Tally Prime Features and Differences from Tally ERP 9

Tally Prime is a more sophisticated version of Tally ERP 9. While it keeps the Tally ERP 9 software's simplicity, it adds a slew of new capabilities to assist you to optimise various activities, resulting in a more fluid workflow and increased efficiency.  It provides complete business solutions to small, medium, and big businesses to address their ever-growing company management and accounting software demands. It's a fantastic ERP system that's also GST-compliant. It also comes with multi-tasking features to help company owners simplify their life. 

Tally Prime handles everything from accounting and inventory administration to HR & payroll management, compliance with regulations, banking integration, portfolio management, and more. It also helps you make faster choices by offering key financial and accounting information, as well as cash flow reports, cost centre reports, and inventory reports, among other things. So, let's know about all the features of tally prime and the difference between tally ERP 9 and tally prime.

Did you know? You can enable multi-currency in Tally Prime with two easy steps by selecting the F11 Features from Gateway of Tally followed by F1 Accounting features.

How to migrate to Tally Prime from Tally ERP 9 

The following steps should be taken to upgrade to Tally Prime from Tally ERP 9

Step 1: To get started, open your Tally ERP 9 programme. 

Step 2: Find the firm you'd want to move to, Tally Prime. Make a mental note of the file's 5-digit number. 

Step 3: Now it's time to access the Tally ERP 9 information directory on your computer. And then, go to the Data Folder and look for the file we acquired in Step 2. Copy the file now. 

Step 4: Copy the Document and paste it into the Tally Prime data folder. 

Step 5: Launch Tally Prime and select the Company option. The company info that you entered in Step 4 will appear here. 

Step 6: The option – Migration Requested related to the corporation you pasted in Tally Prime will appear. To begin the procedure, select the company. 

Step 7: On the dialogue box, you'll see two alternatives: one for 'Configuration' (which allows you to back up your data before migrating) and the other for 'Migrate.' Select 'Migrate' from the drop-down menu. If you haven't taken a backup yet, go to the Configuration option and choose the backup path. The transfer will begin when the backup process is completed. 

Step 8: Open the Trial Balance summary and examine the current obligations and other statistics to see complete the procedure. Also, compare it to your Tally ERP 9 data.  

Also Read : Shortcut Keys in Tally Prime

What are the features of Tally prime?

The Tally Prime features are as follows:

Invoicing and Accounting

Within seconds, you can establish a professional GST-compliant invoice. With the flexibility to customise extra invoice information, add your logo, and more, according to your requirements.

Purchase and Sales Management with Flexibility

TallyPrime is built with complete flexibility in mind to accommodate the business's various purchasing and sales processes. Keep your books up to date with TallyPrime, whether it's purchase or sales orders debit or credit notes. 

Various Billing Formats 

TallyPrime enables a variety of billing formats to meet your company's requirements. You may pick an appropriate invoice type for speedier invoicing whether you operate with Products or Services. 

Support for Multiple Currencies 

You may record invoices, quotations, orders, take payments, and collect bills in foreign currencies using Tally Prime. The profits or losses in Forex that occur due to daily currency rate fluctuations are automatically computed and may be changed by simply making a diary entry. 

Adaptable units of measurement 

Tally Prime makes it easy to handle real-time complexity like "the necessity to buy in one unit and trade in another," "Stock Items needed to be assessed in more than one unit," "measuring the component of stock item with fluctuating conversions," and so on. Tally Prime's customisable units of measure help manage and analyse your stock as you wish. 

Rearrange the levels 

With Tally Prime's Reorder level, you can guarantee that you will never run out of stock and that you always know what stock needs to be replaced and in what amounts. You may choose a re-order level and a minimum order level. The system will automatically provide a re-order status report that includes the shortfall and the quantities that need to be ordered. 

Management of Manufacture and Expiration Dates 

For businesses dealing with items with a specified retention period or short durability, managing the manufacture and expiration dates is critical. You may save batches with manufacture and expiration dates in TallyPrime's batch summary report and receive comprehensive transparency of batch details such as mfg date, expiry date, number of days to expiry, and so on. 

Material Flowchart 

TallyPrime's complete Bill of Material (BoM) function lets you describe the simple factors, assemblages, parts, and components, as well as the amounts of each inventory that are required to produce a final product. In the BoM of completed goods, you may additionally define by-products, co-products, and scrap. 

Designed to help in the study of data 

The business reports in TallyPrime are meant to assist in evaluation for secure business choices. To better comprehend reports, you may eviscerate the data by including and eliminating facts and creating multiple views. 

Management of Receivables and Payables 

To track the outstanding invoices in TallyPrime, a distinct bill reference is generated automatically for every invoice. Simply track the bill while receiving or making a payment, and presto, you'll be able to monitor and match invoices, as well as learn about pending bills. 

Projection of Cash Flow 

A cash flow prediction considers a variety of potential inflows and outflows and forecasts the net amount available for a particular time. Tally Prime's instant cash flow forecast report assists you in arranging your investment or expenditures while keeping the predicted inflow in mind. 

Calculating Interest 

You might charge interest overdue to the community when it comes to outstanding or debt administration. Tally Prime makes things simple by automatically computing interest using either the Simple or Compound interest methods and assisting in the accounting of accumulated interest. 

Grouping of Multiple Employees 

You may categorise workers using TallyPrime based on various factors, including their job role, division, cadre/designation, etc. You may also apply a standard wage structure for an entire department, such as Marketing, R&D, Sales, and Accounts, by defining pay structure at the Worker Organizational levels. 

Company as a whole 

Businesses with many enterprises seek to get a consolidated view of their whole group's performance. Tally makes financial consolidation a breeze at all times. You can aggregate and handle the finances of any number of firms at any moment in a matter of seconds. 

Capabilities in several languages 

Tally Prime allows you to run your organisation in your language. India is a multilingual country with enterprises from many walks of life. Tally understands how convenient it is for you to conduct business in your favourite language. 

Tally Vault 

You might always like to maintain your corporate information safe and secure as a business owner. By encrypting data with Tally Vault, you can keep information secret. 

User Administration 

Tally Prime makes creating and managing users simple and quick. Multiple users may be quickly created, security levels assigned based on role, passwords assigned, and users deactivated. 

Administration of Password Policies 

A solid password policy will improve data security by limiting access to financial data to only those who are authorised. You may create a password policy in Tally Prime that specifies the password strength, password expiration, password history, and whether or not the user can update their password. 

Multiple Security Levels Can Be Defined 

You may set several security levels using TallyPrime, specify user-level privileges, and give workers special access based on their jobs and responsibilities. 

Forecasting for Business

Visualise multiple business scenarios and analyse preliminary reports to improve company forecasting for effective financial planning. TallyPrime helps you manage uncertainty by simulating various business scenarios.

Difference Between Tally ERP 9 and Tally Prime

Also Read: How to use Tally ERP 9. Release 6 for GST

Advantages of Tally Prime

Tally Prime is tally solutions' most recent product. Tally Prime is the most practical accounting software available in India right now. Here are a few advantages of using Tally Prime. 

• With quicker navigation and shortcuts, accounting, audits, and data input activities are sped up. 
• You may easily alter the data entering fields to save time. 
• To make navigation easier, switch to mouse usability. 
• Improved the invoice printing option. 
• Multitasking is possible through a single window. 

Advantages of Tally ERP 9 

Tally ERP 9 was chosen by accountants and company owners for a variety of reasons:

• All-in-one ERP software 
• The UI is straightforward and intuitive to use. 
• GST is ready to file and prepare. GSTR 1, GSTR 2, and GSTR 3 are three different types of tax returns. 
• Bank reconciliations are simple. 
• Ensures simple auditing with customised filtering and sorting capabilities in the stock control register for tracking and managing stock. 

Disadvantages of Tally ERP 9

Tally ERP 9 is one of the best ERP systems available; however, it isn't flawless. Tally ERP 9 has a few drawbacks. 

• The single window does not enable multitasking. 

• Data input is made more difficult by keyboard navigation. 

• When generating a ledger or master, data fields are not modifiable. 

• There is no way to alter a single line throughout the invoice/voucher generating process. 

Disadvantages of Tally prime  

Tally prime has several significant drawbacks. 

• The server deployment does not support Mac OS, and it is somewhat more expensive than its counterparts. 
• It would have been preferable if the graphical depiction had been more accurate. 

Conclusion: 

Tally Prime, in a nutshell, is a more flexible accountancy software for small and medium enterprises. It allows users to specify custom fields, making it more customisable than Tally ERP 9. Tally Prime also offers a superior user interface that makes accountants' tasks easier. Therefore, we hope you understand the features of Tally Prime and the difference between the two. 

Tally users can also use the Biz Analyst application to manage the business more effectively. You can manage the accounts, make ledgers, and even do data entry to keep the business on the right track.