What is TheBankNXT?
A Simple and Digital Accounting Platform on the Cloud that takes care of all Accounting and GST Compliances of SMEs. TheBankNXT gets SME a complete business operations, accounting and book-keeping features in one single, easy to use platform which is closely integrated with current account.
Whether bank accounts can be linked with TheBankNXT?
TheBankNXT allows the users to link the ICICI Bank Current Account in-order to provide seamless banking experience loaded with lot of additional banking features.
How to Sign Up into TheBankNXT Portal?
Please follow the below mentioned steps to sign up into TheBankNXT:
Step 1: Visit https://thebanknxt.com
Step 2: Click Sign Up button (available on top right corner).
Step 3: Enter the e-mail id and mobile number. An OTP will be sent to the registered mobile and e-mail id. Enter the OTP.
Step 4: Set the Password for the TheBankNXT.
Step 5: Click Sign Up to complete the sign-up process.
After successful sign-up, you will be re-directed to the company settings page of TheBankNXT, where you have to set up your company/organization details.
How to Sign In into TheBankNXT?
Step 1: Visit https://thebanknxt.com
Step 2: Click Sign Up button (available on top right corner).
Step 3: Enter the E-mail ID and Password.
Step 4: Click Sign In After successful sign-in, you will be re-directed to the dashboard of TheBankNXT.
After successful sign-in, you will be re-directed to the dashboard of TheBankNXT.
How to set up my company details in TheBankNXT?
After successful sign-up, you will be re-directed to the company settings page of TheBankNXT. You can fill the details such as Name and Address of your business in basic details and details such as business domain, registration number and financial year in business details. Then you can proceed with bank linking process.
What are the features applicable for a linked bank account?
Users who links their Bank account with TheBankNXT, can enjoy the below mentioned features:
- Check account balance,
- Fetch the bank statement, and
- Make Payments.
How do I make my company’s logo visible on all my documents?
To make your logo visible on all your documents in TheBankNXT, you will have to upload your logo under company logo in the basic details in the company settings of TheBankNXT.
How to set up my base currency in TheBankNXT?
The base / default currency will be automatically set up in business details under company settings based on the location. However, you can change the default currency according to your business base currency convenience.
Can I able to access TheBankNXT if I don’t have a GSTIN?
Yes, TheBankNXT can be used even if the company/organization does not have a GSTIN. If you do not possess GSTIN, go to Tax Details under Company Settings and click No. You will be skipped from adding tax details and in the place of GSTIN it will be reflected as NA in all the document in TheBankNXT.
How to add my branch details in TheBankNXT?
You can navigate to Company Settings —> Branch Details
In the Branch details you can add details such as Branch name, Branch head and Address details of the branch and check-in if you make the added branch as your company default branch for all the documents in TheBankNXT.
In TheBankNXT, a default branch will be created as Headquarters with the company address entered in the basic details of the company settings
Where to add different currencies involved in the business?
In TheBankNXT, you can add different business currencies involved in the business in the business details under company settings. Once you input all the currencies in business currency, you send / record invoices & purchases under different currency.
Where to set the financial calendar of the business in accountable?
In TheBankNXT, you can set the financial year end month in the business details under company settings.
What is inventory valuation method?
An inventory valuation method allows a company / organization to determine the stock inflow & outflow of goods and value for items that are being involved in the business that affects the financial statement. In other words, it is the total amount of money you’ve spent on acquiring the inventory of goods and storing it.
What are the different types of inventory valuation method in TheBankNXT?
In TheBankNXT, two different types of inventory valuation method are adopted.
- FIFO (First In First Out Method)
- Weight Average Cost.
What is FIFO Inventory Method?
In this FIFO method, you assume that the first products to enter the inventory are also the first ones to be sold. You always sell your oldest inventory first.
What is weighted average method?
Weighted Average Cost (WAC) method of inventory valuation uses a weighted average to determine the amount that goes into cost of goods sold and inventory. The weighted average cost method divides the cost of goods available for sale by the number of units available for sale.
Is it possible to change the inventory method once it is selected?
No, the method of inventory once chosen cannot be altered for the financial year. However, you can change the inventory method for the next financial year.
