Question: If a company in US has completed year-end tangible goods adjustments for the last 4-5 years, would it be a legal obligation / requirement for that company to sign up for Reconciliation program with CBP? ************* ANSWERS Yes, my company does something similar in that in-year imports are reported at standard costs and then […]
Question: Does anyone know of any Recon reports in ACE? I found several canned reports that have the Recon indicator but not the Recon due date. I have also tried creating a report from scratch, but cannot locate the Recon due date in any of the fields. ************ ANSWER: We have not been able to […]
Question: The company I work for imports goods from Germany on a regular basis against invoices denominated in Euros. When importing the product, our customs broker uses the CBP exchange rate as of the date of export from Germany (as per regulations). When my company goes to pay the German entity, they cut a […]
Question: Does anyone have an easy process/procedure to share regarding reconciling which entries have been liquidated by US Customs? Is this a US Customs audit requirement? ************ ANSWERS: THere is a liquidation report available in ACE. Super easy to run and use. No.. not that I know of. However, it’s good to periodically monitor and […]
Question: I am developing an Audit Program at my company, and I am new to Reconciliation entries. I’m finding that I’m not even sure what data elements are essential on these entries. If anyone has a template or list of things to look for when auditing recon entries that would be very helpful. Question I […]
Had a question for the membership… I have a Reconciliation that will be due in the next 60 days or so and I’m putting the finished touches on it. I just received a refund check for entries included in the Reconciliation stemming from a 520(D) submission. My question is how do I balance this […]
Question: I have a friend (no really it’s not me) who works for a large importer. He’s an export compliance guy who now has to deal with imports and his immediate issue is that they have imports that are entered at full value and then later the overseas manufacturer discounts the price paid […]
Question: I wanted to see if anyone in the membership has an example of the business processes they go through for ACS Reconciliations for value. Our business model includes a related party maquiladora in MX. Our basis of appraisement will be computed value. I have reviewed the ACS reconciliation handbook but wanted to see […]
QUESTION ON ADJUSTMENTS TO PROFIT VS PRICE Question: I have been discussing the issue of Reconciliation with my tax and accounting teams and explained that post entry price adjustments need to be commnuciated to CBP and that the most efficient and comprehensive way of doing that is through Reconciliation. They understand the concept of […]
Question: Hello. I was wondering if the membership had any general ideas on the best methodology to use for disclosing Value added services and Purchase Price Variances to the CBSA. Just trying to get an idea regarding the specific details that will be needed. Commodity is Ch. 64 (Footwear).
Question: We have two IORs. I was advised by our Tax team that we will have separate, retrospective upward (IOR A) and downward (IOR B) TP adjustments against 2011 imports. I was told that the TP Adjustment will not be allocated to a specific product, as it generally the case, but to the COGS. […]
Question: We have two IORs. I was advised by our Tax team that we will have separate, retrospective upward (IOR A) and downward (IOR B) TP adjustments against 2011 imports. I was told that the TP Adjustment will not be allocated to a specific product, as it generally the case, but to the COGS. […]
