Edit Log in TallyPrime Release 2.1 | MCA New Updates [English]
The Ministry of Corporate Affairs has given a year's timeline to companies to implement its latest amendment. The new rule mandates the use of accounting software that has an audit trail (edit log) feature to record all transactions and track any changes made to the same, with auditors tasked with the responsibility to review and control the same from 1st April 2022.
TallyPrime Release 2.1 brings in the Edit Log feature which enables you to track activities performed in vouchers, ledgers, stock items, and accounting groups.
This video helps you to understand the following aspects:
0.51 - Part 1 - Enable Edit Log
2.23 - Part 2 - View Edit Log for Transactions
6.41 - Part 3 - View Edit Log for Masters
11.01 - Part 4 - Disable Edit Log
12.37 - Part 5 - View Activities Related to Edit Log
13.34 - Part 6 - Security Control for Edit Log
Edit Log in TallyPrime Release 2.1 is now available
MCA New Updates Applicable from 1st April 2022
MCA New Updates - Key implications of the audit trail (edit log) notification
While the new rule has been implemented to bring in transparency and reduce data anomalies, mandating businesses that are using accounting software to have the audit trail (edit log) feature, here are some major aspects that notification emphasizes:
The accounting software that the company is using should have the capability to track each and every change made in transactions
It should be able to capture the dates and timelines when such changes were made
Further, it needs to ensure that the audit trail (edit log) cannot be disabled
The edit log facility is required to be operated throughout the year and can't be tampered with
The audit trail (edit log) is required to be preserved according to the requirement of the record retention
The rule also mandates CA's to certify whether the accounting software being used is compliant or not
Audit trail (edit log) features to look for in accounting software
While it has been clear that companies that fall under the purview of the MCA notifications need to have accounting software that comes with the audit trail (edit log) feature, the question that remains is what all aspects you should consider while making the shift. To answer this, here's a detailed insight into the features to look for in accounting software:
Timeline stamp: The audit trail (edit log) should record all the details of actions performed in the software in a date-wise manner.
Track all transactional changes: The accounting software should monitor and track all the changes made to the transaction and capture such details in the audit log. Essentially, the software should track and log changes right from creation to alteration to deletion of transactions.
Edit log shouldn't be disabled: If books of accounts are valid and the company needs to keep them, under such circumstances, the audit log should be maintained till the validity of the records.
Technical log vs. audit log: Under any circumstances, the audit log should not be confused with software logging. While opting for accounting software, businesses need to ensure that the system has respective logs for software issues and dedicated audit trail to remain compliant with the new rule.
Capture user details: The accounting software should capture username details right from creation to alteration to deletion. This would further help companies to get enhanced transparency.
Should provide version history and difference: To further enhance business transparency, the accounting software should be able to provide you with the version difference and allow you to compare different versions to analyze and understand what all has been changed or modified.
Sequential order: The audit trail (edit log) feature should capture a detailed and chronological insight of actions performed by date and time.
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