Release Notes for TallyPrime 6.0

Release Notes for TallyPrime and TallyPrime Edit Log Release 6.0 | What’s New!

With the exciting new feature of Connected Banking, TallyPrime 6.0 introduces a completely redesigned banking experience. You can now invest valuable time in the expansion of your company thanks to improved bank reconciliation and automatic accounting with bank statements.

Additionally, data splitting is now much more seamless and has strong data verification. You can take full advantage of the new Profile function, which allows you to quickly update your contact information and get timely notifications.

Additionally, you receive a number of improvements related to GST, TDS, and VAT that will further improve the effectiveness of your TallyPrime experience.

Transform Banking for Your Business

TallyPrime Release 6.0 improves bank reconciliation and connects banking, making banking more enjoyable. Your books and bank stay in sync thanks to the many features that the upgraded Bank Reconciliation gives for reconciling book transactions with bank transactions. You can save time and effort by using connected banking for a variety of financial tasks.

Key Features of TallyPrime 6.0

- Enhanced Bank Reconciliation: Save time and improve accuracy by automatically reconciling exact matches. You also get smart suggestions for potential matches   to your book transactions.

- Automated Accounting Using Bank Statements: Create vouchers using bank data in just a few clicks. This eliminates repetitive data entry and makes accounting  easier.

- Integrated Payments and Accounting: e-Payments now comes with a new and simplified report, which integrates accounting and reconciliation. This enables flexibility and better tracking of your e-Payments for more than 18 banks.

- Connected Banking: Improve cash flow visibility and enable swift decisions with Connected Banking. Connect your bank accounts to TallyPrime with top-tier security, and access real-time bank statements and balances directly within TallyPrime.

TallyPrime 6.0 Enhanced Bank Reconciliation 

The enhanced bank reconciliation enables intelligent matching between your book and bank transactions.

- You can choose to reconcile the precise matches later or have them automatically reconciled when you import the bank statement. This is simple to set up in your bank ledger.

- Establish the guidelines for Potential Match based on your company's requirements. This facilitates matching transaction reconciliation.

- From the unreconciled transactions, identify a match for one or more transactions.

- Choose one or more transactions from your books and compare them to one or more bank transactions for reconciliation.

- You can carry on manually reconciling your transactions if that is how you choose to do it.

- You can add unreconciled transactions to the Opening BRS() report and provide a reconciliation date if this is your first time performing reconciliation. These transactions are then prepared for reconciliation and will show up in the Bank Reconciliation report.

- The Opening BRS report automatically includes the unreconciled book and bank transactions in the event that a firm is split.

Automated Voucher Creation using Bank Statements

Create vouchers at one go using entries from imported bank statements. Automated voucher creation comes with great flexibility, as you can:

• Create multiple vouchers with a common or separate ledgers.
• Merge multiple transactions to create a voucher with the consolidated amount.

What’s more, all the key information, such as narration, instrument number, instrument date, and amount, gets automatically filled. This significantly reduces the time and effort.

New and Revamped Banking Reports

Bank reconciliation is further simplified with new and enhanced reports such as Banking Activities, Bank Reconciliation Summary, and Bank Reconciliation.

- All of your bank ledgers are summarized in the new Banking Activities report. You can see the outstanding tasks associated with e-payments and bank reconciliation.

- You can dig down to the Bank Reconciliation Summary for a particular bank under Banking Activities. The report shows unreconciled e-payments, withdrawals, deposits, and book and bank balances.

- You can drill down to the Bank Reconciliation report from the unreconciled transactions in the Bank Reconciliation Summary. This makes it very easy for you to keep track of and balance your bank and book transactions.

- You may also view the e-Payments report, which has a new appearance, by drilling down from Banking Activities. Before exporting from TallyPrime, go deeper to fix any errors or verify the payment status.

- Banking-related information, including account numbers, payment methods, and transaction details, is now included in reports like Ledger Voucher and Day Book. Along with the instrument number and transaction date, this facilitates improved tracking of the payment and reconciliation status.

A Secure & Versatile Connected Banking Experience

With Connected Banking, you do not need to log in to multiple bank portals to access your bank accounts. With a single, secure login to Connected Banking using your Tally.NET credentials, you can connect all your bank accounts to TallyPrime .You can then:

-  Check bank balances right from TallyPrime in a matter of seconds.
This helps you view your bank balance instantly when you want to send payments to vendors, and compare the balances between your books and bank account.
What’s more, you can view the bank balance in reports such as Ledger Vouchers and Group Summary.

- Get bank statement online and use it for bank reconciliation.

Other Enhancements in Banking

Bank data in your Company books

You can import bank data for more than 145 banks in India and 80 banks across Asia, Africa, and North America. The imported bank details are stored in your Company data for your quick reference and reconciliation, which makes audits easier.

e-Fund Transfer Mode for e-Payments

For e-Payments, you now have the flexibility to set the e-Fund Transfer Mode, such as IMPS and NEFT, as per the voucher amount. The best part is, the e-Fund Transfer Mode gets automatically applied to vouchers.

Bank and reconciliation details in payments and receipts

Payments and receipts now contain all the bank and reconciliation details. You can conveniently refer to these details during voucher creation and alteration.

Dashboard tiles for Connected Banking and reconciliation

View banking-related tiles with information such as the transactions pending for reconciliation and the balance as per your bank.

Bank-related details in Edit Log

In Edit Log, you can now view the changes in Bank Date, Instrument Number, Instrument Date, and even the UPI ID of your customer.

Split Your Company Data with Ease

TallyPrime Release 6.0 comes with an updated Data Split feature that is much simpler and convenient to use. With updated screens, new Split options, a data verification prompt, and enhanced data verification, you can now proceed with data splitting more smoothly.

Creation of a sing/le company after Split

The updated Split process helps you create a single company for easier and more secure data management. If you have a large volume of data, you can create a new company with the latest data. This helps you run your business smoothly and significantly improves your performance.

The best part is, you still have the flexibility to choose the traditional two-company Split. based on your business needs. This will create one company for compliance purposes and another one with the latest data to continue with your business transactions.

Moreover, the new progress bar gives you great clarity about the stages and the progress of the Split process.

Enhanced data verification

Data verification is now enhanced to handle many more errors in vouchers and masters, which ensures a smoother Split. Also, to reduce the chances of errors and improve accuracy, you will now receive a prompt to Verify your data before initiating the Split process.

To know more, refer to the Split Data in TallyPrime topic.

Other Enhancements in Split & Verify

The following issues have now been resolved

- Out of Memory or Memory Access Violation error, while resolving errors during data verification in TallyPrime

- Slow performance, delays, or stoppages, while splitting vouchers in TallyPrime Edit Log

- Temporary overflow of Tally limits. Restart and continue error, while verifying data in TallyPrime Edit Log Release 4.0

​Easily Manage Your Profile Details

TallyPrime 6.0 introduces the new Profile feature, which enables you to view and update the contact details linked to your Tally Serial Number. Accurate contact information ensures you receive timely communications and updates.

Key Highlights

- View & Edit Profile: Easily manage your contact details within TallyPrime.

-Tally Portal Access: Quickly navigate to the Tally portal for additional updates.

- Reminders: Receive notifications twice a year, reminding you to check and update your profile details.

Keep your profile up to date for smooth communication.

To know more, refer to the  Profile Details topic.

Enhancements in GST

• GSTR-1 filing is more intuitive now, ensuring you upload the return before filing. This prevents Nil Returns, which can occur when GSTR-1 is filed without uploading the return.

• The TXPD section of GSTR-1 now displays the details more accurately. The amounts are correctly matched without any further action from your side.

• You can now seamlessly copy B2B sales invoices from one company to another, using F3 (Company). Such invoices will no longer appear as Duplicate Voucher Number in GSTR-1 and GSTR-3B. 

• TallyPrime now supports the new Excel Offline Utility version 5.4 for GSTR-3B. You can now view all the ITC-related information correctly under the respective categories. Earlier, this information was appearing under the e-commerce row of Section 3.1.1.

• Transactions with URD bank ledgers and exempt expense ledgers will now appear correctly in GSTR-3B, under Exempt, Nil Rated, and Non-GST Inward Supplies. Earlier, such transactions appeared under Uncertain Transactions.

• For Cess on Quantity, round-off and decimal values will now be calculated correctly in transactions. Earlier, such transactions were marked as mismatch or incorrect tax amount.

Seamless TDS Calculation

When TDS values are updated in transactions, the details will now appear correctly. Earlier, when TDS values were updated, there were issues in Dr & Cr and TDS ledger values.

Enhancement in VAT Report

The VAT report will now appear correctly for all Indian States and Union Territories. Earlier, the VAT report was not appearing for Puducherry, Haryana, Telangana, Chandigarh, Dadra & Nagar Haveli and Daman & Diu, Kerala, Ladakh, Sikkim, Tripura, Uttarakhand, Uttar Pradesh, and West Bengal.