Audit Trail in Tally

Introduction

As per MCA Notification, for all Companies registered with MCA, it is compulsory to maintain “Audit Trail” in their accounting software w.e.f. 1-Apr-2023.

However, before migrating to the Audit trail feature,  one needs to know a few things which are very importa nt.

Course Objective

1. Preparedness before migrating to Tally Prime Edit Log
2. Changes in your Data Structure after migration to Audit Trail
3. Need and consequences of these Changes in Data structure
4. Things you need to follow to avoi d negative consequences of “Audit Trail”

Course Content

Understanding Audit Trails

• Concept of an audit trail
• Importance of audit trails in accounting and financial management
• Types of audit trails

Setting up Tally for Audit Trails

• Configuring Tally for audit trail functionality
• Enabling audit features
• User acces s and security controls

Exploring the New Audit Trail Features

• Detailed transaction tracking
• Real-time monitoring of changes
• Data integrity and error detection
• Advanced filtering and search capabilities

Transaction-Level Audit Trails

• Transaction audit trail overview
• Identifying and tracking changes in transactions
• Analyzing transaction modifications
• Reporting transaction-level audit trails

Ledger-Level Audit Trails

• Tracking changes in ledger accounts
• Analyzing ledger modifications
• Reporting ledger-level audit trails

Inventory-Level Audit Trails

• Inventory audit trail overview
• Monitoring changes in stock items and inventory levels
• Analyzing inventory modifications
• Reporting inventory-level audit trails

Compliance and Regulatory Requirements

• Understanding the role of audit trails in compliance
• Compliance with tax laws (e.g., GST, VAT, etc.)
• Meeting regulatory requirements for financial reporting
• Implementing best practices for audit trail management

Customizing Audit Trail Reports

• Generating customized audit trail reports
• Exporting audit trail data
• Integrating Tally audit trail data with other systems