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US Foreign-Trade Zone (FTZ) Management

FTZ Management: End of Year Overview

The ONESOURCE Global Trade US Foreign-Trade Zone (FTZ) Management solution was designed to avoid, minimize, and defer duty liability while remaining in compliance with U.S. Customs regulations. The system will automate the majority of the Foreign-Trade Zone tracking processes in order to reduce the amount of time spent manually maintaining inventory records.
This section provides an introduction to the basics of annual reporting procedures and maintenance requirements. It is designed to provide a functional overview on how to complete each of the routines and utilize the different screens within ONESOURCE Global Trade US FTZ.
For more information on US Foreign-Trade Zones, please refer to the U.S. Customs regulations and documents provided by the National Association of Foreign-Trade Zones (NAFTZ) and documents prepared by the Zone Operator.

Processing

When staging for the end of the year, the system will prompt you to
Save Period Balances
 according to the EndOfFiscalYear and EndOfZoneYear dates held within the Maintenance > System Defaults table.
For example, if your EndOfFiscalYear or EndOfZoneYear are set as 12/31 the system will need a period balance to be saved after processing the TxnDate of 12/31 and will not let you proceed until that is completed.
If needed, these dates can be updated to align with the end of a zone week so that you do not need to generate shipment documents (7501 entries) mid-week. Please note however that the system will need a Period Balance date saved as close to the end of the calendar year as possible in order to generate required FTZ reports such as the FTZ Annual Board Report. Alternatively, you are able to print shipment documents, save period balances, and then unprint the documents.

This article applies to:

  • Product: ONESOURCE Global Trade
  • Sub-Product: US Regimes & Connectivity

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