Clearinghouse Funds Netting Rules. Governs the procedures of the Funds Netting module of the IFTA, Inc. Clearinghouse. Funds Netting Calendar. Funds Netting Rules. Provides established dates when certain events or steps in the process must take place. Funds Netting Rules.
Governs the procedures of the Funds Netting module of the IFTA, Inc. Clearinghouse
Steps in the Process
Upload of Data
Participating Members will upload Transmittal and Summary Transmittal Data, no later than the date provided by the Funds Netting Calendar.
Based on the Funds Netting Calendar for the year 2010, the upload date would range from as early as Feb 23rd to as late as March 30th.
Failure to Timely Upload Transmittal Data
Jurisdictions which fail to upload their data by the upload date specified in the FN calendar will be represented in the CH by a zero for netting purposes.
Jurisdictions which fail to upload timely will receive any funds resulting from the other timely jurisdictions and must pay any amounts resulting from the netting process.
Failure to Timely Upload Transmittal Data – Cont’d
Data transmitted late will be included in the next cycle along with data from other periods for netting purposes. Each transmittal of data will be identified separately, but will be combined for Funds Netting purposes.
Review of Data Uploaded
Participating Members should review their uploaded data for accuracy. If the data is determined to be inaccurate, the jurisdiction must contact Jason at IFTA, Inc. to delete the data and then transmit a new data file.
Clearinghouse Funds Netting Reports
Based on the data reported for the cycle, IFTA Inc. will produce the following netting reports on the website and will send them by e-mail attachment to participating members:
Final Settlement Report
Transfer of Funds to the CH Account
Participating members will transfer any funds shown as “Due to Fund” on the Final Settlement Report .
Funds are required to be transferred within approximately five days from the date of the data upload based on the FN Calendar.
Distribution of Funds by IFTA , Inc.
IFTA, Inc. will distribute funds to jurisdictions which are designated in the Final Settlement Report as “Due From Fund”. The distribution will occur the day after jurisdictional funds are received by the Clearinghouse as specified by the FN calendar.
Failure to Timely Fund the CH Account
Jurisdictions which timely upload data but fail to fund the CH on a timely basis will have a second opportunity to fund the account approximately five days after the original funding date. The day after the second funding occurs, a second distribution will take place based on the prorated amount of funds received.