Blog 7

Keeping up with GST compliance and correct reporting is vital for any business. With the recent update, TallyPrime brings forth new features aimed at simplifying your accounting procedures, improving accuracy, and minimizing manual intervention. In our opinion at Perfect Soft Solutions, keeping pace with such advancements assists businesses in growing efficiently. Let‘s find out about the four standout features that simplify GST management and reporting like never before with TallyPrime.

Instant Party Ledger Creation with GSTIN

Dealing with several parties and their ledgers at times proves to be time-consuming. The new TallyPrime update makes this tedious process a thing of the past with its ‘Fetch Details Using GSTIN‘ feature. Now, you can create or modify ledgers just by inputting a GSTIN/UIN. TallyPrime will fetch details such as the name of the party, address, and PAN from the GST portal in real-time.

Also, if you have multiple GSTINs to process, you can bulk upload these from an Excel file. TallyPrime will retrieve all the applicable party details, eliminating data entry errors and saving your precious time.

GST Filing Status at Your Fingertips

It is easier than ever to check a party‘s GST compliance. With the new feature, you can see the GST filing status of your suppliers and customers for the last six months within TallyPrime. From GSTR-1, GSTR-3B, or CMP-08 filings, this feature provides you with a quick snapshot of the return period, filing dates, and the status (active, inactive, or cancelled).

This not only inspires confidence but also allows you to make sound business decisions while communicating with new or existing customers.

Auto-Fetch GSTIN Details for Cash Sales

The process of carrying out B2B cash sales transactions is more accurate and seamless. You need not manually add party details anymore. You may just input their GSTIN during billing. The details will automatically be fetched by TallyPrime from the GST portal.

This eliminates the risk of errors in invoicing and ensures that all transactions are compliant, providing you and your customers with a hassle-free experience.

Real-Time Notification System

Being informed about crucial activities is essential for hassle-free business operations. TallyPrime‘s new update brings a Notification Bell icon, which keeps you informed regarding significant tasks such as GST filings, software updates, licensing, and company-specific notifications.

The notification panel aggregates all updates under one roof, allowing you to monitor pending work and act at the click of a button. This way, you never miss a critical deadline, and you remain organized and compliant.

Final Thoughts

The new TallyPrime update is a game-changer for companies seeking to make GST management and reporting easier. These features not only minimize manual effort but also reduce errors and improve compliance.

At Perfect Soft Solutions, we make sure our clients are empowered with the most recent tools and information to maximize their accounting operations. Adopt these new features in TallyPrime and elevate your business efficiency to unprecedented levels.

Want to learn TallyPrime and enhance your accounting skills? Enroll in our Tally Essential Course at Perfect Soft Solutions and get hands-on experience with the latest features.

To learn more, get in touch with us today!