CBP updates Periodic Monthly Statement guide; importers reap benefits of program

Attention Automated Commercial Environment (ACE) users:  US Customs (CBP) has recently updated its Periodic Monthly Statement Guide.  As many ACE users know, Periodic Monthly Statements streamline the payment and collection of duties and fees by allowing importers (and their brokers) to consolidate them into one monthly payment, rather than a daily- or per-entry billing.

Benefits of enrolling in the Period Monthly Statements process include:

  • Consolidating individual entry summaries for goods that are either entered or released during a given month and allowing them to be paid as late as the 15thworking day of the following month
  • Providing additional flexibility in the management of the working capital required for duty payments as well as potentially significant cash flow advantages
  • Allowing importers who are Automated Broker Interface (ABI) direct filers to pay designated entry summaries for a given month on one statement

The updated guide provides detailed instructions about the Periodic Monthly Statement process, including numerous ACE screen shots, and also sets forth the application process to participate in the program – for both importers who are, or are not yet, ACE Portal Accounts.

To learn more about the program, including exclusions and requirements, click here.