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.
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Fuel and Distance Reports
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.
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.
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.
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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.
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