Release Notes for TallyPrime 5.0

Release Notes for TallyPrime 5.0 and TallyPrime Edit Log | What’s New!

Customize bill sorting to suit your needs, gain clarity in invoices and reports with Stripe View, and receive instant notifications for critical tasks. Indian users can seamlessly upload and file GST returns using Connected GST, automate tax calculations under TDS Section 194Q, and manage Tally Plug-ins directly from TallyPrime. Users in the Middle East and Bangladesh can enjoy TallyPrime in their native language, with the flexibility to choose their preferred language across different computers in a network. Additionally, there are significant product enhancements to improve your experience.

Master Your Accounting & Compliance Needs with Connected GST

Simpler Uploads & Downloads: Upload GSTR-1, GSTR-3B, and CMP-08 directly from TallyPrime to the GST portal. Download GSTR-1, GSTR-3B, GSTR-2A, and GSTR-2B in just a couple of clicks.

Effortless Filing: File your GSTR-1 directly from TallyPrime without even opening the portal. Choose your filing method such as DSC or EVC.

Real-Time Party Information: Swiftly create and validate party ledgers using real-time details from the portal. No more manual entry of party information. Just fill the GSTIN/UIN of the party.

Key Insights on ITC: Track your ITC at risk with great accuracy for one or even hundreds of suppliers using Bills Payable. Similarly, with Bills Receivable, track the status of invoice uploads against the pending bills of a party. Gain further clarity with detailed reports such as Ledger Vouchers – GST and Ledger Outstandings – GST, and other predefined saved views.

Benefits

- Effortlessly resolve mismatches and rejections to ensure smooth filing, upload, and download processes.

- Save time with automated features like secure uploads, downloads, and party validation, all seamlessly connected to the GST portal.

- Stay informed with real-time insights into your compliance and financial transactions directly within TallyPrime.

- Achieve compliance with minimal effort, allowing you to focus more on growing your business.

Automated Tax Calculation to Comply with TDS Section 194Q

Simplify your tax compliance under Section 194Q of the Finance Bill with automated TDS deductions for goods purchases. Key features include:

- Automatic TDS calculation on purchases exceeding Rs. 50 lakhs annually, tailored to the Nature of Payment.

- Managing TDS exemptions for Government entities eligible under Section 194Q.

- Streamlined updates of the Nature of Payment for multiple parties directly within Form 26Q.

- Enhanced reporting in Form 26Q by recording advance payments with TDS-integrated Stat Adjustment.

Tally Plug-In Management within TallyPrime

TallyPrime offers specialized plug-ins for TallyPrime that enhance its functionality to meet specific business requirements. These plug-ins, including the pre-installed TallyCapital, are easily accessible without any manual setup. With the new Tally Plug-In Management report, you can effortlessly view plug-in details, monitor their statuses, and more. The TallyCapital plug-in allows you to check your credit score, assess your loan eligibility, and apply for business loans as needed

Sort Pending Bills to Manage Payments Effectively

TallyPrime Release 5.0 offers an efficient payment management system that enables sorting of pending bills. Now make payments promptly in the order of due dates with the oldest bill being settled first, thereby reducing the risks of late fees and penalties. You can also sort the bills

Enhanced Readability of Reports and Vouchers with Stripe View

TallyPrime now features Stripe View, a tool designed to enhance the readability of reports with large data volumes by highlighting alternating rows. You can apply Stripe View across all vouchers and reports or selectively for specific ones. Additionally, the stripe effect can be used when printing, exporting, or sharing documents from TallyPrime, offering flexibility whenever you need it.

Instant Notifications with the new Bell icon

Discover the upgraded notification system in TallyPrime 5.0 with the Notifications report and Bell icon feature. This report is tailored to keep you informed about crucial activities like GST uploads/downloads and return filing (for Indian users), TSS renewals, license management, and TallyPrime upgrades. Key benefits include:

- Stay informed about multiple business activities through a single, consolidated report, ensuring you never miss an important task.

- Take immediate action directly from the Notifications report, minimizing the need to navigate between different screens or modules.

- Customize the Bell icon to receive reminders in a way that best suits your workflow

GST

Seamlessly Update GST Status of Vouchers

Previously, whenever you made GST-related changes in the master, TallyPrime would prompt you each time to update the GST status of the vouchers. Now, you can manage this process more efficiently by configuring it in F11 (Company Features). This allows you to alter GST-related details in the master without interruptions, with TallyPrime updating the GST status of vouchers according to your preferences.

Easy Access to GST Registration Details (History)

GST Registration Details (History) were previously accessible only under the "Show More" option for a master. This feature is now conveniently displayed alongside other primary options across all reports that support GST history, providing quicker access to this crucial information.

Improved Handling of Deleted Vouchers

Previously, when you exchanged or deleted a voucher, it was categorized under "Marked for Deletion on Portal," leading to confusion. This issue has now been resolved. If a voucher valid in the current return period was uploaded with a delete request in an earlier period, you can reset the delete request directly within the GST report.

Enhanced Management of Non-GST Transactions

Earlier, non-GST transactions appeared as "Uncertain Transactions (Corrections needed)" in GST reports, requiring manual resolution. Now, these transactions are automatically marked as "Not Relevant for This Return" within the GST reports, simplifying their management.

Bulk Resolution of Uncertain Transactions

Uncertain Transactions resulting from issues like incorrect tax rates, incorrect HSN/SAC, or mismatches in GST registration and tax rate details previously had to be resolved individually in the GST reports. With the new update, you can now select and resolve multiple uncertain transactions simultaneously through a single action in the GST reports.

Improved Transaction Classification in GST Reports

Purchase transactions or debit notes recorded without a Supplier Invoice No. or Date used to appear as "Uncertain Transactions (Corrections needed)" in GST reports. These transactions will now be categorized as "Included in Return" in the GSTR-3B report and "Available in Books" in the GSTR-2A and GSTR-2B reconciliation reports. You can directly update the Supplier Invoice No. and Date by drilling down from these categories and reconcile them as necessary.

View Already Exported Transactions in GSTR-1

When exporting GSTR-1, previously exported data would only appear if the option "Include Transactions where no action is required" under "Basis of Value" was enabled. Now, you can directly include or exclude previously exported transactions in the GSTR-1 report using the right button.

Export GSTR-2A and GSTR-2B Reconciliation Reports in the Old Format

Exporting GSTR-2 to Excel in the old GSTR-2A format is now easily available. Simply enable the option "As per old format (GSTR-2)" in the GSTR-2A or GSTR-2B reconciliation reports during export, and the details will be exported in the desired format.

Validation of HSN for B2C Transactions

Previously, B2C transactions with incorrect HSN/SAC codes appeared as "Uncertain Transactions" in GST reports. Now, you can validate and correct the HSN/SAC codes for B2C transactions with an effective date, and the details will be reflected in the HSN/SAC summary report.

HSN/SAC Limit Based on Annual Turnover

You can now set the length of HSN/SAC codes (4, 6, or 8 digits) based on your Annual Aggregate Turnover (AATO), allowing for better compliance with GST regulations.

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