Audit Trail in Tally from 1st April 2023 ft

Audit Trail in Zoho Books -    • 1st April 2023 से Audit Trail हुई man...  

The Ministry of Corporate Affairs (MCA) issued a notification directing companies that use accounting software for maintaining their books of account is required to have an Audit Trail feature, creating an edit log of all transactional changes along with the date.

According to the recent notification, the new audit trail rule in accounting software will now be implemented from 1st April,2023. This was originally planned for 2021 and but later the effective date was moved to 1st April,2022. Now, it is postponed to 1st April, 2023.

To ensure that this is being implemented, companies need to ensure that their existing accounting software comprises an audit trail feature to remain compliant to the latest amendment. With this move, business entities would now be required to keep an edit log of all transactions and time stamps, with changes made in the books of account. They also need to enable their workforce to adhere to it. In case their existing software doesn’t come with this feature, they need to consider shifting to accounting software that provides the audit trail feature. 

As per the Companies Act 2013, the new amendment released by the MCA will be applicable to the following companies, including the companies that are managed by State and Central Government, NGOs who are receiving funds from various stakeholders: 
-All Public and Private Limited Companies
-One Person Companies (OPCs)
-Companies owned by Government of India
-State Government Companies
-Not-for-Profit Companies/Organization
-Nidhi Companies

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