TallyPrime Edit Log to assist firms under MCA to comply with audit trail mandate
Edit Log in TallyPrime Software
The new audit trail regulation has been mandated by the Ministry of Corporate Affairs (MCA) for the companies using accounting software, to compulsorily have audit trail for all transactions from April 01, 2022.
How it will work
TallyPrime Edit Log will maintain the necessary logs, as required for each transaction along with the date and time of every amendment as well as capture the name of the user, who initiated the change or deleted the transactions. The solution by default has no option to disable the audit trail function, it said in a statement.
With the accelerating digital transformation, the solution will have the capability to create digital invoices and seamlessly integrate digital signatures to assure authenticity, integrity and non-repudiation of the signed document that is shared with the counterparties.
The product will also enable businesses with an aggregate turnover greater than INR 20 Cr in any of the preceding financial years (in the GST era) to seamlessly generate e-invoices which has been mandated as per the new CBIC notification.
The company has launched two versions of the product, TallyPrime Edit Log for businesses who are mandated to maintain audit trail under MCA rule and another one without any audit trail mandate. Businesses can choose a version as per their business requirement and start maintaining their books of accounts for the new financial year.
Businesses with a valid TSS subscription can upgrade to Tally Edit Log without incurring any additional cost.
Tally products with Edit Log
With Release 2.1, we are giving you the flexibility to choose between the following products:
- TallyPrime Edit Log: If your business needs to track all activities for a better internal control, or statutory requirements such as Audit Trail, mandated by Ministry of Corporate Affairs (MCA), India, then you will need this product. Edit Log cannot be disabled in this product.
- TallyPrime: If you want to maintain trails for internal audit purposes or view logs intermittently, then you can leverage the Edit Log feature in your day-to-day business operations.
By default, TallyPrime does not track activities in your transactions and masters. You can enable or disable Edit Log, when needed.