🔥 Tally Prime 5.1 New Update | Features, Download, Install & Activate Latest Tally Version 🚀

Summary

This video provides a detailed guide on how to update Tally Prime software to its latest release, highlighting key new features and improvements. Users can learn how to download and install the update, validate GST numbers, and convert B2B transactions to B2C easily. Additionally, it covers the new 'Pin to Pin Distance' feature for generating E-way Bills, better classification of GST reports, and the ability to export multiple periods of GST data in Excel. The update also addresses issues with service ledgers and payroll features, making it a must-watch for Tally users seeking a smoother experience.

Takeaways

• 😀 The latest release of Tally software is now available for download and installation on prime.com.
• 😀 Users with a valid license can update their software directly from the software interface through the bell icon or the 'Upgrade to Latest Release' button.
• 😀 The software update is only available if the TSS (Tally Software Subscription) is activated for your license.
• 😀 The new version introduces the ability to convert B2B transactions to B2C transactions with just one click, especially when GST numbers are inactive or incorrect.
• 😀 A new feature allows users to validate party GST numbers through the GST portal and automatically convert transactions to B2C if needed.
• 😀 The software now supports the calculation of pin-to-pin distances for E-Way Bill generation, which helps in determining distance between company and party addresses.
• 😀 A new 'Pin to Pin Distance on Portal' option enables users to calculate the distance using the GST portal by entering pin codes.
• 😀 The new release improves GST report classification, allowing better management and organization of debit and credit notes after conversion into sales or purchase vouchers.
• 😀 Users can now generate E-Way Bills for both material-in and material-out vouchers directly from the software.
• 😀 Multiple periods of GSTR-1 can now be exported into a single Excel file, improving reporting efficiency.
• 😀 The software update addresses errors in GST calculations, especially in bank ledgers and provides updated payroll tax regime features like PF contributions and professional tax rules.

Q & A

What is the main feature of Tally Prime's new release 5.1?

The main feature of Tally Prime's new release 5.1 includes updates to transaction handling, such as the ability to convert B2B transactions to B2C, improvements in GST report classifications, and new E-Way Bill functionalities, among other enhancements.

How can users convert B2B transactions to B2C in Tally Prime?

In the new release, users can convert B2B transactions to B2C transactions with a single click when the GST number of a party is inactive or incorrect. This can be done through the 'Validate Party GSTIN Number' option.

What is the purpose of the 'Validate Party GSTIN Number' feature in Tally Prime?

The 'Validate Party GSTIN Number' feature allows users to validate the GST numbers of all parties involved in a transaction by cross-referencing them with the GST portal, helping identify any inactive or incorrect numbers.

What update has been made to the E-Way Bill generation process in Tally Prime?

Tally Prime now allows users to calculate the pin-to-pin distance between the company’s address and the recipient's address for E-Way Bill generation. This feature calculates the distance based on the respective pin codes entered for both locations.

How does the new update calculate the distance for E-Way Bill generation?

The new update calculates the distance by using the pin codes of both the company’s and the recipient’s addresses. The system calculates the distance in kilometers and can also use the portal to calculate the distance if needed.

What improvements have been made in GST reports in Tally Prime 5.1?

Tally Prime 5.1 improves the classification of GST reports, making it easier to track and manage transactions. It also allows for exporting multi-period GST reports into a single Excel file, streamlining data management.

Can users generate E-Way Bills for Material In and Material Out vouchers in Tally Prime?

Yes, users can now generate E-Way Bills for both Material In and Material Out vouchers in the latest version of Tally Prime, making the process of goods movement more streamlined.

How has the GST calculation been improved for bank ledgers in Tally Prime?

The new release of Tally Prime addresses errors in GST calculations, especially for bank ledgers, ensuring more accurate tax calculations in such cases.

What updates have been made for payroll users in Tally Prime 5.1?

Tally Prime 5.1 includes updates for users utilizing the payroll feature, particularly with respect to the new tax regime, including updates for PF contributions and professional tax rules.

How can users update Tally Prime to the latest version?

To update Tally Prime, users should open the software, and when an update is available, a red dot will appear near the bell icon. Clicking this will display update notifications, and users can click 'Upgrade Now' to proceed with the update. The update will require an activated Tally license.