TradeLane

In the intricate world of global trade, few tools offer importers the relief from complexity that reconciliation does. The concept may seem simple: import goods now and update the details later. But as anyone in compliance knows, the real challenge lies in the execution. This is where Tradewin steps in, offering a reassuring hand in navigating the complexities of reconciliation.

Watch the video below to learn more about reconciliation and how Tradewin assists you through this process.

Reconciliation has become a highly utilized tool for many importers to maximize duty reduction benefits under certain FTA programs or to ensure compliance associated with valuation and 9802 claims. The Reconciliation filing process originally commenced as the ACS Reconciliation Prototype test in October 1998. Through the intervening years from 1998 to the present, there has not been any advancement to codify this program into the regulations as there are so many facets of trade compliance that are touched by the rules around the Reconciliation filing process. These rules can be found here: Reconciliation Interim Guidance. Having been involved with Trade Compliance for over 17 years and with an oversight role for the Tradewin Reconciliation service offering for the past number of years, the one thing consistent across that time span is the growing complexity of trade compliance that, in turn, is driving a constant need for continuing education and for developing experts in key areas of Trade Compliance. Reconciliation is no longer just a filing process. Rather, regulatory knowledge, application, and monitoring underpin the exercise.

On January 27^th, Tradewin published our ‘Reconciliation Step by Step’ guide. For those interested, a copy is available for download below:

For those of you who have been involved in Customs Entry Reconciliation, you know how complex the program can be.  We are excited to see that CBP will be hosting a webinar that will cover reconciliation fundamentals and provide insight into the various issues the trade community and CBP Centers of Excellence and Expertise (Centers) experience when filing and processing reconciliation entry summaries.  This information was presented to the Trade community on April 11, 2022, in Cargo Systems Messaging Service (CSMS) #51568660.

It has been almost one year since the industry filed its first reconciliation entry in ACE. While there have been many hurdles and many successes, we thought that we would share our top 5 lessons of what we have learned so far.