IBill Accounting Errors?

[tombarr]

I noticed that we did not get our payout for month ending in October this past week, and then did some checking and it seems that Ibill has seemingly stumbled upon what appears to be massive accounting errors that go back to 2002, relating to chargebacks and refunds.

I next got an email from IBill with a detailed accounting of what this involved for my account, and it seems that they suddenly have found over $5000 worth of chargebacks and refunds dating back to 2002 that were not deducted from my payments and that will be taken out of forward going payments until resolved.

Smells kind of fishy to me. 3 year old chargebacks that have not been accounted for? 3 year old refunds that failed to be deducted?

Is this possible?

I understand that IBill certainly is doing a top down review of their financials and seekiing capital wherever they can find it now, but this smells a bit stinky to me. How convenient that they can now deduct an additional $5000 + out of the money they owe me.

Anyone else experience this issue?

[MWCren]

They hit me for a chargeback from March, but it was only one transaction. There was a note about batch chargebacks in the CMI, and they will be deducted over the next couple of months. I'm hoping they don't find anything scary like that! Those kind of surprises are never good.

Maybe they were doing the accounting review for your settlement offer and found the errors. They found some odd stuff in my account when they put my settlement agreement together. Nothing that extreme, but looking at adjustments as a percentage of sales, its hard to know what is out of line, but 5K sounds like a lot.

[collegeboyslive]

On top of that check to see if any reserves were paid to you in October. mine were not, several calls to them promised it in november 1st , never arrived, now its nov 15th.

and NO i dotn process with them, this is money owing from last year.

[collegeboyslive]

November 15th has come and gone, guess what, no reserve payouts not from last month and not from this month. a call to ibill says " oh we have a computer error and they will be paid on dec 15th now" can we say "heard that before"

so basically ibill... still cant make its payouts. dec 15th will be 1/4 of a year when they havnt paid reserves. of course i want my reserves since i dotn process with them anymore these are a big chunch of cash they still owe me , and of course everyone else

[chadknowslaw]

Fool me once, shame on you.

Fool me twice, shame on me.



If IBill went back 3 years and found all those accounting errors that should have decreased the money paid out to you, how much attention did they pay to accounting errors where IBill should have paid you more?
As an accountant, I can say with certainty that if errors truly did exist, then there will be some that are in your favor. Accounting errors go both ways. If IBill tells you that all discovered errors in an audit go against you, well, basically, the fuckers are lying to you.

[CorbinFisher_BD]

Great way for iBill to reestablish themselves in the industry and try and rebuild their reputation - screw those that for some reason stuck with them over their own mistakes from years passed.

pfft.

[basschick]

besides, if ibill truly had those errors, they should be sending out detailed statements including dates of those chargebacks that had not been collected, names or subscription numbers of members who charged back - and then you could compare them against the statements from that period and see if you had already been charged.

and if they couldn't provide detailed info, i would consider that their claim is fiction or they are too fucked up to be sure that those were errors and should be taken from your money.