What’s New In TallyPrime Release 5.1?

Managing a business is not a small thing. To keep up with evolving changes, regulations, needs, and complexities - a reliable software is needed. For that Tally has released a new update TallyPrime Release 5.1, designed to simplify business management with a host of new features and improvements.
Whether it is a small business or large enterprise, TallyPrime 5.1 aims to streamline processes, improve compliance and boost efficiency. From managing GST and Generating E-Way Bills to handling Payroll, TallyPrime 5.1 has something for everyone.

TallyPrime Release 5.1 is available in two versions:

• TallyPrime Release 5.1
• TallyPrime Release 5.1 (Edit Log)

The Edit Log version comes with an permanent log (record) of all changes, providing enhanced audit and compliance features.

Here are New Updates In TallyPrime Release 5.1

1. Enhanced GST Management

   • Simplified GST Conflict Resolution : Easily identify, resolve and track discrepancies related to GST in Masters and Transactions. This ensures data accuracy, maintains compliance and helps avoid costly mistakes.

     

   • Consolidate GSTR-1 Export To One Excel File : GSTR-1 returns for multiple periods can now be exported into a single Excel file. For company with multiple GST registrations, it is possible to choose a specific registrations or export the returns for all registrations at once.

   • Bulk Conversion of Transactions: Transactions that are rejected due to an inactive GSTIN can now be quickly converted from B2B to B2C in bulk with just a single click.

2. Flexible Voucher Numbering And HSN/SAC Summary Configuration

   When migrating from TallyPrime Release 2.1 (or earlier) to TallyPrime Release 5.1, voucher numbering and HSN/SAC configurations can be managed with ease.

   • Voucher Numbering

     • Keep the current voucher numbering method.
     • Apply it to specific voucher types, such as sales, or across all voucher types.
     • Continue using the existing numbering system as needed.
     

   • HSN/SAC Summary Configurations :
     Set up the HSN/SAC summary for all sections or exclude B2C sections if required.

   • HSN length for Stock Items
     Configure the desired length for HSN codes of stock items.

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

   With the Release of TallyPrime 5.1 E-Way Bill Generations get a significant upgrade:

   • Automatic Distance Calculation for E-Way Bill
     Manually entering the distance between the origin and destination for E-Way Bill generation is no longer required. TallyPrime now automatically fills the distance of origin and destination pin codes in E-Way bill. This applies when the “Pin to Pin Distance as per portal” field is blank or missing.

     

   • Generate E-Way Bills for Material In And Out Vouchers
     E-Way bills can now be generated for Material In and Out vouchers. This feature is especially helpful for tracking shipments between the principal and job worker during manufacturing process

   • Accurate E-Way Bill Generation for Export Invoices
     Previously, E-Way Bills for export invoices were rejected if the “Ship To” details had a non-Indian state and lacked an Indian port pin code. This has been now fixed, E-Way Bills and e-Invoices can be generated by selecting a valid Indian state and port pin code.

4. Payroll Compliance

   • Updated FVU Tool Integration
     The FVU tool Version 8.6 - released by the Protean Department, introduces a new file format for e-returns. With TallyPrime Release 5.1, it’s now possible to export the expected values for Salary Details (SD) and Standard Deduction directly into the payroll ITeTDS.txt file.

     

   • New Tax Regime in Payroll ITeTDS.txt file
     With the latest changes to the FVU format, Provident Fund (PF) contributions are now excluded from the export for employees under the New Tax Regime.

   • Exclusion of Deductions in the New Tax Regime
     Professional Tax and Chapter VI - A deductions were included in the ITeTDS.txt file for employees under the New Tax Regime. With the latest FVU format update, these deductions are no longer part of the export.

5. Localized Support for Global Users

   • Display Language Now Shows as Arabic
     Earlier, the Display Language option for Arabic was listed as Arabic (Saudi Arabia). In TallyPrime Release 5.1, the option is now simply shown as Arabic.

   • Display and Print Amount In Words In Arabic
     In TallyPrime Release 5.1, the amount in words on vouchers will be displayed and printed in Arabic when the language is set to Arabic. Previously, it was shown in English.

Additional Enhancements In TallyPrime Release 5.1

• Improved Display of Stock Item Additional Description
  Stock item descriptions are now displayed in a single line, improving readability in invoices.

• Voucher Mismatch Issue Resolved
  Mismatch in vouchers no longer results in an incorrect "Uncertain Transaction" status. Vouchers are now recorded correctly without any change in status.

  

• Accurate GST Calculation
  GST is now correctly calculated for Service Ledgers.

• Bank Charges GST Exception Resolved
  GST errors in GSTR-2A, GSTR-2B, and GSTR-3B due to incorrect bank ledger registration type are fixed, with the option to resolve flagged transactions.

• Better GST Compliance
  Now report missing invoices or claim ITC based on whichever occurs first:

  • November of the following financial year
  • 20 months from the start of the current year
  • Filing of annual returns
  • of the following financial year
  • November of the following year
  • Filing of annual returns

• Flexibility In Adjusting Advance Receipts and Payments
  Adjustments for advance receipts and payments are no longer limited to 18 months. They can be adjusted without any time restrictions.

• Reconciliation Aligned with GSTR-2B
  Reconciliation now uses consolidated tax amounts as per the latest GSTR-2B version.

• Reconciliation Aligned with GSTR-2B
  Reconciliation now uses consolidated tax amounts as per the latest GSTR-2B version.

• Improved GST Registration MastersM
  GST registration masters can now be deleted in multi-registration setups after clearing transactions.

• Clearer Button LabelsM
  In upload preview reports, "Send" button is now labeled as "Send (Online)" and "Export" as "Export (Offline)" for clarity.

  

• Accurate GSTR-1 Report ClassificationM
  Debit/Credit Notes now correctly appear in their respective sections in the GSTR-1 report.

• Undo Filing Option Error ResolvedM
  The "Undo Filing" option in GSTR-1 and GSTR-3B reports is now functioning correctly without errors.

• Display Language Now Shows as ArabicM
  Arabic display language is now listed simply as "Arabic" instead of "Arabic (Saudi Arabia)."

• Improve Voucher Display and PrintingM
  The "Rate (Incl. of Tax)" column now appears correctly in voucher display and multi-voucher printing.

Conclusion :

These are the new features and enhancements from the latest release of TallyPrime Release 5.1
Upgrading to TallyPrime Release 5.1, equips businesses with advanced tools and features that streamline operations, improve compliance and ensure efficiency. Whether its managing GST, handling E-Way bills or simplifying payroll. TallyPrime Release 5.1 offers practical solutions that cater to business needs.
To get the most out of TallyPrime Release 5.1, it’s important to have the right support and guidance. At Antraweb Technologies , we are here to help your business make the most of TallyPrime - whether it is the need for assistance with migration, customization or training.