TallyPrime 7.1 – New Features of the Latest Tally Release

What’s New in TallyPrime 7.1

TallyPrime 7.1 takes everyday business management to the next level. With ready-to-use, fully customizable invoice print templates, expanded Connected Banking, and a host of GST and compliance enhancements, this release helps you present your business better, reconcile faster, and stay compliant with less effort.

From auto-wrapping long text in reports and printouts to online validation of HSN/SAC codes and simplified Schedule III financial reporting, TallyPrime 7.1 is designed to save you time on routine tasks, so you can focus on growing your business.

01. Invoices That Represent Your Brand

Make every invoice a reflection of your business. TallyPrime 7.1 introduces ready-to-use, predefined invoice print templates with rich customization, so your printed documents look professional and on-brand every single time.

• Predefined Templates: Choose from multiple ready-to-use invoice templates and start printing professional invoices instantly.
• Rich Customization: Add your logo, watermark, header & footer images, custom fonts, and colours to match your brand identity.
• Terms & Conditions: Include terms & conditions, notes, and other essential details directly on the invoice.
• Save & Set Defaults: Save your customized templates and set a preferred default template for each voucher type.

02. Auto Wrap Text for Better Readability

Long text now wraps automatically across masters, transactions, reports, and printouts. Vendor names, item descriptions, narrations, and notes stay clear and fully readable at a glance, with no more truncated details.

03. Smarter, More Connected Banking

• ICICI Connected Banking & Payments: Send online payments directly from your ICICI Bank accounts and enjoy real-time balances and instant reconciliation, all within TallyPrime.
• Potential Matches Summary: A new summary view shows the count of book and bank transactions across different sections, so you can reconcile section-wise with ease.
• Bill-wise Details from Bank Statements: Capture bill-wise details while creating multiple vouchers from imported bank statements.

04. Stay GST Compliant with Confidence

• Online HSN/SAC Validation: Validate HSN/SAC codes online, directly within masters and reports like GSTR-1.
• Direct Export Refund Claims: Claim refunds for export e-Invoices directly through Export Details.
• Flexible e-Way Bill Handling: Exclude transactions that don’t require an e-Way Bill at the voucher level, and generate e-Way Bills for gold and precious stone supplies within Kerala without Part B/transport details.
• GST Return Effective Dates: Update GST Return effective dates for all or specific returns such as GSTR-1, GSTR-2A, GSTR-2B, and GSTR-3B.

05. Inward Supplies Management (IMS)

• Fetch Supplier Details via GSTIN/UIN: Retrieve Trade Name, Legal Name, and Address directly from the GST portal, even when the party ledger is not available.
• Books View for Reconciliation: A new Books View displays voucher statistics and reconciliation status, making IMS reconciliation faster and clearer.

06. Accounting Enhancements

• Flexible Discounts: Apply discounts in transactions as a Percentage, an Amount, or Both.
• Reuse Deleted Voucher Numbers: Reuse deleted voucher numbers across any voucher type to keep your numbering sequence clean and continuous.

07. Simplified Financial Reporting – Schedule III

TallyPrime 7.1 makes statutory financial reporting easier with support for Schedule III (Division I). Generate compliant financial statements for companies with net worth below Rs 250 Cr using an easy-to-use, Excel-based tool, simplifying the preparation of your Balance Sheet and Statement of Profit & Loss.

08. Simplified UAE VAT 201 Filing

For businesses in the UAE, TallyPrime 7.1 simplifies VAT 201 filing and improves the tracking of saved Returns, helping you stay compliant with regional tax requirements with less manual effort.

How to Upgrade to TallyPrime 7.1

If you already use TallyPrime with an active Tally Software Services (TSS) subscription, you can download and upgrade to TallyPrime 7.1 for free. As a certified Tally Partner in Mumbai, Aim Infocom helps you install, migrate, and configure the latest Tally release with zero data loss, plus complete support and AMC after the upgrade. Contact us or call 022-61738383 to upgrade today.

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