc. Clearinghouse
Funds Netting
Calendar Proposal
E-mail 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 e-mail 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 e-mail and subsequent calendar
proposal was not looking to implement funds netting by
December 1st, 2007. 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 E-mail Notifications for both
Transmittal and Audit Notifications
on the www.iftach.org web site.
Fuel and Distance Stats
Federal Approved Report
Demographics
Active Carries with a Revoked Status
100+ Carriers are currently listed