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When you are in the import and export business, you will be coming across multiple acronyms. The Automated Export System (AES) is the regulator of the entire export business and there are acronyms like FTR, EEI, EIN, ACE associated with it. ITN is also related to this system and it holds extreme importance in this field. For people who are relatively new in this trade, we will discuss about what an ITN is and why is it so important for the international exporters.
The ITN and Exporting
The trade regulations of USA and Canada requires their exporters and agents to file for their Electronic Export Information (EEI) through the AES portal. It should be done if the exports of the merchandised values are over $2500 or more. One can find the detailed information about this on their official portal.
It is possible to file for the EEI to the AESDirect portal by logging in into ACE. The export information needs to feed in next. There are also multiple automated software solutions that can be used to make the process easier. Through this, one will not face the issue of redundant data entry, which will not just save your time but will also improve the data accuracy.
Upon the successful submission of EEI to the AESDirect on the ACE platform, a confirmation number is generated. This number is known as the Internal Transaction Number (ITN) and will indicate that your application has been accepted by the platform and the file is in process.
The ITN will appear on the AESDirect summary screen and will have a green box appearing along its side stating that it is accepted. Also, the AESDirect will email the ITN to the email address provided during the application.
The importance of ITN
- It is a proof that you have filed the application. But just filling the application is not enough. If incorrect information is filed, one might face civil and criminal penalties of a maximum of $10,000 per violation.
- The ITN will help you verify how accurately you have filed the application. It is always better to file it yourself and not have anybody else do it on your behalf.
- The ITN is needed in certain documentation. Without this, there are chances that the shipments will be held back in the customs.
To generate yours today, raise the ITN number request with Clearit right away.
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