CBP to Issue Changes to Final Statement Process in Late Summer 2019

Later this summer, Customs and Border Protection (CBP) will deploy a change that affects the back-end processing of ACH Debit/Credit transactions.  The impact will be minimal for importers, but still marks an important change in process.

Importers not participating in PMS (Periodic Monthly Statement)

As the process exists today, a final statement is received the day following payment authorization to CBP. The payment authorization is sent on the 10th working day after release and the statement is marked paid. The final statement is received the following day.

In accordance with the updated process, the final statement will NOT be received until Treasury has received confirmation that the payment has been received.  When confirmation of payment has been received, the statement will be marked paid and a final statement will be generated.

Importers participating in PMS

As the process exists today, the PMS prints on the 11th working day of the month.  On the 15th working day of the month, the payment authorization is sent to CBP and the statement is marked paid. The final monthly statement is received the following day.

In accordance with the new process, the final statement will not be received until Treasury has received payment confirmation. Once confirmation of payment has been received, the statement will be marked paid and a final statement will be generated.

As an importer, this means the final statement will not be received until 2 – 3 days after payment has been authorized.  If a final has not been received after 3 days, an importer should contact their bank to confirm payment was accepted.

Shapiro will continue to monitor the situation and provide updates as they become available.