What's New in TallyPrime 7.0: Complete Feature Guide

TallyPrime 7.0 is the most feature-rich update Tally Solutions has released since the original TallyPrime launch. With Connected Banking, an Invoice Management System (IMS), cloud backup through TallyDrive, and powerful search via SmartFind, this version transforms how Indian businesses handle their daily accounting and compliance workflows.

Whether you are a business owner, accountant, or CA, this guide breaks down every major feature in TallyPrime 7.0 so you can understand exactly what has changed and how it benefits your operations. If you are still exploring what TallyPrime is and how it works, start there first.

TallyPrime 7.0 Overview

Released in 2024, TallyPrime 7.0 represents a shift toward connected, cloud-aware accounting. Previous versions focused primarily on offline desktop capabilities. Version 7.0 integrates directly with banks, government portals, and cloud storage while keeping the core offline-first architecture that millions of Indian businesses rely on.

Key highlights at a glance:

• Connected Banking with Axis Bank and SBI for real-time balances
• Invoice Management System (IMS) for proactive ITC tracking
• TallyDrive for automatic cloud backup (free tier included)
• SmartFind for instant cross-data transaction search
• Enhanced Edit Log with summary reports and MCA compliance
• Enhanced HSN Summary with separate B2B/B2C breakups for GSTR-1
• Bharat Connect plug-in for invoice and payment exchange

Invoice Management System (IMS)

What Is IMS in TallyPrime 7.0?

The Invoice Management System lets buyers track vendor sales invoices in real time within TallyPrime. Instead of waiting until GSTR-2B is available to check whether your vendors have filed their returns, IMS proactively surfaces discrepancies between your purchase records and your suppliers' filings.

How IMS Helps with GST Input Tax Credit

ITC mismatches are one of the biggest pain points for GST-registered businesses. When a vendor forgets to include your invoice in their GSTR-1, you risk losing the credit. IMS catches these gaps early, giving you time to follow up with the supplier before the filing deadline. This reduces GSTR-2B mismatches and ensures you claim every rupee of eligible Input Tax Credit.

How to Enable IMS in TallyPrime

1. Open TallyPrime 7.0 and navigate to Gateway of Tally
2. Go to F11: Features > F3: Statutory & Taxation
3. Enable the Invoice Management System option
4. Configure your connected GST credentials for real-time sync

For businesses that file GST returns regularly, IMS is a transformative addition that saves hours of manual reconciliation every month.

Connected Banking: Live Bank Integration

Supported Banks

TallyPrime 7.0 integrates directly with Axis Bank and State Bank of India (SBI). This means no more downloading CSV files, importing them manually, and then matching transactions one by one. The integration works via secure API connections, so your bank data flows into TallyPrime automatically.

Real-Time Balance and Transaction Updates

With Connected Banking, you can view your live bank balance right inside TallyPrime. Transaction updates appear automatically, making it easy to monitor your cash position throughout the day without switching between your bank's website and your accounting software.

Automated Accounting from Bank Statements

This is the feature that saves the most time. TallyPrime 7.0 can import bank statements and automatically create payment and receipt vouchers. The software uses smart matching to identify recurring transactions and suggest the correct ledger entries. Businesses that adopt this feature report reducing manual data entry time by 60-70%.

If your business operates across multiple locations, combining Connected Banking with Tally on Cloud gives your team real-time financial visibility from anywhere.

TallyDrive: Built-In Cloud Backup

Free Cloud Storage Included

Every TallyPrime 7.0 license with active TSS comes with free TallyDrive storage:

• Silver (single-user): 1 GB of cloud storage
• Gold (multi-user): 3 GB of cloud storage

Automatic Backup and Data Security

TallyDrive runs in the background, automatically backing up your company data to Tally Solutions' secure cloud infrastructure. Backups are encrypted end-to-end, and you can schedule backup frequency based on your needs. If your hard drive crashes or your system is compromised by ransomware, you can restore your data from TallyDrive within minutes.

TallyDrive vs Manual Backup

If you have been running TallyPrime without cloud backup, this feature alone makes renewing your TSS subscription worthwhile.

SmartFind: Instant Transaction Search

How SmartFind Works

SmartFind is a powerful search tool that lets you find any transaction across your entire Tally data instantly. Search by amount, party name, voucher number, date range, or even partial text. Results appear in milliseconds, regardless of how large your data file is.

Use Cases for SmartFind

• Audit preparation: Quickly locate specific transactions when auditors request them
• GST filing: Find missing invoices or payments during return preparation
• Customer queries: Instantly pull up payment history when a customer calls
• Internal review: Search for unusual amounts or duplicate entries

For CA firms using the Auditors Edition, SmartFind combined with the enhanced Edit Log makes audit workflows significantly faster.

Enhanced Edit Log and Audit Trail

Edit Log Summary Report

TallyPrime 7.0 introduces an Edit Log Summary that gives you a snapshot view of every modification made to your data. Instead of checking individual vouchers, you can now see all edits in a single report with details of who changed what and when.

MCA Compliance with TallyPrime Edit Log

For businesses that need to comply with MCA (Ministry of Corporate Affairs) requirements for maintaining audit trails, TallyPrime 7.0 offers a dedicated Edit Log variant. This variant has a permanent audit trail that cannot be disabled or circumvented, making it the right choice for companies, LLPs, and other entities under MCA jurisdiction.

Internal Controls and Transparency

Every edit is tracked at the user level. If you have multiple employees entering data, you can see exactly who modified a voucher and review the before-and-after values. This strengthens your internal data security and builds trust in your financial records.

Enhanced HSN Summary for GSTR-1

Separate B2B and B2C Breakups

Starting May 2025, the GST Network requires HSN Summary in GSTR-1 to show separate breakups for B2B (business-to-business) and B2C (business-to-consumer) transactions. TallyPrime 7.0 handles this automatically, generating the correct format without any manual intervention.

Simplified GST Filing

With the enhanced HSN Summary, you can validate your GSTR-1 data within TallyPrime before uploading to the portal. This reduces rejection errors and saves the back-and-forth of correcting HSN-related mismatches.

Revised MSME Form 1 Support

The Ministry of Corporate Affairs updated the MSME Form 1 (Half-Yearly Return) format, and TallyPrime 7.0 includes a Supplier Summary report aligned with the revised norms. If your business deals with MSME vendors, this feature ensures your MCA filings are accurate and up to date without maintaining separate spreadsheets.

Bharat Connect Integration

Bharat Connect (formerly known as ONDC for B2B) is a government-backed platform for digital invoice and payment exchange between businesses. TallyPrime 7.0 includes a Bharat Connect plug-in that lets you exchange invoices and process payments with your trading partners directly within TallyPrime. This reduces the need for email-based invoice sharing and speeds up payment cycles.

Other Improvements in TallyPrime 7.0

• Performance enhancements: Faster report generation, especially for large data files with thousands of vouchers
• Multi-user stability: Improved concurrency handling when multiple users access the same company data on a TallyPrime Server setup
• UI refinements: Subtle interface improvements for better readability and navigation
• Smart bank reconciliation: Intelligent transaction matching that learns from your past reconciliation patterns

System Requirements for TallyPrime 7.0

How to Download TallyPrime 7.0

You can download TallyPrime 7.0 from the Mark IT Solutions download page. The installer includes a free educational mode that lets you explore all features before purchasing a license.

If you are upgrading from an older version, read our detailed step-by-step upgrade guide for a smooth transition. Already on TallyPrime 6.x? Check our TallyPrime 7.0 vs 6.2 comparison to see exactly what has changed.

Need help choosing the right edition? See our TallyPrime pricing and editions page, or contact Mark IT Solutions for personalized guidance from our certified Tally consultants.