TallyPrime Edit Log to assist companies under MCA to comply with Audit Trail mandate.
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. Complying with the new rule, Tally Solutions, India’s leading business management software provider, introduced TallyPrime Edit Log, to assist businesses to maintain a log of changes for their financial transactions.
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.
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.
Commenting on this launch Tejas Goenka, Manging Director, Tally Solutions said, “The concept of ‘edit logs’ for non-material changes likes notes, comments, corrections of spelling errors, corrections of human errors will be both stressful, high-cost, and fraught with legal proceedings. The implementation might put the entire ecosystem into disarray and create additional burden on compliance. In this regard, we are working with relevant associations and highlighting the concerns for this mandate to be reconsidered by Ministry of Corporate Affairs. In the meanwhile, to support businesses to be fully compliant, we are launching TallyPrime Edit Log to ease the process and ensure they are not confronted with formidable challenges.”
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 TallyPrime Edit Log without incurring any additional cost.