If you need to set up a client who is already on CARM or set up a client with Bond/AccountSecurity, you often will get confused between-

IBS and emulated IBS.

The answer is- You would set the B3 Type to I (IBS), or else you can enter your Account security code in the customer profile as well - then it will be used in the generation of the transaction number.

Below is the screenshot for updating Account Security # and B3 Type as IBS.

Description of IBS and emulated IBS-

• IBS (Importer Based Security)-

They have a bond, any duties and taxes are owed directly to customs (the B3s have a payment code I), and the invoices from the broker don’t have duties and taxes on them.

• Emulated IBS-

Pretends to be I (sends the B3 to customs as normal, but in accounting, doesn’t bill the Duty and GST, and expects the GST direct report to be run).