TallyPrime 5.0 comes with two different versions:

• TallyPrime 5.0
• TallyPrime Edit Log 5.0

While both versions offer numerous improvements, the key difference is the Edit Log feature. The Edit Log version comes with an permanent log of all changes, providing enhanced audit and compliance features. For the non-Edit Log version, this log can be enabled or disabled based on user preferences.

TallyPrime 5.0 builds on its trusted reputation and introduces several key features and improvements to simplify business management, with an emphasis on GST compliance, automated processes, and user experience enhancements. Let’s dive into some of the new features and improvements below.

Accounting & Compliance Needs with Connected GST

• Easy Upload and Downloads

  With TallyPrime 5.0, uploading and downloading GST returns has got easier. Directly submit GSTR-1, GSTR-3B, and CMP-08 to the GST portal in just a few clicks. Similarly, you can now quickly download GSTR-1, GSTR-3B, GSTR-2A, and GSTR-2B reports, saving valuable time and minimizing errors.

• Simplified Filing Process

  Avoid manual data entry errors with the new auto-creation and validation of party ledgers. By simply entering the GSTIN/UIN, Tally automatically pulls real-time party details.

• Key Insights on ITC

  Now track your Input Tax Credit (ITC) with enhanced accuracy, especially when dealing with large volumes of suppliers. Track the status of bills receivables and payables, ensuring the timely upload of invoices against pending bills.

Automated Tax Calculation (TDS under Section 194Q)

• Automatic TDS Deductions

  For purchases exceeding ₹50 lakhs annually, TallyPrime 5.0 automatically calculates and deducts TDS, based on the nature of the payment, eliminating manual tax calculations.

• Manage TDS Exemptions

  Easily manage exemptions for government entities under Section 194Q and improved reporting, particularly for Form 26Q, for seamless advance payment recording and TDS-integrated adjustments.

Tally Plug-In Management within TallyPrime

Extend the functionality of TallyPrime with the new Tally Plug-In Management system. Access additional features that meet specific business needs, such as the pre-deployed Tally-Capital Plug-In, which allows businesses to check credit scores and even apply for loans directly from TallyPrime, avoiding the need for multiple platforms.

Payments Management in Tally

TallyPrime 5.0 simplifies payment management with the ability to Sort Pending Bills by due date, bill date, and balance, ensuring timely payments and avoiding late fees. This update also improves cash flow by prioritizing the oldest bills for settlement.

Reports and Vouchers Readability with Strip View

Enhance the readability of reports and vouchers with the new Strip View Feature, which highlights alternating rows for easy scanning, especially for large datasets. This feature proves especially helpful for printing or sharing documents with stakeholders.

Instant Notification with Bell Icon

Stay up-to-date with important tasks, such as GST uploads, Return filings, TSS renewals, License Management, and TallyPrime upgrades, using the new Bell Icon for instant notifications. Manage all alerts from a single screen, streamlining your workflow.

TallyPrime 5.0 and TallyPrime Edit Log Release 5.0 come with these significant updates, making business management easier.