TallyPrime 6.1 introduces the all-new Invoice Management System (IMS), using which you can easily track the Input Tax Credit (ITC). IMS has features such as an integrated view of invoices, up-to-date status of actions, IMS-ITC Summary reports, and automatic recomputation of GSTR-2B, which makes your activities related to GST much more accurate and controlled.
Other than IMS, TallyPrime 6.1 also adds some useful features with an extended Edit Log Summary to enhance audit trials, an updated MSME compliance form, major GST reporting enhancements, and the smarter bank reconciliation process, which makes it a delight among finance professionals as well as business owners.
Stay on Top of Your ITC with IMS in TallyPrime 6.1
In TallyPrime 6.1, IMS (Input Credit Management System) is launched to help you deal with your Input Tax Credit (ITC) with accuracy and certainty. This is because IMS may be seamlessly incorporated into your accounting routine, and you are capable of reconciling, tracking, and filing your GST returns without a hitch.
Effortless Invoice Matching
Quickly review supplier invoices against GST portal data with the IMS Inward Supplies report. Instantly identify invoices that are matched, mismatched, or missing – all in a single, easy-to-navigate dashboard.
Smart Action Status Updates
Assign clear statuses like Accepted, Rejected, Pending, or No Action to each invoice based on your reconciliation. This ensures only eligible ITC gets reflected in GSTR-2B & GSTR-3B, improving compliance and accuracy.
Simplified ITC Overview
Get a consolidated snapshot of your ITC using the IMS – ITC Summary. Track Available, Pending, and Rejected credits at a glance, enabling informed decisions before return filing.
Recalculate GSTR-2B Instantly
With just one click, update your GSTR-2B to reflect the latest ITC based on the invoice statuses set in IMS. Ensure that your GSTR-3B is always aligned and up to date.
Add Remarks For Clear Audits
Add detailed remarks to invoices for better clarity and future reference. These comments are visible across reports and can be exported to Excel, making audits and internal reviews seamless.
Enhanced MSME Experience in TallyPrime 6.1
Enhanced MSME Experience in TallyPrime 6.1 makes compliance and reporting easy to businesses that work with the Micro, Small, and Medium Enterprises. It proposes revised MSME Form I Annexure which provides more detailed supplier wise summary comprising PAN and the value of the invoices and payment schedules made very clear with the distinction between 45 days payments made and other payments. Tallyprime 6.1 users can export the data in the MCA authorized format of Excel file and this fulfils the regulatory requirements of ease, accuracy and confidence.
Banking & GST Enhancements in TallyPrime 6.1
TallyPrime 6.1 is further transforming into a smarter business solution by making revolutionary updates in both its banking and GST compliance, so that there are no hitches in financial and regulatory compliance.
Banking Enhancements
TallyPrime 6.1 introduces enhancements that simplify reconciliation and make daily banking tasks faster and more accurate:
Optimized Bank Reconciliation: In the new version, auto-reconciliation is achieved through smarter matching of transactions in bank statements, reducing manual activities and chances of error.
Bank Config Updates: Tally Prime 6.1 is fully compatible with numerous banks with updated bank formats due to built-in support for updated bank formats.
Intuitive Reconciliation Dashboard: The user has a clearer, more informative picture of reconciled and non-reconciled entries, being able to trace discrepancies easily and keep the records precise.
GST Enhancements
GST-related enhancements in TallyPrime 6.1 provide better control, validation, and visibility into return filing and ITC tracking:
Invoice Management System (IMS): A powerful new tool to manage purchase invoices and track Input Tax Credit (ITC) against GSTR-2B. Users can view invoice status, identify mismatches, and generate IMS-ITC summaries.
GSTR-2B Recalculation Support: Have the eligible ITC automatically recalculated using the IMS information, which helps a business to seek an appropriate credit without errors.
Better GSTR-1 and GSTR-3B validation: Better check and structured view minimizes errors on the returns filing and also results in cleaner exports.
MSME Updates: Updates to forms and reporting to the MSME are also present in TallyPrime 6.1, where small and medium enterprises will have a higher rate of compliance.
Edit Log Summary in TallyPrime 6.1
The Comprehensive Edit Log Summary of TallyPrime 6.1 provides an effective audit program, monitors changes introduced in vouchers and masters, additions, deletions and changes, date and time, and the details of the user. Such summary view promotes transparency and accountability as user can drill down version-wise changes, filter based on activities, and track changes over a period or between users, which makes such feature to be critical to business who are keen on compliance and accuracy as well as internal controls. We offer affordable online Tally training.
