Tracking Fees and Total Collections Explained
how do we keep track of total amount collected and if fees are under or over?
Managing DMV Fees: A Step-by-Step Guide
Keeping track of the total amount collected and managing discrepancies with fees is essential for accurate financial records. Follow these steps to ensure proper management of DMV fees.
1. Tracking Total Amount Collected
When creating a record (RS), it is vital to accurately fill in the field designated for DMV Fees Collected. This information serves as your baseline for tracking all future transactions.
2. Managing Over- or Under-Collected Fees
a. Handling Over-Collected Amounts
If you find that amounts have been over-collected, navigate to the Refunds Page. Select the relevant record using the checkbox provided, and utilize the menu at the bottom of the page to choose "Mark as Paid to Customer." This action ensures precise records are maintained regarding refunds issued.
b. Addressing Under-Collected Fees
If there are under-collected fees, you can mark them accordingly by selecting "Mark as Written Off" on the Refunds Page. Additionally, feel free to edit this field if necessary so that it accurately reflects what was actually collected.
3. Updating Records
The adjustments mentioned above should be made promptly from when you first create your RS. This practice guarantees that all records save correctly and provide an accurate overview of transactions.
Circumstantial Fee Variations
Please note that fee amounts may differ from what is due based on specific circumstances such as non-resident military status or Native American affiliation. It’s crucial to review transaction details carefully to understand how these fees were calculated.
Your Posting Options on eFile Page
You have discretion regarding posting fee amounts on the efile page—whether you opt for posting just the transfer fee of $15 or opting for full payment is up to you. However, it is recommended that if any fees are past due, paying in full will help prevent further accrual of charges.
By following these procedures diligently, you'll maintain clear visibility into both overages and shortages concerning DMV fees collected!