TallyPrime Release 4.1: MSME Update & E-Commerce Features

Mar 18, 2024

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by

Rishit Shah

in Updates

Here’s a detailed breakdown of the new features and functionalities introduced in TallyPrime Release 4.1:

Table of Contents

1. Focus on MSME (Micro, Small and Medium Enterprises):

1. Simplified MSME Payments:

TallyPrime 4.1 streamlines MSME payment processes to comply with MSME regulations in India.

1. Print UDYAM Number:

Registered MSMEs can effortlessly print their UDYAM registration number directly from TallyPrime.

2. Track Payables and Receivables:

The software facilitates easy identification and tracking of upcoming or delayed receivables from customers and payables to MSME suppliers.

3. MSME Form-1 Reporting:

You can generate the MSME Form-1 report within TallyPrime, which helps businesses report overdue bills to MSMEs as mandated by the Income Tax Act.

2. Enhanced Reporting Features:

1. e-Commerce Summary Report:

This report caters to businesses that conduct online sales through e-commerce platforms like Amazon, Myntra, and Flipkart. It highlights:

Taxable Values: Provides a breakdown of taxable values for online sales.
Tax Breakup: Displays the distribution of various taxes (IGST, CGST, SGST, and Cess) applicable to the e-commerce sales.
GSTIN-wise Sales: Shows the sales figures categorized by the GSTIN of each e-commerce operator.

2. Intuitive Report Dashboards:

TallyPrime 4.1 introduces a powerful reports dashboard that presents your business information in visually appealing formats. You can:

1. Add and Hide Tiles:

Customize the dashboard by adding or hiding tiles that display specific reports or financial metrics relevant to your needs.

2. Configure and Organize:

You have the flexibility to configure the layout and organization of the tiles within the dashboard for optimal information visualization.

3. Display Preferences:

Tailor the information displayed on each tile to suit your preferences.

Additional Improvements:

1. Excel Import Enhancements:

TallyPrime 4.1 offers improved functionalities for importing ledger and transaction data from Excel spreadsheets. You can now import your data regardless of how it’s structured or organized within the Excel file, enhancing data import flexibility.

2. Seamless e-way Bill and e-Invoice Generation:

The software integrates seamlessly with the government portals, allowing you to generate e-way bills and e-invoices for single or multiple invoices directly from TallyPrime without manual intervention.

Overall, TallyPrime 4.1 focuses on simplifying business processes for MSMEs, improving reporting capabilities with e-commerce specific reports and customizable dashboards, and enhancing data import and e-invoicing functionalities.