Many importers may not be aware of the advantages of paying duties and fees to US Customs via the Periodic Monthly Statement (PMS) feature in ACE.
- Improved cash flow – payments of duties and fees are deferred until the 15th day of the following month, offering up to a 45 day interest-free float on this cash
- Facilitates receiving of imports shipments into inventory sooner if not obligated to pay duties and fees until following month
- Ease and predictability
- Payments are collected once a month instead of on a transaction-by-transaction basis, reducing administrative costs
- At month end, running a simple report will indicate what payments will be due the next month.
- Gain visibility to the duty in real time in ACE
- Eliminates need to receive daily statements from every broker at every port
To participate in the PMS program, an importer needs to set up its own ACE Secure Data Portal account. The importer marks the entries to be paid on the statement and submits payments through the Automated Clearing House (ACH) processing system. Before enrolling in PMS, the import team should consult with its accounting, finance or treasury group to ensure that all stakeholders have agreed to the new payment process.
A couple of points worth noting:
- An importer may participate in PMS as a Non-Portal account through a broker who has an ACE Secure Data Portal account
- An importer may file entries in ACS – and not ACE – and still participate in the PMS program.
For more information, see US Customs’ ACE Periodic Monthly Statement Fact Sheet.