What’s New in TallyPrime 5.0 ?

TallyPrime has always been a trusted companion for various businesses - designed to make business management easier, by offering impactful solutions for accounting and compliance.

With the release of TallyPrime 5.0, the software has taken a significant jump to help businesses to save time and reduce complexities with the features like GST compliance, Automate processes, and improving overall user experience. In this blog, we will see a detailed overview of the new features of TallyPrime and TallyPrime Edit Log Release 5.0 with product improvements to see how it can simply the business operations.

Accounting & Compliance Needs with Connected GST

• Easy Upload and Downloads: The first significant enhancement is the ability to upload and download GST returns directly from within TallyPrime. Whether it's GSTR-1, GSTR-3B, or CMP-08, these returns can now be uploaded to the GST portal with just a few clicks.

  Similarly, you can download GSTR-1, GSTR-3B, GSTR-2A, and GSTR-2B reports quickly, saving time and reducing the chances of errors.

  

• Simplified Filing Process: No more manual entry of party details. Tally now automatically create and validates party ledgers using real-time details, simply by entering the GSTIN/UIN of the party into the portal.

• Key Insights on ITC: Now track your ITC (Input Tax Credit) with great accuracy, even for hundreds of suppliers, by using bills payable. Same goes with Bills Receivables, track the status of invoice uploads against the pending bills .

Automated Tax Calculation (TDS under Section 194Q)

1. Automatic TDS Deductions: TallyPrime 5.0 now automatically calculates and deducts TDS for purchases exceeding Rs. 50 lakhs annually, based on the nature of the payment. This means users don't need to manually compute the tax.



2. Manage TDS Exemptions: Handle the TDS Exemptions easily for government entities eligible under section 194Q. Additionally, reporting for TDS has been improved, particularly for Form 26Q - which records advance payments from parties with TDS-integrated Stat Adjustment.

Tally Plug-In Management within TallyPrime

The 5.0 new update introduces Tally Plug-Ins -- a way to extend the Tally’s capabilities to meet the specific business needs. These plug-ins offer additional functionalities as compared to standard features of Tally-Prime.

One such plug-in is Tally-Capital, which comes Pre-deployed with Tally-Prime 5.0. Tally-Capital gives access to check businesses credit score to know the loan eligibility, and even to apply for loans within Tally-Prime. This means their is no need to look around for multiple platforms to manage the financial needs.

To manage and use these plug-ins user can check in the new Tally Plug-In Management Report, which gives easy access to all installed plug-ins. Allows to monitor the status and functionality without any manual work.

Payments Management In Tally

Managing payments efficiently can be tedious for any business, but TallyPrime 5.0 simplifies this task and enhances the payment management system. One of the new feature Tally has brought is the ability to Sort Pending Bills by different categories such as, due dates, bill dates, balances. This ensures that the payment are made promptly, reducing the risk of late fees and penalties. With this update, Tally has improved its capabilities by prioritizing the oldest bills for settlement first. This avoids the payment delays and improves the cash flow management.

Enhanced Reports and Vouchers Readability with Strip View

Tally has introduced the Strip View feature, which improves the readability of reports and vouchers. Strip View highlights the alternating rows. makes it easy to scan from the large sets of data. This is especially useful while printing or sharing documents or with extensive reports.

Instant Notification with Bell Icon

Another additional feature from Tally that includes a Bell Icon for Notifications, as a part of enhanced notification framework. The Bell Icon gives timely notifications for crucial tasks such as GST uploads, return filings, TSS Renewals, License Management and TallyPrime Upgrades.

The Notification reports combines these alerts and gives user a liberty to manage them on single screen, this reduces the needs to switch between different modules and makes the workflow easy.

These are the new features from TallyPrime 5.0 and TallyPrime Edit Log Release 5.0. Apart from these here are some existing product improvements as well to enhance the usability of Tally Users.

Additional Product Improvements in Tally.

1. Seamless Data Migration: Now moving the Company data from TallyPrime Release 3.0 or later to TallyPrime Release 5.0 does not need any migration. Just by taking the Tally Backup and uploading the data to new Tally release, user can continue to the day to day business activities.

2. Optimized Edit Logs and Bank Reconciliation: If anyone’s using TallyPrime Edit Log, then the user will notice an optimization in TallyPrime Release 5.0. Earlier, changes in Price Levels and Bank Reconciliation created unnecessary logs, which increases data volume. This issue has now resolved with only relevant changes are logged, reducing clutter and improving performance.



3. Seamless WhatsApp Integration: TallyPrime 5.0 makes sending payments or receipts vouchers easy by automatically adding the recipient’s WhatsApp number if it is saved in the party ledger. This saves time and reduces the manual errors.

GST Specific Improvements

Here TallyPrime 5.0 gives a improvement for specifically aiming at GST management process, are as follows:

• Improved GST Status Updates: Users can now make changes related to GST in master records without any interruptions.

• Access to GST registration history: TallyPrime 5.0 now gives easy access to the history of GST registration details from various reports. This helps to track any changes in GST registration and maintain accurate records.



• Improved Transaction Management:

  1. Deleted vouchers and non - GST transactions are now categorized. This makes sure records are organised and only relevant transactions are included in GST reports.

  2. Also offers the bulk resolution feature for uncertain transactions in GST reports, makes it easy to address issues at once.

• Exporting and Validation Improvements:

  1. Enhanced export options for GSTR-1, GSTR-2A and GSTR-2B reconciliation reports, makes is simple to share and submit accurate data.

  2. Improvements in validation and correction of HSN/SAC codes based on transaction types and annual turnover, ensures that these codes align correctly with transaction types and annual turnover requirements.

MSME Tracking Outstanding Bills.

As with the new release of TallyPrime 5.0, Tally introduces better tracking of MSME (Micro, Small, and Medium Enterprises) outstanding bills. User can now set the Activity Type of an enterprises - Manufacturing, Services, or Traders when providing MSME Registration details in the party master. This allows better tracking of Outstanding Bills to manage payments more effectively.

As the New TallyPrime 5.0 brings host of features and improvements to help businesses manage their accounting and compliance needs more effectively. From GST compliance and Automated Tax Calculations to improving Payment Management System and User Experience. This latest release saves the time, reduces errors, and keeps to stay compliant with ease.

By Upgrading to TallyPrime 5.0 businesses can embracing their positioning for success in an regulatory environment. TallyPrime 5.0 offers something more to everyone and makes itself an indispensable assets for any business.

However, the full potential of TallyPrime 5.0 can be best understand with the right guidance and support.

As Antraweb Technologies has been a trusted 5 star Tally partner for thousands of businesses, by providing Tally Products and Services over three decades. Whether you're looking to migrate to TallyPrime 5.0, need help with Tally customization, or require training to maximize the software’s capabilities, Antraweb is here to assist.

Our team of experts is well-versed in TallyPrime and can provide personalized solutions for implementation, troubleshooting, and advanced features like Tally on Cloud, Smart Backup++, and Excel to Tally Integration for added efficiency and security.

See how Antraweb Technologies can support and enhance your business with TallyPrime 5.0 experience. Contact us today to get the full potential of Tally.