CARM: What all importers need to know about CARM

Terminology

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ARL, Accounts Receivable Ledger

The Accounts Receivable Ledger (ARL) will become the system of record for Commercial Accounting and Payment on January 25, 2016, replacing daily and monthly K84s with Daily Notices (DNs) and monthly Statements of Account (SOAs). ARL is the first phase of the CARM project.

Quick Tip #14
Don’t just insure the value of the goods

When insuring your freight, you are fully entitled to value your goods at a price above the base cost. Valuation of goods may include all freight charges, related costs, plus 10% (or more) to cover the administrative burden of processing a claim and to cover the insured’s profit. Since duty is still payable on damaged goods, make sure you insure the amount of duty as well.

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