What’s New In TallyPrime 5.0?

Tally Prime, which was created to simplify corporate management by providing significant accounting and compliance solutions, has long been a reliable partner for a variety of companies.

With the introduction of Tally Prime 5.0, the program has advanced significantly to assist companies in saving time and simplifying tasks with features like GST compliance, process automation, and enhanced user experience. This blog will provide a thorough rundown of Tally Prime’s new features and Tally Prime Edit Log Release 5.0’s enhancements, highlighting how they help streamline corporate operations.

Accounting & Compliance Needs with Connected GST

• Simple Upload and Downloads: The ability to upload and download GST returns straight from Tally Prime is the first noteworthy improvement. With a few clicks, these returns—whether they be GSTR-1, GSTR-3B, or CMP-08—can now be uploaded to the GST portal. Similar to this, you can save time and lower the possibility of errors by downloading GSTR-1, GSTR-3B, GSTR-2A, and GSTR-2B reports rapidly.
• Filing Process Simplified: No more manually entering party information; Tally now creates and verifies party ledgers using real-time information by simply entering the party’s GSTIN or UIN into the portal.
• Important ITC insights: You can now track your ITC (Input Tax Credit) with high accuracy, even for hundreds of suppliers, by using bills payable. You can also monitor the status of invoice uploads against the outstanding bills.

Automated Tax Calculation (TDS under Section 194Q)

• Automatic TDS Deductions: Depending on the type of payment, Tally Prime 5.0 now automatically computes and deducts TDS for purchases over Rs. 50 lakhs per year. This eliminates the requirement for users to calculate the tax by hand.                                          
• Manage TDS Exemptions: Handle the TDS Exemptions simply for government organizations eligible under section 194Q. Furthermore, TDS reporting has been enhanced, especially for Form 26Q, which documents advance payments from parties using Stat Adjustment coupled with TDS.

Tally Plug-In Management within Tally Prime

Tally Plug-Ins, a method of expanding Tally’s functionality to satisfy certain business requirements, are introduced in the latest 5.0 release. Unlike Tally-Prime’s built-in functions, these plug-ins provide more functionality.
Tally-Capital is one such plug-in that is pre-deployed with Tally-Prime 5.0. Businesses can use Tally-Capital to check their credit score, determine their loan eligibility, and even request for loans through Tally-Prime. This implies that there is no need to search for several platforms in order to handle the financial requirements.
The new Tally Plug-In Management Report, which provides quick access to all installed plug-ins, can be used by users to manage and utilize these plug-ins. enables status and functionality monitoring without the need for manual labour.

Payments Management in Tally

Any firm can find it difficult to handle payments effectively, but Tally Prime 5.0 makes this process easier and improves the payment management system. Sorting outstanding bills by due dates, bill dates, and balances is one of the new features that Tally has introduced. This lowers the possibility of late fees and penalties by guaranteeing that the payment is made on time. Tally’s capabilities have been enhanced with this version, which gives the oldest bills priority for settlement. This enhances cash flow management and prevents payment delays.

Enhanced Reports and Vouchers Readability with Strip View

The Strip View feature, which Tally introduced, makes reports and vouchers easier to understand. The alternate rows are highlighted in Strip View. makes it simple to search through the big data collections. This is particularly helpful when printing, sharing, or working with lengthy reports.

Instant Notification with Bell Icon

As part of the improved notification system, Tally has included another feature that incorporates a bell icon for notifications. For important procedures like GST uploads, return filings, TSS Renewals, License Management, and Tally Prime Upgrades, the Bell Icon provides prompt reminders.
These new features from Tally Prime 5.0 and Tally Prime Edit Log Release 5.0 combine these alerts and allow the user to manage them on a single screen, which simplifies workflow and eliminates the need to switch between modules. In addition, some existing product enhancements have been made to improve Tally Users’ usability.

Additional Product Improvements in Tally

Smooth Data Migration: There is no longer a need for a migration when transferring company data from Tally Prime Release 3.0 or later to Tally Prime Release 5.0. The user can resume their daily business operations simply by transferring the data to the latest Tally release from the backup.

Optimized Edit Logs and Bank Reconciliation: Tally Prime Release 5.0 offers an optimization for users that use Tally Prime Edit Log. Changes in Price Levels and Bank Reconciliation in the past produced pointless logs, which increased the volume of data. Now that only pertinent changes are being recorded, this problem has been fixed, clearing up clutter and enhancing performance.

GST Specific Improvements

Here are some improvements made by Tally Prime 5.0 that are primarily targeted at the GST management process: Better GST Status Updates: Users can now make uninterrupted GST-related changes in master records.

Obtaining the history of GST registration:

The history of GST registration information from many reports is now easily accessible with Tally Prime 5.0. This makes it easier to keep correct records and monitor any changes to GST registration.

Enhanced Transaction Administration:

Non-GST transactions and deleted vouchers have been grouped. This guarantees that records are well-organized and that GST reports only contain pertinent transactions.
Additionally, it provides a bulk resolution feature for ambiguous transactions in GST reports, which facilitates prompt problem-solving.

Enhancements to Exporting and Validation:

Accurate data is easy to share and submit thanks to improved export options for GSTR-1, GSTR-2A, and GSTR-2B reconciliation reports.

Enhancements to the validation and correction of HSN/SAC codes according to annual turnover and transaction types guarantee that these codes accurately correspond with the requirements for both.

Businesses may embrace their positioning for success in a regulatory world by upgrading to Tally Prime 5.0. With more to offer everyone, Tally Prime 5.0 becomes an essential tool for any company.

However, with the correct direction and assistance, Tally Prime 5.0’s full potential can be fully realized.