QUESTION: Hi we just recently got on to the PMS with Customs. Do we still need to authorize the entry payment based on daily statement on the 10th day for each entry? =========== Answers: Yes, because that is the date for the entry summary filing. The duties will be paid monthly through ACH Credit or […]
QUESTION: Each year the ‘ACE Monthly Trade Update’ would post a schedule of when to run the Periodic Monthly Statements. Has anyone in the industry seen a Preliminary Statement (11th working day)/ Final Statement (15th working day) table issued? I know I can count the days myself, but it gives me a little comfort to […]
QUESTION: Would anyone be willing to share their internal SOP for managing their PM statement ACH process? Our TC team will monitor via ACE, and of course we’ll be receiving the statements from our broker, however we need to develop an internal process with our finance department who will be funding the account. Specifically I’m […]
QUESTION: What is a better way of reporting non-revenue changes / revenue changes that fall under $20.00? PSC or quarterly reports? What is the process of Quarterly Reporting? Is done via ABI? ========== Answer: You should record them for your records, but if they are under $20 there is no obligation to report. ========== Addl […]
Question: Prior to entries being filed through ACE, we would file qualifying de minimis corrections via quarterly reports directly with various ports. How is the membership community now treating de minimis corrections? Are you having your broker create PSC corrections for all corrections to entries including de minimus situations? If you are choosing to […]
Question: I am not lazy and did some digging around on the CBP website and made a few calls, but cannot find any official list of the PMS Statement dates by month for 2016. Can anybody provide them? *********** Add’l Answer: We have received the past two lists in the Monthly ACE Trade Update.
Question: Can a customs broker put an importers duty on the brokers PMS account if the IOR is not set up with CBP for ACH or PMS and the IOR does not have an ACE portal? In other words. I have an importer with very large duty outlays but they do not want to pay […]
Question: Our broker recently invoiced us for a “PMS surcharge” on our bond. Has anyoneheard of this surcharge?
Does anyone know how late entry penalties are determined when all the entries on a Periodic Monthly Statement are late? Is the entire statement considered one entry? Is there a minimum/maximum? Is the penalty based on entered value?
If anyone is doing Periodic Monthly Statements with CBP, can you let me know the pros and cons? I understand from the last ICPA conference some importers said they had problems with it. I am interested in starting it right away. Am I crazy or a genius or a crazed genius!
Is there a way to show the entry numbers on the periodic monthly statement report instead of the daily statement numbers?
In quantifying the duty savings under Periodic Monthly Statement, has anyone gone through the process of actually calculating the interest savings as a result of the 30-45 day cash float? If so, would you be willing to share the calculation?