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From tracking, changing to deletion of any data within all financial transactions, TallyPrime's latest edit log feature enables businesses to maintain the edit log along with the date and timeline of each change being done. Built to provide businesses with enhanced transparency, TallyPrime is one the best accounting software with audit trail features available in India. Its edit log feature also provides user details as to who conducted the changes and even tracks the deleted transaction.
Additionally, it also helps in tracking changes made for accounting ledgers, accounting groups, and stock item masters. This allows businesses to seamlessly track the altered transaction from reports as well as compare the altered elements with previous versions.
An audit trail or audit log is a step-by-step chronological process that provides detailed evidence of the history pertaining to financial transactions. It is used to vet and trace a specific transaction – right from recording to tracking any amendments that might take place for a particular transaction.
To provide a brief background about the audit trail rule, the MCA in order to bring transparency and reduce data manipulation has mandated businesses to use accounting software with an audit trail feature. This implies that organizations that are using accounting software to maintain their books of accounts need to have audit trail feature with effect from 1st April 2023. Further, this feature cannot be disabled.
Now as a business owner, you might have questions as to what is an audit trail? Which is the best accounting software with an audit trail feature in India? Why is the audit trail feature important, and what are some examples of accounting software with the audit trail feature? To answer that, here's a detailed article on the best accounting software with audit trail feature in India:
As a business owner, understanding all the features you should look for while choosing accounting software is crucial. TallyPrime’s latest edit log release enables businesses to track all financial transactions with time stamps and details of the edits being done within the transaction – right from creating, editing, or deleting any log along with user details, thereby enabling businesses to get a clear picture of the organization. With that being said, here are some of the key features of TallyPrime edit log release:
The audit trail was introduced to maintain the integrity of the transaction and bring transparency by documenting and keeping a log of all activities within the financial transaction. This, in turn, would help ensure that businesses practice fair transactions, protect themselves from any data fraud, thereby remaining compliant with the latest rule. Here are some of the importance of having accounting software with audit trail features:
With several software available on the market, opting for the right solution can become a challenging task. The TallyPrime edit log feature caters to the different business needs, enabling them to keep track of their financial transactions. The latest product release helps you maintain the edit logs and the date and time. It also provides insightful details like user names and tracks any modifications made on accounting ledgers, accounting groups, and stock item masters. Let’s download the latest version of the software.
What is audit trail?
An audit trail or audit log is a step-by-step chronological process that provides detailed evidence of the history pertaining to financial transactions.
What are the key requirements of the audit trail feature?
As per the MCA, starting from 1st April 2023, all business that falls under the purview of the audit trail guideline should have accounting software that comes with the following features:
Which businesses fall under the purview of the MCA audit trail guideline?
As per the latest amendment released by the MCA, the following companies will be required to follow the audit trail rule:
Which companies doesn’t fall under the MCA audit trail guideline?
The following businesses don’t fall under the MCA audit trail guideline:
How TallyPrime helps businesses follow the MCA audit trail guideline?
TallyPrime’s latest edit log release caters to the different business needs, enabling them to keep track of their financial transactions. The latest product release helps you maintain the edit logs and the date and time. It also provides insightful details like user names and tracks any modifications made on accounting ledgers, accounting groups, and stock item masters.
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