Bring Ease in Your Business with Audit Trail in BUSY Accounting Software

The audit trail, also known as the audit log, is a chronological record that is security-relevant such as source and destination of records and/or a set of records, that offers documented proof of the series of activities performed throughout a specific device procedure, event, or operation. Scientific communication by the system, individual people, accounts, or others, financial transactions at any point, or research on scientific and other subjects.

Let us find out more about the audit trail and how accounting software will help you achieve your accounting goals.

IT’s Critical Role in Audit Trail

A normal user is never allowed to change or stop the process that creates an audit trail. To supervise and access all actions from every user, the program is always run in a privileged mode. Similarly, normal users cannot access the database table with a trail or trail file. A role-based security model in the software is one of the other ways to handle such issues. Whether you want to operate the software with the closed-looped controls or as a 'closed system,' you can do it conveniently.

In the regulation-related audit log process, IT plays a very crucial part. To avoid hacking, misuse, or corruption of information, the IT department has a log process where all the various users, applications, and systems are always monitored. IT professionals use this system for validation as primary equipment to monitor technical controls and different operations for computer systems. Besides using an audit trail to monitor and validate activities, it helps to maintain system integrity and information.

The Latest News Report on Audit Trail

On the 1st of April, 2021, the rule was to be made mandatory. However, in a recent notification, the Ministry of Corporate Affairs stretched the implementation to 1st April 2022. Previously, on 24th March, the Ministry of Corporate Affairs issued a notification mandating the businesses to record the audit trail on their accounting software for all their financial transactions.
 

Find out how you can become an early player and bring ease to your business easily with BUSY Accounting Software.
 

Maintaining Audit Trail in BUSY

The objective behind maintaining an Audit trail is to track and discourage fraudulent changes in Business related transactions. There is no harm in starting an audit trail early and achieving proficiency and practice till next year. Therefore, BUSY Software has introduced accounting software that will help you maintain an audit log and help you achieve your mandatory audit trail process. 

Let’s find out how the BUSY accounting software works.

Implementation in BUSY 

In BUSY, the Audit Trail of vouchers is maintained in BUSY Enterprise Edition for Private Ltd. / Public Ltd.  BUSY identifies the Type of Business as a company (Private Ltd. / Public Ltd.) through validation of GSTIN provided and based on the type of Business Audit Trail gets maintained.

Please Note: Maintain Audit Trail is by default enabled feature and cannot be disabled in BUSY Enterprise Edition for Private Ltd. / Public Ltd. 

Voucher Audit Trail 

In a Business, maintaining accounts starts with the Addition of vouchers.  But there is always an aspect of ‘human error’ involved, leading to Modification or Deletion of the voucher.

For example, while making a sales entry of INR 1770, if the user by mistake types INR 1077, they will need to modify the voucher and change the amount.  Also, various changes lead to modification of vouchers, such as price modification, quantity change, wrong party credentials, etc. As per the notification mentioned above, the same needs to get recorded in the audit trail.

Now when you Add / Modify the voucher in BUSY, an Audit Trail report will be maintained, which can be viewed through the keys - Ctrl + Alt + Shift + F11.  Given below is the screenshot of the Modify Sales Voucher window.
 

In the BUSY Accounting Software, on pressing Ctrl + Alt + Shift + F11 keys on the Modify Voucher window, a Voucher Audit Trail window appears.  Given below is the screenshot of the Voucher Audit Trail window.
 

The Voucher Audit Trail Report shows:

• User Name who has Added, Modified or Deleted the voucher,

• Date and Time when the voucher is Added, Modified or Deleted,

• Original Voucher Amount,

• Final Voucher Amount.

View Audit Trail Report

To view the Audit Trail Report for multiple vouchers for a specified time period, click the Display → Checklist → Audit Trail option. On clicking the Audit Trail option, an Audit Trail window appears.  Given below is the screenshot of the Audit Trail window.

Under the Audit Trail window, provide the required details and click the Ok button.  On clicking the Ok button, a window appears in which you have to specify the date range for which you want to view the Audit Trail report.  After specifying a date range, click the Ok button.  On clicking the Ok button, the Audit Trail window appears, displaying the report as per the details provided by you.  Given below is the screenshot of the Audit Trail – Accounts Day Book window.
 

So, in this manner, the Audit Trail will be maintained in BUSY, which will keep a record of addition, modification, and deletion of vouchers along with the date.

It is easy. Do you think that BUSY accounting software is the answer to your auditing goals? Then what are you waiting for? Give us a quick call and know all about the installment of Busy software and its price.