If you’ve been using TallyPrime for a while, you’ll know it’s been a game-changer for businesses across India and beyond.
Now, with the release of TallyPrime 5.0, things are about to get even better. This update packs some exciting new features that will make managing your accounts and compliance easier.
Let’s explore the key updates and why you should be excited about them.
Stress-Free Accounting with Connected GST
Imagine a world where GST compliance is no longer a headache. With TallyPrime 5.0, this dream is closer to reality. Whether you’re filing GSTR-1, GSTR-3B, or CMP-08, everything can be done directly from TallyPrime—no need to toggle between the software and the GST portal.
You can upload and download all your returns seamlessly, and even file them straight from TallyPrime.
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Key Features:
- Directly upload CMP-08, GSTR-1, and GSTR-3B to the GST portal.
- Download GSTR-1, GSTR-3B, GSTR-2A, and GSTR-2B with just a few clicks.
- File GSTR-1 without even opening the portal, using your preferred method like DSC or EVC.
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How It Helps: Save time and reduce manual data entry errors. By connecting directly to the GST portal, you can validate party details, track your ITC, and ensure smooth filing.
Effortless TDS Compliance Under Section 194Q
If you’re dealing with purchases exceeding Rs. 50 lakhs annually, TallyPrime has got you covered. The automated TDS calculation under Section 194Q makes your job a breeze.
This includes automatic deductions, exemptions for government purchases, and better integration for reporting in Form 26Q.
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Key Features:
- Automated computation of TDS on applicable purchases.
- Handle exemptions for government entities.
- Easily update the TDS Nature of Payment for one or multiple parties.
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How It Helps: Avoid costly errors in TDS compliance and make sure all your transactions are recorded correctly in real time.
Better Language Support for the Middle East and Bangladesh
If your business operates in the Middle East or Bangladesh, TallyPrime has made things a lot more user-friendly.
You can now switch to your preferred language, making the software accessible for diverse teams across multiple regions. What’s even cooler?
You can choose to use different languages on different computers in the same network.
- How It Helps: It’s all about convenience. Whether it’s Arabic or Bengali, language shouldn’t be a barrier to managing your finances.
Take Control of Your Payments: Sort Pending Bills Like a Pro!
Managing your bills can be overwhelming, especially if there are many. TallyPrime’s Release 5.0 introduces a feature that lets you sort bills based on due dates, amounts, or other criteria that suit your business needs.
This ensures you never miss a payment deadline, reducing the risk of late fees and penalties.
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Key Features:
- Sort pending bills by due date, balances, or other fields.
- Make payments based on the oldest bill first, minimizing late fees.
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How It Helps: By organizing bills efficiently, you can stay on top of payments, avoid late fees, and manage cash flow better.
Improved Readability: Enjoy Clear Reports with Stripe View!
Let’s be honest—scrolling through long reports or vouchers can be mind-numbing.
TallyPrime’s new Stripe View improves readability by highlighting alternate rows, making it easier to track entries in reports and vouchers. You can also apply the Stripe View feature when printing or exporting data, keeping things clear and organized.
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Key Features:
- Highlight alternate rows in reports for better readability.
- Use the feature for specific reports, vouchers, or while printing and exporting.
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How It Helps: Say goodbye to cluttered reports and data confusion. The Stripe View helps you focus on what’s important, whether you’re viewing the data or sharing it.
Get Instant Notifications with the New Bell Icon
TallyPrime 5.0 introduces a handy notification system to keep you on top of critical tasks. Whether it's a reminder for TSS renewals, license management, or even GST uploads and return filings, the new Bell icon ensures you never miss an important task.
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Key Features:
- Receive instant notifications for key tasks.
- Take direct actions from the Notifications report.
- Customize when to show the Red Dot on the Bell icon for critical alerts.
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How It Helps: This new notification system allows you to stay on track without needing to switch screens, making task management much more streamlined.
Plug-In Management: Meet Your New Best Friend
TallyPlug-Ins can extend the features of TallyPrime for specific business needs, and now you can manage them directly within TallyPrime. One of the most useful plug-ins is TallyCapital, which helps you check your credit score, loan eligibility, and even apply for business loans.
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Key Features:
- Check the status of plug-ins from the Tally Plug-In Management report.
- Access TallyCapital for credit scores and loan applications.
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How It Helps: Expand the power of TallyPrime with plug-ins that are designed to meet specific business needs, all within the same interface.
Maintain B2CL Invoices as per New Thresholds
Another noteworthy update is the ability to maintain B2CL invoices according to the latest threshold limits, which have been reduced from Rs 2.5 lakh to Rs 1 lakh.
You can now set the effective date for your transactions, and everything will align seamlessly with GSTR-1 reporting.
- How It Helps: Staying compliant with the latest tax regulations has never been easier. You won’t need to worry about misreporting or dealing with manual corrections later.
Enjoy Optimized Printing and Smooth Data Migration
Let’s talk about the little things that make a big difference. TallyPrime 5.0 optimizes printing by reducing unnecessary header repetition, helping you save paper and improve document clarity.
Plus, migrating your company data from Release 3.0 or later is as simple as taking a backup and loading it into the new version—no data loss, no hassles.
- How It Helps: Whether you’re trying to cut printing costs or smoothly transition to the latest version, TallyPrime has made it simple and stress-free.
Why You Should Upgrade to TallyPrime 5.0
TallyPrime Release 5.0 brings in a whole host of improvements designed to make your life easier—whether it's managing GST compliance, handling TDS deductions, or simply getting better insights from reports.
The real-time features, user-friendly updates, and improved accessibility make it a must-have for businesses of all sizes.
So, should you upgrade? Absolutely! If you want to stay compliant, save time, and streamline your business operations, this update is designed for you.
Additionally, Suvit will soon be compatible with TallyPrime 5.0! Stay tuned, as we'll be making an official announcement about this compatibility anytime soon, bringing even more efficiency to your accounting workflow.
