Entry Summary including Continuation Sheets
A full container load (FTL) or less than container load (LTL) will need an entry summary that details what is being shipped and the value amounts for the goods in the container before it can clear customs.
Form 7501 adds up all the costs and fees that must be paid at the time of entry.
Importers of all goods will want to take advantage of Form 7501, as it streamlines the process and even saves larger importers money.
Form 7501 is also used to defer the same duties it calculates. Weekly deferral is a powerful use of Form 7501 and there are a few things to consider when completing this form:
- Routing information should be left blank for FTZ purposes.
- Description should include the value and fees of goods.
- Deferring the fees is advantageous to larger importers.
- Form 7501 is 100% electronic.
Form 7501 has very detailed instructions that accompany it and it serves many purposes. Importers who become comfortable with Form 7501 save a significant amount of time and money with a streamlined and efficient process.