I've been searching for a clear answer/strategy on this for a while but unfortunately seem to keep coming up dry.
I've recently registered as a sole proprietor and started doing some consulting for a client outside Japan. In doing so, I've also begun using MoneyForward Cloud so that I can keep my books in line with what the NTA expects for Blue Filing (have been a long time user of the 'ME' wing of their platform, so this transition was natural, and all my accounts are already linked).
The one stitch that keeps coming up is they'll be paying me in USD, wired directly to my domestic USD account monthly. Now, the banks aren't the problem here, but it seems the books are.
Obviously it would be nice and simple if I could invoice them directly out of MF and have that generate the appropriate journal entries, but without USD support that's a no go.
Most of my searches come up with instructions on how to record USD in the Journal, but any of my 'dummy tests' I've done on the platform don't seem to have the currency options described. Apparently MF's Consolidated Billing service can do this, but that's unavailable to me.
So I'm wondering if there's anyone else here using MF Cloud and receiving payments in USD (or other foreign currency)? How do you setup your journal entries for those incoming Wire transfers?
Do you enter the values in JPY using the bank rates on day of invoicing and day of receipt? It seems to me that this alone will cause a FX gain/loss between the invoice date and payment date, but it doesn't sound right to be able to claim P/L on a yet unrealized payment.
by Griever92