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Money Forward Cloud Accounting Introduces XBRL Output Functionality

In an essential update for its users, Money Forward, Inc. has announced the launch of the beta version of the "Financial Statement XBRL Output Feature" for its Cloud Accounting software. This new functionality aligns with the National Tax Agency's e-Tax electronic submission requirements, allowing users to generate financial statements in XBRL format. As a result, the electronic tax filing process through e-Tax becomes significantly smoother and more efficient.

As of January 7, 2023, the receipt date stamp requirement for tax submissions and attached documents, including financial statements, has been abolished. This change has spurred a surge in demand for electronic submissions. Previously, the Money Forward Cloud Accounting software did not support the XBRL output format for financial statements, leading many users to rely on other tax software for their electronic filings. Users expressed a strong demand for the ability to output financial statements in this required format.

With the introduction of the Financial Statement XBRL Output Feature, users can now seamlessly integrate financial statement files generated from Money Forward Cloud Accounting into their electronic tax submissions. This integration ensures a streamlined filing process, allowing users to manage their tax documentation efficiently.

About the Financial Statement XBRL Output Feature

The newly introduced feature specifically supports standard financial statement line items typically found in corporations. Future updates will extend this functionality to limited liability companies (LLCs) as well. Following the official release of this feature, users can expect to have the ability to customize their financial statement line items and output settings according to their needs.

To utilize the XBRL output feature, users simply need to select "Export" on the Financial Statements screen within Money Forward Cloud Accounting and choose "Financial Statement Electronic Submission Output (XBRL) (Beta)." Here, users can check the relevant financial statement items they wish to export and click on "Output," allowing them to import the generated file directly into e-Tax without hassle.

As a cloud accounting solution, Money Forward Cloud Accounting aims to simplify the complexities of corporate tax submissions. With features that automate data entry and journalizing, the software significantly cuts down the time required for accounting tasks. It automatically updates to comply with changes in tax laws and the increase in consumption tax, ensuring users are always current with their filings, including new regulations like the invoicing system and electronic book retention law.

About Money Forward, Inc.

Founded in May 2012, Money Forward, Inc. is headquartered at 3-1-21 Shibaura, Minato-ku, Tokyo, in the msb Tamachi, Tamachi Station Tower S, on the 21st floor. Under the leadership of Group CEO and President, Yosuke Tsuji, the company focuses on delivering platform services that enhance financial efficiency for businesses of all sizes. For more information on the company and its services, visit their official website.

For more details on the Financial Statement XBRL Output Feature, check out this link.

Closing Thoughts

Money Forward is committed to developing features that facilitate smooth electronic tax submissions, continually enhancing its software based on user feedback. The launch of this new output capability signifies a noteworthy advancement in the tax submission landscape, making it easier than ever for businesses to comply with digital filing requirements.