![]() ![]() Your procedure ought to include a way to communicate the requirements to the supplier, a process for monitoring the supplier’s paperwork, and a protocol to follow for when the requirements are not met. The requirement for an accurate commercial invoice should be incorporated into your import compliance manual and processes. ![]() Therefore, it is imperative to have a proper commercial invoice to avoid penalties and delays in clearance. A shipment cannot be cleared by Customs without an invoice. This can happen if Customs is at your facility performing a formal audit or if they request a hard copy of the commercial invoice for any entry, at any time. Liquidated damages-monetary penalties-can be assessed against an importer for failing to provide a commercial invoice. This may sound simple, but getting the supplier to adhere to the requirements could prove challenging. How can these inconsistencies be corrected to ensure more uniformity? Fortunately, there is a solution-send your suppliers detailed instructions of what is mandatory on the commercial invoice. There are even invoices that are completely in Spanish, handwritten, or incomplete. Some invoices indicate Incoterms, whereas others do not. ![]() The commercial invoices do not have consistent formats. To gather information for this task, you head to the accounts payable department to pick up some invoices. With the amount of suppliers increasing, it’s a good idea to create a foreign supplier database that can be used by a number of departments. Currency: This indicates what currency the values are listed in (i.e., USD, GBP, EUR, etc.).At last count, your company is sourcing from 35 foreign suppliers, located on five of the seven continents, and the number is growing quickly. ![]()
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