What is 'formal entry' in SAP SD-FT - Foreign Trade?

formal entry - Overview

• Component: SD-FT

• Component Name: Foreign Trade

• Description: Customs terminology for shipments of US$1250.01 or more in value and all shipments under quota. A formal entry must be cleared by a licensed customs broker in nearly all cases.

formal entry - Details

• 
  Key Concepts: 
  Formal entry is a process in SAP Foreign Trade (SD-FT) that is used to declare goods to customs authorities. It is a mandatory step for goods that are imported or exported from a country. The formal entry process includes the submission of documents such as invoices, packing lists, and certificates of origin to the customs authorities. 
  
  How to use it: 
  In SAP Foreign Trade, the formal entry process is initiated by creating a formal entry document. This document contains all the necessary information about the goods being imported or exported, such as the quantity, value, and origin of the goods. Once the document is created, it must be submitted to the customs authorities for approval. 
  
  Tips & Tricks: 
  When creating a formal entry document in SAP Foreign Trade, it is important to ensure that all the necessary information is included. This includes the quantity, value, and origin of the goods as well as any other relevant information required by the customs authorities. Additionally, it is important to ensure that all documents are submitted in a timely manner to avoid any delays in the process. 
  
  Related Information: 
  For more information on formal entry in SAP Foreign Trade, please refer to the official SAP documentation at https://help.sap.com/viewer/product/SAP_FT/1502/en-US.