What’s New in Tally Prime 5.1?

Managing a business is not a simple task. Reliable software is necessary to stay up to date with changing requirements, laws, and complications. To address this, Tally has introduced Tally Prime Release 5.1, an update that includes numerous enhancements and new capabilities aimed at streamlining business administration.

Tally Prime 5.1 seeks to increase productivity, enhance compliance, and streamline procedures for all sizes of businesses. Tally Prime 5.1 includes features for everyone, from handling payroll to managing GST and creating e-way bills.

Tally prime 5.1 have a two versions:

1. Tally prime 5.1
2. Tally prime 5.1 (edit logo)

The Edit Log version offers improved audit and compliance features by including a permanent log record of all modifications.

Here are New Updates in Tally Prime Release 5.1

1.Enhanced GST Management

• Simplified GST Conflict Resolution: Track, identify, and resolve GST-related inconsistencies in transactions and masters with ease. This helps prevent expensive errors, maintains compliance, and guarantees data accuracy.

• GSTR-1 Export Consolidation into a Single Excel File: It is now possible to export GSTR-1 returns for several periods into a single Excel file. If a business has several GST registrations, it can export the returns for each registration at once or select a particular registration.

2.Flexible Voucher Numbering And HSN/SAC Summary Configuration

The HSN/SAC setups and voucher numbering can be easily handled when switching from Tally Prime Release 2.1 (or earlier) to Tally Prime Release 5.1.

• Voucher Numbering

Use the existing voucher numbering scheme.
Use it for all forms of vouchers or just certain types, like sales.
Use the current numbering scheme as necessary.

• Configurations for HSN/SAC Summary:

Configure the HSN/SAC summary for every section, or omit B2C portions if necessary.

• HSN length for inventory items

Set the length of the stock products’ HSN codes as you like.

3.Flexible Voucher Numbering And HSN/SAC Simplified E-Way bill Management

Tally Prime 5.1’s release brings a major improvement to E-Way Bill Generations:

• E-Way Bill’s Automatic Distance Calculation:It is no longer necessary to manually enter the distance between the origin and the destination in order to generate an E-Way Bill. The E-Way bill’s origin and destination pin codes are now automatically filled in by Tally Prime. When the “Pin to Pin Distance as per portal” field is empty or absent, this is applicable.

• Create E-Way Bills for Vouchers for Material In and Out: Material In and Out vouchers can now produce E-Way bills. During the manufacturing process, this capability is particularly useful for tracking shipments between the primary and job workers.

• E-Way Bill Generation for Export Invoices with Accuracy: In the past, if the “Ship To” information had a non-Indian state and no Indian port pin code, E-Way Bills for export invoicing were denied. This has been resolved; by using a valid Indian state and port pin number, e-way bills and e-invoices can now be generated.

4.Payroll Compliance

• FVU Tool Integration Updated: The Protean Department’s FVU tool, Version 8.6, adds a new file format for electronic returns. It is now feasible to export the expected values for Standard Deduction and Salary Details (SD) straight into the payroll ITeTDS.txt file using Tally Prime Release 5.1.

• In the Payroll ITeTDS.txt file, a new tax regime: Provident Fund (PF) contributions are no longer included in employee exports under the New Tax Regime due to recent modifications to the FVU format.

• Exclusion of Deductions under New Tax Regime:The ITeTDS.txt file for employees under the New Tax Regime contained a deduction. These deductions are no longer included in the export due to the most recent FVU format modification.

5.Localized Support for Global Users

• Arabic is now displayed as the display language: Arabic (Saudi Arabia) was the previous name of the Arabic Display Language option. Arabic is now the only option displayed in Tally Prime Release 5.1.
• Display and Print Amount in Arabic Words: When the language is set to Arabic in Tally Prime Release 5.1, the amount on vouchers will be shown and printed in Arabic. It was previously shown in English.

Additional Enhancements In Tally Prime Release 5.1

• Better Stock Item Display with Extra Description: Invoices are now easier to understand because stock item descriptions are now shown in a single line.

• Issue with Voucher Mismatch Decided: An inaccurate “Uncertain Transaction” status is no longer the result of voucher mismatches. There has been no change in the status of vouchers; they are now accurately documented.

• Precise GST Computing: The GST calculation for service ledgers is now accurate.

• GST Exception for Bank Charges: Incorrect bank ledger registration type-related GST problems in GSTR-2A, GSTR-2B, and GSTR-3B have been addressed, and flagged transactions can be resolved.

• Increased GST Compliance: Now, either report the missing bills or submit an ITC claim, depending on which happens first:

• Flexibility in Modifying Payments and Advance Receipts: The 18-month limit on adjustments for advance payments and revenues has been lifted. There are no temporal constraints on their adjustment.

• Making amends In accordance with GSTR-2B: According to the most recent version of GSTR-2B, reconciliation now uses consolidated tax amounts.

• Making amends In accordance with GSTR-2B: According to the most recent version of GSTR-2B, reconciliation now uses consolidated tax amounts.

• Better MastersM for GST Registration: In multi-registration setups, GST registration masters can now be removed following transaction clearing.

• More lucid button labels: To improve clarity, the “Send” and “Export” buttons are now marked as “Send (Online)” and “Export (Offline), respectively, in upload preview reports.

• Correct GSTR-1 Report Classification: Credit and debit notes are now appropriately displayed in the appropriate GSTR-1 report parts.

• Error in the Undo Filing Option Fixed: In GSTR-1 and GSTR-3B reports, the “Undo Filing” option is now operating error-free.

• Arabic is now displayed as the display language: “Arabic” is now the only Arabic display language listed, rather than “Arabic (Saudi Arabia).”

• Enhance the Printing and Display of Vouchers: Both voucher display and multi-voucher printing now accurately reflect the “Rate (Incl. of Tax)” column.