TallyPrime Release 5.0
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5.0
Tally Prime Release 5.0 - Easy as 1 2 3
Connected GST Experience.
Easily upload GSTR-1 and GSTR-3B data directly from TallyPrime with just a few clicks, streamlining your filing preparation without the need to visit the GST portal.
File and sign GSTR-1 returns directly within TallyPrime, ensuring a smooth and efficient GST filing process.
Automated error checks and corrections within TallyPrime reduce the risk of mistakes, ensuring that your returns are always compliant and accurate.
One-Click Reconciliation
Instantly reconcile GSTR-2A/2B, GSTR-1, and GSTR-3B with your company books using TallyPrime's one-click solution, saving time and ensuring accuracy
TallyPrime identifies both perfect and potential matches, allowing users to confirm potential matches and address discrepancies such asround-off differences or formatting inconsistencies
Achieve swift and comprehensive reconciliation with advanced capabilities, including copying document numbers from the portal to your books, excluding portal vouchers, and accessing return-wise effective dates. Benefit from detailed section-wise and party-wise reconciliation statuses for enhanced accuracy and efficiency
Enhanced ITC Management
The ITC breakup report in GSTR-3B provides clear insights into ITC availed in the current month from current and previous period transactions and purchases moved to future claims.
Safeguard ITC with real-time risk monitoring and proactive management tools. View ITC at risk directly in the payable report, receive precomputed payment suggestions, and keep your ITC status up-to-date with dynamic reconciliation insights. This helps reduce potential tax credit risks and manage your working capital more effectively
Monitor the upload status of receivables within TallyPrime's receivable report, facilitating effective follow-ups with buyers and addressing any ITC concerns they may have.
GSTIN-Based Ledger Creation
Effortlessly manage ledgers with TallyPrime 5.0’s automated GSTIN-based ledger creation. Fetch party details directly from the GST portal, reducing errors and saving time.
Populate ledger data with up-to-date information directly from the GST portal, enhancing the accuracy and reliability of your records.
Create ledgers individually or in bulk, streamlining the ledger management process for efficiency.
TDS 194Q Compliance
Effortlessly track purchases from suppliers that are below or exceed the exemption limit. This feature saves time and effort in managing compliance.
Get automated calculations of tax on values exceeding the exemption with accuracy and precision, eliminating manual intervention. Get a clear breakdown of taxable values with details in the Tax Analysis report.
Transition to full automation with ease using the new ‘Update Nature of Payment’ report. Designed for seamless mid-year TDS integration, this feature ensures a smooth and efficient transition.
Improved User experience and functionality
Stripe View
Easily track data across reports and invoices with alternate row shading, which reduces errors and enhances clarity. This feature is available in both print and export formats.
Notification Frame
Stay informed with timely alerts for critical tasks like GST returns, TSS renewals, license management, and product upgrades.
Bill Sorting
Automatically sort and settle bills by the due date, ensuring older bills are paid first to avoid late fees and maintain strong supplier relationships.
Automatically sort and settle bills by the due date, ensuring older bills are paid first to avoid late fees and maintain strong supplier relationships.
Help Videos
Ledger creation & Information view
This video demonstrates the process of creating multiple ledgers using GSTIN/UINs of the party. With the connected GST experience, you can fetch the information about a party merely by using the GSTIN/UIN. And you can do so for multiple parties at once. All you need to do is either enter the GSTIN/UINs manually or import from an Excel file containing GSTIN/UINs. You get all the vital information required for ledger creation, such as Name, Address, GSTIN/UIN Status, Registration Type, PAN, and others, in no time. You can also compare the information on the GST portal and that in the ledger from the Ledger Alteration screen. What's more, it also allows you to view a party's filing history. Watch the video to know how to create multiple ledgers using GSTIN/UINs of the party.
This video demonstrates the process of fetching party details using their GSTIN/UIN during voucher creation. The connected GST experience enables you to know the details of the party merely using their GSTIN/UIN. You can validate the status of GSTIN/UIN during voucher entry or fill party details using GSTIN/UIN. Thereby, you can create a voucher with all the information required for GST Returns, e-Invoice, and e-Way Bill. Fetching party details using GSTIN/UIN during voucher creation provides you with the real-time information available on the GST portal.
GST Return Filing
This video demonstrates the process of validating GSTIN/UIN before uploading GSTR-1 from TallyPrime. At the time of uploading GSTR-1, you need to ensure that the party details are updated, as per that on the GST portal. Once the details are updated, you can also resolve uncertain transactions, as needed. You can then go ahead to upload or file GSTR-1. Moreover, you can validate all the GSTIN/UINs from the Validate GSTIN/UIN report.
In this video, we learn about the provisions of IFF scheme of GST. We will look at the steps to upload returns for each month of a quarter without uploading summary sections. And, the upload the summary section at the end of the quarter.
The connected GST experience introduced in TallyPrime Release 5.0 enables you to upload the GST Returns right from TallyPrime. With the button under the Exchange of the top menu, TallyPrime connects you with the GST portal so that you can upload CMP-08 in a matter of seconds. There is no need to open the GST portal. YThe entire process is hassle-free, simple, and secure. This video provides you with a quick demonstration of the simple and secure way to upload CMP-08 from TallyPrime.
The connected GST experience introduced in TallyPrime Release 5.0 enables you to upload the GST Returns right from TallyPrime. With the button under the Exchange of the top menu, TallyPrime connects you with the GST portal so that you can upload GSTR-3B in a matter of seconds. There is no need to open the GST portal. You can perform the entire process of uploading GSTR-3B and also GSTR-1 and CMP-08 right from TallyPrime. The entire process is hassle-free, simple, and secure. This video provides you with a quick demonstration of the simple and secure way to upload GSTR-3B from TallyPrime.
This video demonstrates the process of resolving the vouchers rejected by the GST portal when you upload them from TallyPrime. TallyPrime Release 5.0 saves you from the cumbersome process of identifying the rejected vouchers on the portal and generating the error report. You can easily identify such vouchers in GSTR-1 and take actions to resolve them. Thereafter, you can upload them right from TallyPrime. The video shows you a couple of relevant examples that will help you learn the process of resolving the rejected vouchers and even summaries, if needed. Watch the video to know how you can resolve the vouchers rejected by the GST portal when when you upload them from TallyPrime.
This video demonstrates the process of filing GSTR-1 right from TallyPrime. With the connected GST experience introduced in TallyPrime Release 5.0, filing GSTR-1 has become easier than ever. All you need to do is upload the vouchers and summaries on the portal and select the preferred mode of filing GSTR-1. The GSTR-1 filing happens within seconds. You also have flexibility to set the default mode of filing. Moreover, TallyPrime Release 5.0 takes care of the interruptions during filing too. You can resume or restart the filing process, as needed.
GST Reconcilation
This feature is one of the most demanded things which is removed after release 2.1 is not available in TallyPrime 5.0. Most of the chartered accountant used this report to reconcile Tally purchase vouchers with GSTR-2A using some other software utility like. Now we can export and reconcile.
This video demonstrates the process of Download GSt return from GST portal for the purpose of reconciliation. We can download GSTR-1, GSTR-3B , GSTR-2A, GSTR-2B and get reconcile with our books in few minutes. After reconciliation there are various reports which can help us in recovering from ITC loss
This video demonstrates the process of excluding transactions that are not applicable to you from GSTR-2B reconciliation in TallyPrime. Your supplier might have accidentally uploaded transactions recorded for you on the GST portal. Sometimes, the suppliers unknowingly uploads vouchers against your GSTIN/UIN, even if the transactions do not belong to you. In a different scenario, some invoices are rightly uploaded against your GSTIN. However, since the transactions are recorded for expenses such as staff welfare, stationery products, and others, you don't want to avail the Input Tax Credit (ITC). Such transactions will be under the Available Only on Portal section in the GSTR-2B Reconciliation report. You can easily set the GST Status of the transactions to exclude them from the GSTR-2B reconciliation report. Watch the video to know how you can exclude the transactions that are not applicable to you from the GSTR-2B reconciliation report in TallyPrime.
This video demonstrates how to update or copy doc no. and date from the voucher downloaded from the GST portal to the voucher recorded in the Books for GSTR-2A or GSTR-2B Reconciliation in TallyPrime. When your supplier uses prefix or suffix or both in the invoice, there will be mismatch in the Doc No. It may be possible that the supplier has used some special characters that you have not used in the voucher recorded in the books. you can easily copy the Doc No. and Date from the supplier's invoice on the GST portal to your voucher in the books. Consequently, your vouchers get reconciled.
This video demonstrates the process of reconciling purchase vouchers while ignoring the differences due to round off in TallyPrime. When you apply rounding off in your tax ledgers and your supplier doesn't, there can be mismatch between the amount in the books and that on the GST portal. It may be possible that your supplier has applied rounding off in a ledger, but you haven't applied the same. Watch the video to understand how to reconcile purchase vouchers while ignoring the round off in TallyPrime.
This video demonstrates the process of viewing GSTR-3B along with the values in books and those on the GST portal. You can download the portal transactions of GSTR-3B in TallyPrime, and thereafter, you will be able to view the report for the Period. The data helps you to reconcile all the sections of GSTR-3B in TallyPrime.
This video demonstrates how to view GSTR-3B with a breakup of Input Tax Credit or ITC from the current, other periods, and that moved from other periods in TallyPrime. When you purchase certain goods and services, you receive ITC, and some of the ITC amount might be from another period. You might also have moved some amount to a future period. In such a case, you will want to view the ITC breakup for a return period that includes: ITC of the current Period ITC from other Periods ITC of the current Period moved to a future Period Watch the video to know how to view the ITC breakup of GSTR-3B in TallyPrime.
This video demonstrates the process of using Ledger Vouchers and Ledger Vouchers - GST reports to know the ITC at risk. You can now view the GST status of vouchers along with the difference in the Amount. When you don't maintain ledgers bill-wise, you can refer to the report to know the ITC at risk for each voucher. This helps you take a data-driven decision at the time of making the payment to a party.
This video demonstrates the process of identifying the Input Tax Credit or ITC to be reversed in the Bills Payable - GST report in TallyPrime. There may be instances in which you have already claimed the ITC, but you have not paid the invoice amount to the supplier within 180 days. If the bill is pending and has aged more than 180 days, then you will need to reverse the ITC amount. Watch the video to know how to view the Bills Payable report so that you know the bills have aged more than 180 days and the corresponding ITC to be reversed.
This video demonstrates the process of removing vouchers marked for deletion on the portal in GSTR-1 of TallyPrime. A voucher exported or uploaded for GST Returns gets into the Marked for Deletion on Portal section in GSTR-1 in the following scenarios: The voucher is deleted after export/upload. The voucher number is changed after export/upload. The party is changed after export/upload. When a voucher is reported on the GST portal and then modified, there will be delete requests under the Marked for Deletion on Portal section. In such a case, you need to upload the delete requests on the GST portal. However, if the vouchers were exported but not uploaded on the GST portal, then you don't need the delete requests Moreover, if the delete requests are also already uploaded on the GST portal, you might not want to see them again in GST returns.
This video demonstrates the process to settle bills using the Ledger Outstandings - GST report in TallyPrime. Gone are the days when you would be paying your vendors without verifying if the supplier has reported on the GST portal. Ledger Outstandings - GST provide you with the necessary information about the ITC at risk against the bills recorded for a supplier. Once you know the potential Input Tax Credit that is at risk, you can take data-driven decision before you settle the bill.
This video demonstrates the process of managing TDS deductions on purchases under Section 194Q in TallyPrime Release 5.0. At the time of creating a TDS Nature of Payment, you can enter the threshold limit and configure to deduct TDS as per the limit. Whether you're a business owner or an accounting professional, mastering these techniques will streamline your TDS processes. Watch the video to automate your TDS transactions under Section 194Q in TallyPrime.
This video demonstrates the process of efficiently managing notifications in TallyPrime Release 5.0. You will learn how to access the Notifications report, respond directly to a notification from the report, and customize the notifications indicator. The Notifications report in TallyPrime 5.0 encompasses both application-level updates and company-specific alerts, ensuring comprehensive coverage for users.