Last Updated on: 8th September 2024, 09:18 am
Tally Prime 4 Excusive New Features
The new Tally Prime 4 released on 12th Dec 2023, in quick succession to Tally Prime 3, boasting some grand features for users. Here we give a brief snapshot of these new features so that users may find how to reap the benefits of added advantages offered.
Though there are many small improvements in release Tally Prime 4, the key new features are described here.
Integrating WhatsApp with Tally
Now you can send documents (like Invoice, Receipts, Delivery Notes, Payslips etc) to the recipient through WhatsApp, directly from within Tally, to WhatsApp Number recorded in the Master records.
However, it requires active TSS, a WhatsApp Business Account, Facebook Account, preferably a website (or URL of Facebook page). First, sign up for WhatsApp, by registering your WhatsApp number with WhatsApp Business Account (WABA) through an Interakt account.
You may optionally use a 5 day validity Temporary WhatsApp Trial number to see how it works before registering with WABA.
This involves contacting with Tally Partners, understand the scheme, raising a request to Tally partner through Tally Software. On receiving the request with required details, Tally partner will get your WhatsApp account registered for WhatApp Interact.
On registering, Meta will approve some pre defined templates for WhatsApp to use in your WhatsApp communication.
So, using WhatsApp on Tally requires several settings, processes, involves external service agencies and Tally Partners. Small users may still use WhatsApp in usual way to send Tally reports saved in PDF, Excel etc.
It is to be seen how small common users find the process and the service helpful, and the operations smooth to work with.
Import Data from Excel worksheet to Tally
Most businesses use Excel Spreadsheet (.xls) for their business applications. Such organisation have their data in digital format. So, it would be great if they can get such data from Excel worksheets to Tally, without manual typing in Tally. The data imported in Tally would be correct and error free, saving lot of time and effort.
Organisations maintain data in their own way. Clients and associates may send datasheet / Documents / Reports in Excel. The contents and format varies. To import data from Excel Sheet into Tally in proper way, Tally has designed mapping tools to link the Excell sheet Data Columns into Tally data elements.
For Import of Data, you have to set the Data Import Configuration options. The Configuration options specify the location of Import & Export Files, Actions for data with duplicate ID, missing Masters, etc, actions on certain special characters encountered in the data, data import record log, etc. The data first moves from XLS File to XML file as per rules and configuration options set up. The mapping templates may be saved and used for future repeated use.
Import Data from Sample Excel Files in Tally Prime : Tally provides Standard Excel Templates (called Sample Data files) to record Data of Masters & Vouchers. Such Sample Files contain a set of structured worksheets, aligning with Tally Data format, corresponding to Tally Data Fields. It also contains Read me file containing the necessary information and instructions of Data Import. The Data entry in sample XLS file is akin to Data Entry in Tally entry forms. You may preview the Imported data before actual Import into the Tally data base. You should take Back Up of Tally data before Import, so that you may revert back to the original data, if required. Finally Import the Data into main Tally data Base.
Sample Excel Files are used to enter data in Excel Format, instead of Tally directly, and then import into Tally. This is useful to distribute work among multiple persons.
This opens up new avenues for Freelance Accountants to do Accounting Jobs of Small Business. The organisation would enter Data in Tally Compatible Sample Excel File format, send the files to Accounting Service providers, who will import the Data into Tally and send formatted Accounts Books and all Financial Statements to client organisation.
Import Data from any Excel File in Tally Prime : As explained, in case of Data entered into Tally Compatible Standard Excel files, as obtained from sample Data Files provided by Tally, you do not need to map Data, as the Excel Data file is already in Tally mapped format.
Mapping Excel worksheet data with Tally : However, if the Data available in Excel sheet are structured in different format, the data cannot be directly imported into Tally. You have to map the Excel worksheet columns to Tally data field, through Data mapping configuration options. The Excel sheet must be compliant in respect of dependent data (e.g Currency, Godown UoM, Pay Heads, other relevant details, etc), for smooth data import. The Company features and Configuration options are to be set properly.
Now create mapping templates for Masters and then for Vouchers. Set the relevant details for mapping. Set the Header, Start and End Data Rows. The templates may be created for each Companies, or a common template may be used for all companies, as applicable. Save the template, which may be used in next session of Data Import.
Tally even provides ready mapping templates for import of data from other popular accounting applications.
Having created the Templates, execute the Data Import Task, using the template, to Import Data from Excel sheet into Tally.
Errors found during Import, will be reported in Data Import log file, giving details of each error/ exception. Resolve the error / exception issues, and then import again, until data is imported error free.
For smooth and error free Data Import, configuration and mapping is a complex task. Business organisations wishing to import data from excel to Tally, would need extensive help to do the set up. So, it is expected to open up a flourishing business for Tally & Excel experts to provide extensive hand holding service to numerous organizations.
The task may be complex for varied data contents and formats. Initially, the organisations might encounter troubles and errors. It is hoped that Tally would come up with fixes for smooth working experience for Data Import.
Print Previous Balance in Invoice in Tally Prime
Tally now provides new option in Invoice Printing Configuration, to print Previous Balance as well as Balance including the Current Invoice, on the Invoice. Earlier, such feature was available only on third Party TDL.
Such Invoice, act as an combined document for Invoice cum Payment reminder cum Account Balance advice. While some organisations may find the feature helpful, many may not find it useful.
Often, consistencies exist in accounts of Debtor and Creditor due to various reasons, like price difference, claims etc. issue of Debit & Credit notes, etc. The balances of Debtor and Creditor may not agree. In such case, the Balance information in Invoice may cause more conflict than help. The Party may prefer to send outstanding Reports, or Balance Confirmation statement, instead of printing balance on the Invoice itself.
Print Payment link QR Code on Invoice
Normally, organisations make on-line payment through various payment gateways. Now, Tally provides alternative option to share Payment link QR Codes for Payment Request in Sales Invoice. The QR Code link helps the payee to instantly make error free, secured payment with ease and accuracy, without needing to enter Bank Account details etc.
First, set up the relevant option in Company Features section. Now, set the configuration info about the Merchant, Payment Method (like UPI, PayU, RazorPay etc), respecitve Ids, Merchant name etc. Payment methods of PayU & Razor Pay is subscription based. UPI is free and widely used. Currently, there seems to be some problem in generation of QR Code in case of UPI Payment methods.
Having properly set the Options, in Invoice Printing Configuration, enable the option to print QR Code. You may select to Print the QR Code, or send the QR Code link or both, or send the QR Code only.
Links may be selectively generated for individual transactions, a group of transactions in Customer Ledger, Payment Reminder, Party Outstanding statement etc, with options to make full or partial payment.
A payment reconciliation statement may be generated, detailing all the Payment transactions, and reconcile the transactions with Account Books and Bank Statements.
In view of related set up hassles and additional expenses involved, it is to be seen, how the Payees welcome and use the facility of Payment link QR Code.
Tally Edge – Sharing key Financial Statements in Tally Prime
Tally Edge is a bult in feature in Tally Prime, to aggregate and share sensitive key Financial statements.
This is akin to keeping and sharing our valuable documents in Digi Locker etc. Tally Edge helps to share accurate information, in quicker way, with enhanced secrecy and security, through end – to end data encryption during data transit.
Using TallyEdge you can share authenticated and secure by the Financial Information Provider (FIP) to the Financial Information User (FIU). For example, when applying for financial assistance lie loan, mortgage etc, Tally edge helps is sharing the documents by Bank and Financial Agencies (FIP) to the lending agency (FIU).
First create a Tally Edge Account at Tally Edge Site, registering your mobile number and email account and other required info on Tally Edge, validated through OTP. A VUA (unique Virtual User Address is allotted to get the facilities of Tally Edge. Link your account with FIP using the mobile numbers registered with FIP, to share encrypted data by FIP with FIU, through user consents,
Tally AWS – Tally Prime on Web Server
Tally AWS is a cloud based web service, allowing enhanced security and secrecy of Data. Data resides out of business enterprises computer, and offers more security features for Data access.
Data is kept in a secured and protected environment, providing encryption, security from Virus, malware and ransomware, additional data space as per demand, automated data back up.
Tally AWS allows remote access to Tally through Web, through secured log in.
For Tally AWS service, the Tally user has to contact Tally Partners, to know about the features and terms of services. The services are provided and managed by Elecom (https://elcom.digital), a cloud services company.
Perhaps, Tally AWS is the initial step to introduce Tally on Web, like other Web based remote access Accounting platform, now-a-days gaining popularity among enterprises.
Graphical Dashboard in Tally Prime
So far Tally offered boring static Bar Graphs as infographics. Now, it offers customisable handy Dash Board showing Data with Bar & Line graphs. It shows all important business information on a single interface, in distinct independent configurable tiles, enabling better data analysis and insights. Each tile in the dashboard shows data and graphs each type of info and graphic data representation. Dashboard tiles may be controlled through Tally Access Control system. Dash board may even be configured as Tally Home screen.
The Dashboard feature is to be enabled first, through a Configuration option set up. The Dashboard is pre configured with set a set of standard. Tiles for various key financial figures. Thus, it shows a snapshot of financial position and trends, setting tile specific periods. The Configuration for each tile may be independently set up as desired. The tile configuration options vary according to the nature of information in the Tile.
Like all Tally Reports, detailed values may be traced through drill down to deeper level, from any element in the dash board. Tiles in the dashboard may be arranged horizontally (Grid View) or vertically, as desired. Any Tile may be zoomed to expand or collapsed as desired for better view. Any tile may be specifically positioned as desired, and even save the tile position setting. You may switch and move between Dash Boards of several selected Companies.
Like saving Report Views, configured Dashboard views may be saved for ease of working. Like all reports, the entire Dashboard, or any specific tile, may be printed, exported, sent through email / WhatsApp. Like company autoloading, the Dashboard or specified tiles may be pre loaded on opening a Company.
Enhanced Features of Tax related Reports Tally Prime
Apart from host of Tax Returns related enhancements and fixes introduced in Tally prime 4, following added features are worth mentioning
- Update Party GSTN in GSTR-1 Report: Though Tally offers facilities to update GSTN in Party Masters, Tally provides additional handy feature in GSTR-1 to quickly review missing Party GSTN of B2B transactions in GSTR-1 (often for new parties added in current GSTR-1 period) and instantly update through the GSTR-1 report itself. The exception report may be exported to Excel or PDF, for offline manual verification.
- Export Quarterly GSTR-3B : QRMP dealers may now easily export GSTR-3B for a quarter in a single JSON file and then upload on the GST portal to file GSTR-3B.
- TDS / TCS Returns validation as per FVU rules : Validate TDS / TCS Returns as per latest FVU (File Validation Utility) rules, as per Income Tax department directives, from within Tally. FVU validation ensures that TDS / TCS returns do not contain any format level errors or incompatibility.
FVU Validated TDS/TCS returns are saved in flashdrive (in .txt format) for submission along with Form 27A.
Any error encountered during validated is logged in error report file. Resolve the errors and re-generate validated file.
