Release 6.0

 

Available from TallyPrime Release 6.0, Connected Banking makes your banking tasks simpler. With Connected Banking, you can get Bank Statements and Bank Balance right from TallyPrime. This saves you a great deal of time that you can utilise for more important tasks of your business.

To get started with Connected Banking, you need the following:

1. Active license
2. Valid TSS
3. Tally.NET ID or a valid e-mail address
4. Valid 10-digit mobile number for linking with your Tally.NET ID and receiving OTP

Set Up Connected Banking

As a one-time setup for Connected Banking, you need to do the following:

• Link a mobile number to your Tally.NET ID.
• Change your Tally.NET password, if it does not meet the latest password policy.
• Connect your bank accounts to TallyPrime.

Link mobile number to Tally.NET ID

1. Press Alt+Z (Exchange) > All Banking Options > Login & Logout.
2. In the Log In to Connected Banking screen, enter your Tally.NET ID.
   
   If you are working with multiple users under a license site, then refer to Approve User Access to Connected Banking for non-admin users.
   
3. Enter your Tally.NET password.
   
4. Enter the mobile number that you want to link to your Tally.NET ID.
   
5. View T&C and Privacy Policy: Yes.
   You will get redirected to the web page where you can read the T&C and Privacy Policy and then accept it.
6. Enter the OTP received on your mobile number.
   
   If you do not receive the OTP, press Alt+R (Resend OTP).
   The mobile number gets linked to your Tally.NET ID.
   As a result, you get logged in and can use the Connected Banking services.
   You can proceed to connect your bank accounts to TallyPrime.
   

If your password does not meet the new password policy introduced for Connected Banking, then you will need to change the password.

If you want to know how to link mobile number to Tally.NET ID on the Tally Solutions Customer Portal, then click here

Approve User Access to Connected Banking for non-admin users

In case of multiple users under a license site, as an admin, you need to enable Connected Banking for the non-admin users. Once you approve the users using your Tally.NET credentials, they can use the Connected Banking services.

If you are a non-admin, then the approval request goes to the admin. The admin can then approve user access to Connected Banking either in TallyPrime or on the Tally Solutions customer portal.

1. Press Alt+Z (Exchange) > All Banking Options > Login & Logout.
   The Log In to Connected Banking screen appears.
2. Enter your Tally.NET ID.

   If the Tally.NET ID does not exist, is inactive, or the Connected Banking is not enabled for the user, then a message appears.
   

3. Press Y to proceed.
4. Press A to Approve as Admin.
   
   
5. Enter the Tally.NET ID and Password of the Account Administrator or owner for approval.
   

Once approved, either you or the user can link the mobile number to the Tally.NET ID and change the password, if it does not comply with the new password policy.

If you want to know how to access user access to Connected Banking on the Tally Solutions Customer Portal, then click here

Connect Bank Accounts

When you connect to a specific Bank, a Connection ID gets generated. This is the reference ID for the connection initiated with the Bank.

Once the connection is successful, you get a list of account numbers with the matching Bank ledgers.

1. Press Alt+Z (Exchange) > All Banking Options > Bank Connections.
   If you have not logged in to Connected Banking already, then you will need to log in.
2. Press F6 (New Connection).
   
3. Select the relevant bank.
   A connection ID gets generated.
   If there are connections pending for approval for the bank, then you will get a message.
   In that case, you can press Y to proceed.
   • If you are an Axis Bank customer, refer to Connection with Axis Bank.
   • If you are a Kotak Mahindra Bank customer, refer to Connection with Kotak Mahindra Bank.
4. In the Connect to Bank screen, press C (Connect).
   
   Consequently, you get redirected to the respective bank portal.
   Once you establish the connection with the bank on the portal, you can refresh the status.
5. Press R (Refresh Status).
   

The status of the connection gets displayed in the Bank Connections report as Connected.

Once you establish the connection with the bank, the bank accounts get linked. If there are ledgers matching the bank accounts, then the ledgers also get displayed.

• To view the linked bank accounts, press Shift+Enter on the relevant Bank row.
  

After the one-time setup, you can log in to Connected Banking at any point in time. Thereafter, using Connected Banking in TallyPrime, you can:

• Get Bank Balance.
• Get Statement.

If you are not logged in, then you will need to log in with Tally.NET ID, password, and OTP.

Get Bank Balance

With Connected Banking, you get to know your Bank Balance in a matter of seconds and that too, right from TallyPrime. This helps you decide the account using which you can send payments to your suppliers. You only need to ensure that you are logged in to Connected Banking.

1. Press Alt+Z (Exchange) > Get Balance.
   Alternatively, press Alt+Z (Exchange) > All Banking Options > Get Balance.
2. Select one or more bank accounts to get the balance.
3. Press B (Get Balance).
   

   If the balance is fetched for multiple bank accounts and the process fails for one or more bank accounts, then an Exchange Summary appears.

You can further configure this report to view Bank Name and Ledger Balance as per Books for comparison with the balance as per bank.

1. Press F12 (Configure).
2. Show Bank Name: Yes.
3. Show Ledger Balance as per Book: Yes.
   

Furthermore, while you get to know the balance of your bank accounts, you can view other balances sent from the bank.

• Select the bank ledger, and press Enter.
  The Account Balance Info screen appears.
  

Get Bank Statement

With Connected Banking, you can seamlessly get bank statements. You can then use the bank statements to reconcile the transactions in books.

1. Press Alt+Z (Exchange) > All Banking Options > Get Statement.
2. Set the period for which you want to get the statement.
   1. Select the bank ledger and press Alt+S (Set Statement Period).

      At a time, you can select only one bank account to get bank statement.

   2. Enter the From and To dates and press Enter.
3. Press S (Get Statement).
   
4. Import the statement.
   1. Select the request that is ready to import.
   2. Press S to import the statement.
      
      The statement becomes a part of your Company data.

You can view the transactions from the imported statements in the Imported Bank Data and Bank Reconciliation reports.

If you are not using Connected Banking services, then you can import bank statements to perform auto reconciliation.

Delete Statement Request

You might want to delete a statement request when it was requested for the wrong period.

1. Bring the cursor to the request.
   
2. Press Alt+R (Delete Request).
3. Press Y to confirm.
   
   The request gets deleted.

Reset Bank Statement Data

You can reset the bank statement data when:

• You have imported the statement for a wrong period.
• You have already reconciled your transactions. Therefore, you do not want the imported bank statements in your Company data anymore.

1. Press F1 (Help) > Troubleshooting.
2. Select Reset Bank Statement Data and press Enter.
3. In the Reset Bank Statement Data screen, select the Bank Ledger.
4. Retain Reconciliation Status: Yes.
   The reconciliation status of the fully reconciled transactions gets retained. However, if there are any partially reconciled transactions, then their status becomes Unreconciled.
   If the option is set to No, then the statement data will get deleted and transactions reconciled or even partially reconciled via linking will become Unreconciled.
5. Enter the From and To dates.
   The Bank Statement data will get cleared for the specified status.
6. Take a backup of the Company data, if needed.
   1. Backup Company Data before Reset: Yes.
   2. Backup Destination Path: Select or specify the folder path and press Enter.
      
7. Press Y to confirm.
   
   The bank statement data gets cleared.

Reconnect/Disconnect Bank

The facility to manage bank connections allows you to reconnect or disconnect from your bank, whenever needed.

• Select the bank connection, and press Enter or F7 (Manage Connection).
  

Reconnect Bank Accounts

You can reconnect to the bank using an existing Connection ID in the following scenarios:

• The connection is still in progress.
• The connection has expired when:
  • The connection has crossed its validity.
  • The mobile number has been changed.

1. In the Manage Connection screen, press F6 (Reconnect to Bank).
   
2. In the Reconnect to Bank screen, press C (Connect).
   
   Consequently, you get redirected to the bank portal.
   Refer to Reconnect with Axis Bank or Reconnect with Kotak Mahindra Bank to know more.
   Once you establish the connection with the bank on the portal, you can refresh the status.
3. Press R (Refresh Status).
   
   The Bank Accounts get connected.
   

Disconnect Bank Accounts

Some of your bank accounts might be dormant. So, you might not want to use the bank accounts through Connected Banking. When you do not want to use bank accounts of a specific bank, you can disconnect from the bank.

1. In the Manage Connection screen, press Alt+F6 (Disconnect).
   
2. In the Disconnect from Bank screen, press D (Disconnect).
   
3. Press Y to disconnect from the bank.
   

   In the case of Axis Bank, you will need to enter the OTP received on the mobile number registered with the Bank.
   
   However, in the case of Kotak Mahindra Bank, the OTP is not required.
   

The Bank Accounts get disconnected.

Log In/Log Out from Connected Banking

You can log in using your Tally.NET ID and password at any point in time.

Log in to Connected Banking

1. Press Alt+Z (Exchange) > All Banking Options > Login & Logout.
2. Enter your Tally.NET ID in the Log In to Connected Banking screen.
   
3. Enter your Tally.NET password.
   
4. Enter the OTP received on your mobile number.
   
   If you do not receive the OTP, press Alt+R (Resend OTP).
   Once you enter the OTP, you get logged in to the Connected Banking services.

Log in when the session is expired or inactive

A Connected Banking session expires after 24 hours. In such a case, you can enter your Tally.NET password and OTP to log in.

Moreover, your Connected Banking session might become inactive in three cases:

• No activity is performed for more than 15 minutes.
• The Company is shut and opened in another instance of TallyPrime.
• TallyPrime is closed.

In case of an inactive connection, you need to enter just your Tally.NET password to log in.

Log Out from Connected Banking

When you are not using any Connected Banking facility, you can log out.

1. Press Alt+Z (Exchange) > All Banking Options > Login & Logout.
2. Press Y to log out.
   

Reset Connected Banking Login

When you are not able to log out of Connected Banking, you can reset the Connected Banking login.

1. Press F1 (Troubleshooting) > Reset Connected Banking Login and press Enter.
2. Press Y to confirm.
   

Change Password for Connected Banking

You will need to change your password if it does not adhere to the new password policy. Your new Password should either be a 6-10 digit PIN or contain at least 8 characters with one uppercase letter, one lowercase letter, a number, and a special character.

1. Enter the Old password.
2. Enter the New password.
3. Confirm the New password.
   
4. Press Enter.
   The password gets changed.

Release 6.0

Contact Details for e-Payment

Using the e-Payments facility in TallyPrime, you can send payment instructions to the bank quickly and securely, without visiting the bank.

If you are using TallyPrime Release 5.1 or earlier, then watch How to Make e-Payments to Your Beneficiaries Through TallyPrime.

To use e-Payment as a mode of payment you need to configure your bank ledger. You can record a payment voucher and select e-Payment as the mode of payment and later export the payment instructions which can be loaded to the bank portal. In TallyPrime, you can also reconcile your e-Payment transaction.

The process of e-Payment reconciliation is also much simpler. Bank portals provide you with an intermediate/payment reverse file that records the status of your e-payments upload. You only have to import the intermediate/payment reverse file to TallyPrime, and TallyPrime will update the reconciliation status for you. You can view and track the status of your e-payment transactions using the e-Payments report and identify any incomplete information or mismatch in beneficiary details.

Apart from cheques, the most used payment mode is e-Payment in the business. e-Payment is a method of paying online or through an electronic medium. The most popular methods of e-Payment are Credit Cards, Debit Cards, UPI payments and so on. Online payment or e-Payment became popular as it improves the relationship with the suppliers due to the transparency, security and fast transfer of money. It also reduces the risk as Electronic payments are much more efficient and safe due to the multiple ways of securing your payments.

All the banking information and transactions that you maintain in TallyPrime are safe. However, you can provide additional security by authorising only certain users for e-Payments reports and operations. You can also create users with different levels of rights.

 

Configure Bank Ledger for e-Payments

To make the payments to the parties through online payment or e-Payment you need to enable e-Payments in your bank ledger. Once enabled you can configure the e-Payments option depending on the bank through which you have enabled the e-Payments facility. You can configure your Bank ledger for e-payments only for selected banks.

If you are on TallyPrime Release 6.0 or later, then refer to Configurations for e-Payments.

If you are on TallyPrime Release 5.1 or earlier versions, then click here

 

Record e-Payment Transactions

1. Press Alt+Z (Exchange) > Send Payments.
2. Select the bank ledger for which you want to export payment instructions.
   

   If you want to add transactions with mismatch in the Bank Details, then press Ctrl+B (Basis of Value) and enable Include Transactions with Mismatch in Bank Details.

3. Select transactions to export.
   1. Press F12 (Configure) to view the transactions with the required details.
      
   2. Select transactions using Spacebar.
   3. Press X (Export).
      
4. Export the selected transactions.
   1. Press C (Configure) to configure the export.
   2. Press E (Export) to export the payment instructions.
      

Alternatively, to export payment instructions for multiple payments, follow the steps given below:

Use e-Payments Report

The e-Payments report provides you with an overview of e-Payment transactions recorded in TallyPrime. The report is divided into sections, and you can find transactions in the respective section, based on their status. This helps you take appropriate actions on the transactions, so that you can send payments to your suppliers.

• Press Alt+G (Go To) > type or select Banking Activities, press Enter, and then drill down from the e-Payments column for a specific Bank ledger.
  Alternatively, Gateway of Tally > Banking > Banking Activities, and then drill down from the e-Payments column for a specific Bank ledger.
  

You can also view the Available Balance as per Bank for the connected bank accounts. If you are using the Bank account or ledger through Connected Banking and have check your balance from TallyPrime, then you will view the bank balance as per the bank.

You can view change the Bank Ledger for which you want to view the report.

1. Press F4 (Bank Ledger).
2. Select the ledger and press Enter.
   
   If you want to view the report for all the banks, then select All Items and press Enter.
   The report gets displayed for the selected ledger.
   
   You can also change the Bank Ledger after you drill down from any of the sections.

The sections are categorised, based on the readiness for sending the payment. If the details in a transaction or ledger are incomplete, incorrect, or mismatch, then you can drill down from the section and resolve the transactions.

Similarly, you can view the transactions that are sent to the bank with the applicable status.

Once you drill down, you can view the transactions recorded for a party.

1. Press Ctrl+F4 (Ledger).
   
2. Select the ledger and press Enter.
   
   The report gets displayed with the transactions recorded for the party.

You can view the report for specific payment types. Furthermore, you can include the transactions with exact match available in Bank Reconciliation.

When you drill down from a specific section of the report, you can also filter the report to view transactions with a specific payment type.

1. Press Ctrl+B (Basis of Value).
   
2. Select the Payment Type.
   1. Press Enter on Payment Type.
   2. Select the option, based on the type of payment, such as Payroll or all payments excluding Payroll.
3. Include Transactions with Exact Match Available in Bank Reconciliation: Yes.
   The report displays the transactions that have an exact match in the Bank Reconciliation report.
4. Include Payments with Transfer Mode: When you drill down from a section, you can choose to view transactions with a specific transfer mode.

Pending for Sending to Bank

This section contains transactions that are either ready to be sent to the bank or require action. You can configure this report to view the required information. Moreover, the same configurations are available when you drill down from Incomplete/Incorrect Bank Ledger Master Details, Incomplete/Incorrect Transaction Details, Mismatch in Bank Details (With Masters), and Ready for Sending to Bank.

1. Press F12 (Configure).
2. Show Instrument Date: Yes.
3. Format of Report: Detailed.
4. Configure the details that you want to view.
   1. Show Narrations: Yes.
      This displays the narration entered in the voucher.
   2. Show Favouring Name: Yes.
   3. Show Remarks: Yes.
   4. Show E-mail ID: Yes.
   5. Show Party Bank Details: Yes.
   6. Show Bank References and Status: Yes.
      

Incomplete/Incorrect Bank Ledger Master Details

When you do not have the required bank details such as Account No. and IFS Code in the bank ledger, the transaction with the ledger is found in this section.

1. In the e-Payments report, drill down from Incomplete/Incorrect Bank Ledger Master Details.
2. Select the row and press Enter.
   The Bank A/c details screen appears.
   
3. Enter the correct Account No./IFS Code/SWIFT Code or any other missing information.
4. Press Ctrl+A to save the details.

The transaction moves to the Ready for Sending to Bank section.

Incomplete/Incorrect Transaction Details

This section contains transactions with missing or incorrect Account No. or IFS Code. You can drill down further and correct the transaction details.

1. In the e-Payments report, drill down from Incomplete/Incorrect Transaction Details.
2. Select a transaction and press Enter.
   The Bank Allocations screen appears.
3. Enter the correct Account No./IFS Code or both, as applicable.
   Alternatively, press Alt+S (Copy Master Info.) to copy the details from the master to the transaction.
   
   Note: If your bank is in UAE, then you need to enter the IBAN No.
4. Press Ctrl+A to save the details.

While saving the details, you can do one of the following:

• Press A to accept the transaction with the information you entered.
• Press R to replace the bank details in the master with the details specified in the voucher.
  The R: Replace button appears if bank details have been specified in the master.
• Press D to accept the transaction and also update your ledger.
  This option will not appear while you are copying the details from the master.
• Press B to make any changes in the Bank Details (Voucher) section.

The transaction moves to the Ready for Sending to Bank section.

Mismatch in Bank Details (With Masters)

If the bank details in the transaction does not match with that specified in the ledger, then the transaction is found in this section.

1. In the e-Payments report, drill down from Mismatch in Bank Details (With Masters).
2. Select a transaction and press Enter.
3. Press Alt+S (Copy Master Info.) to copy the details from the master to the transaction.
   
   If you do not want to make changes in the transaction and accept it as is, then press Alt+J (Access As Is).
4. Press Ctrl+A to save the details.

The transaction moves to the Ready for Sending to Bank section.

Ready for Sending to Bank

This section contains transactions with all the information required by the bank.

You can send payments to your suppliers by exporting the payment file and uploading on the respective bank portal.

1. In the e-Payments report, drill down from Ready for Sending to Bank.
2. Press Alt+Z (Exchange) > Send Payments.

To know more, refer to Export/Upload Payment Instructions to the Bank.

Sent to Bank (Unreconciled)

This section contains the transactions for which you have exported the payment instructions from TallyPrime and uploaded them on the bank portal. However, these payments are yet to be reconciled by importing the reverse file provided by the bank.

The sub-sections are categorized based on the status of the e-Payment – In Progress, Unsuccessful, and Successful.

The transactions in progress or unsuccessful will not have an Instrument No., while the successful ones contain the Instrument No.

Connect Bank Accounts

When you connect to a specific Bank, a Connection ID gets generated. This is the reference ID for the connection initiated with the Bank.

Once the connection is successful, you get a list of account numbers with the matching Bank ledgers.

1. Press Alt+Z (Exchange) > All Banking Options > Bank Connections.
   If you have not logged in to Connected Banking already, then you will need to log in.
2. Press F6 (New Connection).
   
3. Select the relevant bank.
   A connection ID gets generated.
   If there are connections pending for approval for the bank, then you will get a message.
   In that case, you can press Y to proceed.
   • If you are an Axis Bank customer, refer to Connection with Axis Bank.
   • If you are a Kotak Mahindra Bank customer, refer to Connection with Kotak Mahindra Bank.
4. In the Connect to Bank screen, press C (Connect).
   
   Consequently, you get redirected to the respective bank portal.
   Once you establish the connection with the bank on the portal, you can refresh the status.
5. Press R (Refresh Status).
   

The status of the connection gets displayed in the Bank Connections report as Connected.

Once you establish the connection with the bank, the bank accounts get linked. If there are ledgers matching the bank accounts, then the ledgers also get displayed.

• To view the linked bank accounts, press Shift+Enter on the relevant Bank row.
  

After the one-time setup, you can log in to Connected Banking at any point in time. Thereafter, using Connected Banking in TallyPrime, you can:

• Get Bank Balance.
• Get Statement.

If you are not logged in, then you will need to log in with Tally.NET ID, password, and OTP.