Reconciliation

Reconciliation

  • RECON filing for First Sale?

    QUESTION: Our company had been flagging entries for RECON when 301 kicked in last September with the intention of (obviously) updating the value. 301 occurred while in the process of assessing both first sale viability and a pricing restructure. We have determined the pricing restructure is not eligible for RECON as there was no agreement […]

  • RECON FOR BROKER VALUE ERRORS

    QUESTION: We’ve identified a recurring issue with one of our suppliers and broker, where the invoice is listed in a not-USD currency and the broker has inconsistently done the currency conversion on the 7501. For any non-revenue entries, we’d just like to correct the value via value Reconciliation. Does anyone else use Recon to correct […]

  • HIGH RECON VALUE CHANGES

    QUESTION: Our company is in Recon and we are filing appropriately within the time frames. The next set of filings will greatly increase value over that declared at import. Is there a value increase percentage (eg. over 25 %; over 40 %; etc) uplift which will raise a red flag ? =========== Answers: Difficult to […]

  • Reconciliation Program(s)

    QUESTION: As there is a CBP Recon Program for the USA, are there ones in Canada and Mexico?  If so what they called.  Also can an NRI, who imports into the USA  participate in the Recon Program, or is it just for USA based importers. ============ Answers: Reconciliation is a US program.  In Canada if […]

  • RECON DUE DATE

    QUESTION: Per the ACE Reconciliation Prototype, value reconciliations are due within 21 months of the oldest entry summary flagged for and grouped on that reconciliation.  My question is: 21 months from which date on the entry summary? Entry date?  Import date?  Entry Summary Date? Time Frames Reconciliations have due dates for filing, which are determined […]

  • RECON UPLIFT PERCENTAGE

    QUESTION: Is there a percentage over the original imported value that when reported thru recon will raise red flags with CBP ? I looked in the Recon handbook and could not find any guidance. If the recon adjustment is 10 – 15 % I think not. If a recon adjustment is 70 – 80 %  […]

  • RECONCILIATION – QUESTIONS FOR TAX

    QUESTION: The organization I work for uses transfer price adjustments (TPA) for related party transactions. When preparing for customs reconciliation filings, what are the questions that I should be asking our corporate tax group to get the TPA information required to complete the reconciliation filing? =================== ANSWERS: In my opinion, I would not ask them […]

  • RECON DIFFERENCE IN ACE

    QUESTION: When we look at AM-reports in ACE we can see a recon flag for certain entries. However when we look at the ESM-report equivalent for the same entries there are no recon flags set. Have any members experienced this in the past and how was it addressed ? Which reports will Customs use to […]

  • ACE VS ITRAC FOR RECON

    QUESTION: I’m interested to learn which reports are used by members filing recon?   Are any of the members using U.S. Customs’ Masterfile Extract and Liquidation Extract files when preparing to file recon entries? Or, are you using only the ACE and ITRAC data? Thank you! ========== Answer:   Yes, we also use Masterfile Extract […]

  • RECON MISS SCENARIO

    QUESTION: Seeking input from group regarding any experiences similar to the following scenario:   -Importer enters product utilizing estimated “Computed Value” as the basis of appraisement -All products  are imported utilizing “Computed Value” and all  have been “free of duty” as NAFTA originating goods -Importer, for many years, was a Reconciliation participant (calendar year filing […]

  • RECON PROCEDURE TEMPLATE

    QUESTION: Does anyone in the membership have a Recon procedure they would be willing to share? ========== Answers: Talk with your broker, it is going electronic. ========== The question is awfully broad.  One really needs to understand a lot more details to come up with a recon process, however, here are some general thoughts:   […]

  • RECON TEMPLATE EXCEL

    QUESTION: Does anyone in the membership have a template in Excel they use to collect data for Recon they would be willing to share? ========== Answer: Please see attached. http://www.icpainc.org/wp-content/uploads/2014/10/5982fe7b3be61.xlsx =========