What is customs warehousing procedure in SAP SD-FT - Foreign Trade?

SAP Term: customs warehousing procedure

• Component: SD-FT

• Component Name: Foreign Trade

• Description: A customs procedure in which foreign merchandise can be brought into a customs territory without levying duties. Such goods are stored in a bonded warehouse and then reexported or submitted for import procedures in the territory.

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• Key Concepts: 
  Customs warehousing procedure is a process in SAP Foreign Trade (SD-FT) that allows companies to store goods in a customs warehouse without having to pay import duties or taxes. The goods are stored in the warehouse until they are released for sale or export. The procedure is used to manage the import and export of goods, as well as the payment of duties and taxes.
  
  How to use it: 
  In order to use the customs warehousing procedure, companies must first register with the customs authority in their country. Once registered, companies can then declare their goods for storage in the customs warehouse. The declaration must include information such as the type of goods, quantity, and value. Once the declaration is accepted, the goods can be stored in the warehouse. 
  
  Tips & Tricks: 
  When declaring goods for storage in a customs warehouse, it is important to ensure that all information is accurate and up-to-date. This will help to avoid any delays or problems with the release of the goods from the warehouse. Additionally, it is important to keep track of any changes in regulations or laws that may affect the storage of goods in a customs warehouse. 
  
  Related Information: 
  The customs warehousing procedure is closely related to other SAP Foreign Trade (SD-FT) processes such as import/export control, export processing, and duty/tax calculation. Additionally, it is important to be aware of any local laws or regulations that may affect the storage of goods in a customs warehouse.