TallyPrime 3.0 Launch: Features, Specifications & Update

Summary: With the TallyPrime 3.0, you can now easily manage several GSTIN data from a single company portal. Learn more about the latest features introduced through this update in this article below!

TallyPrime is versatile software that can be used by any business to manage their accounts, tax details, return filing, inventory, and so on. It is used across different business verticals such as manufacturing, retail, export-import, automobile, etc., due to the diverse business functionalities it provides to its customers.

Over the years, TallyPrime has released numerous updates to enhance its usability for customers by adding new features. Recently, TallyPrime 3.0 has been launched by Tally with enhancing features for GST returns management, tax liability management, and so on.

With TallyPrime, you can generate QR code for processing payments, analyze data with new reporting features, reconcile GST transactions, manage various GST registration in a single organization data, etc. Let’s learn about all the latest features and improvements launched in TallyPrime 3.0 in detail in the article below.

Major Updates and Features in TallyPrime 3.0 for Businesses

The latest update of TallyPrime comes with plenty of features to enhance its customer’s experience. In this update, it has provided improved reporting capabilities, data management, return filling, and so on. Here are some major updates you will find in TallyPrime 3.0:

• Different Tax Rates and HSN Codes for Stock Items

In the previous version of TallyPrime, it was not possible to have a stock item with different tax rates and HSN code. However, with the latest TallyPrime 3.0, you can easily set various tax rates for and HSN code for a given stock.

Also, you can add the sources of GST and HSN details in your transactions. Additionally, you can also do:

1. Configure the GST rate source and HSN/SAC details with F11 company functions.
2. When the voucher is created, the GST Rate and HSN/SAC details will be taken via the source created through F11 company functions.
3. Decide to add GST rate info in one master like stock group and HSN/SAC info different master like stock item.
4. Override the GST and HSN/SAC in any accounting data or when the voucher is created.

• Several GSTN Filing from a Single Organization Data

With the TallyPrime 3.0, you can now manage several GST registrations of your company in a single organization to simply the GST-return filing experience for you.

Therefore, it enables you to file GST Return for every GST registration individually via the GST reports of the single organization data. Therefore, with this feature, you can:

1. Generate GST registrations for the organization with data like state, address, registration Type, GSTIN/UIN, etc. It also includes supply place, applicability of e-Invoice and e-Way Bill, return filing period, and so on.
2. Record GST transactions according to rules applicable to a particular GST registration and info like GSTIN/UIN, company address.
3. Generate voucher series for every GST registration to eliminate any conflicts related to voucher numbers.
4. Export GST returns either for a particular registration or all GST registrations.
5. Use data of a particular GST registration for login in the portal for e-Invoice and e-Way Bill tasks

• Reconcile Transactions in GSTR-1, GSTR-2A, and GSTR-2B

With the latest TallyPrime update, you can easily reconcile transactions in GSTR-1, GSTR-2A, GSTR-2B, etc., in several ways such as:

1. Now, you can reconcile transactions even from different return periods through updating the Return Effective Date.
2. You can also do it by overlooking the prefix of zeros and special characters present in Document No. in GSTR-2A and GSTR-2B
3. By mentioning the threshold limit for mismatch data entry.
4. Once the transactions are downloaded via the GST portal.
5. Through prefix configuration utilized by the party in Document No. or Invoice No. to be ignored for reconciliation in GSTR-2A and GSTR-2B.

Suggested Read: What are the Types of GST Returns: Forms, Due Dates & Penalties | Tally Alternatives

• GST Transactions Updates

With the latest TallyPrime, you can do multiple things in your GST transactions such as:

1. You can now record transactions for different GST registrations when you maintain GST registrations in a single organization.
2. Next, you can set the transaction’s nature without any need to do it for each ledger.
3. Override GST rates along with HSN/SAC codes in GST transactions easily.
4. Update the transaction’s GST Status such as reconciled, unreconciled, excluded, etc.
5. Shift the voucher to a different Return period by editing the return effective date.
6. Copy paste the GST Registration data from a ledger to the transaction.

• GST Returns

TallyPrime 3.0 has made it easier to open GST Returns for the reference. Further, filing GST Returns has also become easier because GSTR-1 and GSTR-3B reports have been improved in the latest update. Therefore, it will help you to:

1. Track activities related to return filling for all periods via “Track GST Return Activities Report”.
2. Find transactions with miscalculated tax values with “Transactions Accepted As Valid” report.
3. Configure “Return Effective Date” for multiple transactions to shift to a different return period.
4. Recognize transactions that have been edited and removed after exported.
5. View the “Preview Report” for reviewing all the return data that will be exported.
6. Export the GST returns data for a particular GST registration or all the registrations.

Other Latest Updates in TallyPrime 3.0

In addition to various major updates, there were some other features that were launched in TallyPrime 3.0 including

• Payment Requests

TallyPrime 3.0 update has now made it possible for you to generate and share payment IDs or QR codes created via Payment Gateway or UPI. This will help your parties to instantly process payments hassle-free. Further, it will also reconcile all your payments requests and keep all your safe and secure.

• Retention of the Transaction’s Voucher Numbers

For vouchers with automatic and multi-user auto number method, you can now keep the original voucher number intact if the voucher gets deleted. This will ensure that the voucher numbers of transactions remain unchanged irrespective of the deleted transaction.

• New Report Filters

In the latest update, TallyPrime has provided almost 120 new report filters for the purpose of representing your data. Further, now you can search for data for multiple fields or specific fields, use Basic, Multi, and Advanced filters to find information, and view the applied filter details easily.

• Error Correction

TallyPrime 3.0 lets you identify and fix any error occurring during the data import. Once the data is imported, Tally will show a report of all the errors that occurred during the import. After that, you can view these reports and rectify those errors. Further, it marks (e) against the organization that might have errors in its data. This makes it easier to identify and rectify errors in reports.

Suggested Read: How to File GSTR 1 Using Tally.ERP 9 – A Step By Step Guide

• Different GST Tax Configuration

Now, with TallyPrime release 3.0, you can configure different tax rates inclusive of composite rates for different goods and services. With a few clicks, you can set GST rates, track the tax liability, and generate appropriate returns.

• Improved Data Management

With the latest TallyPrime 3.0, the facility to migrate, repair, import, delete, and synch data has been improved. Now you can check the progress of data migrated or repaired, view their summary before and after the procedure completion. Moreover, you can also identify and resolve all errors during the data migration or changing procedure. Further, you can reset your GSTN details with the latest update.

TallyPrime 3.0 Release Date

TallyPrime released its latest version 3.0 on 27th May’23 to provide the latest GST features to improve the user experience. In this update, it has made improvements in features like data management, GST transactions, return filing, payment processing, and so on.

To download the latest version, you can visit the official website of TallyPrime and download the software. By logging in with your credentials, you can start using the latest TallyPrime version.

Conclusion

With the launch of TallyPrime 3.0, the software has brought a wide range of features to streamline your business operations. Now you can update GST transactions, use new report filters, send QR code to receive payment from your TallyPrime.

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