Tally Prime 2.1 is the latest version of Tally introduced in the month of March 2022. This is a major update and has some of the best features in Tally making it an even more useful software for business management.
Other than product improvements and fixing of various bugs, Tally Prime 2.1 also has introduced Digital Signature and an inbuilt feature to maintain the log of user activity called ’Edit log’.
This latest version of Tally allows you to track user activities and it also allows you to add digital signatures in documents. You can also share these digitally signed documents via email.
Unlike all previous updates of Tally, Tally Prime 2.1 has two different versions of the same update. TallyPrime 2.1 - Edit Log (contains mandatory Edit log) and Tally Prime 2.1 (contains edit log that can be enabled and disabled whenever needed). Everything else is the same in both the versions.
Following are the reasons there are two different version of the latest release Tally Prime 2.1 and which of the two versions you can use and why -
20cr+ Turnover Companies
The Ministry of Corporate Affairs (MCA) has introduced new rules for businesses that are under its jurisdiction to have a compulsory Audit log of all activities in their accounting software. And thus all businesses that are a B2B business, having a turnover of over 20cr must keep a log of all the voucher activities done by each and every user. It includes activities like voucher creation, alteration and deletion. The Edit log feature must provide a report consisting of all activities performed, user performing each activity and also the date and time of the activity performed. And thus if your business comes under this category as described by MCA, you must have Tally Prime 2.1 edit log.
There are other businesses which do not fall under this category and hence do not need to have an edit log. Such businesses can use the Tally Prime 2.1 version.
Control & Monitor
Exercising monitor and control over user activities is instrumental in ensuring all the data entered is genuine and free of both deliberate and accidental errors. One small error can change the figures in the end report drastically. Rectifying this error may require you to go through each and every entry. This may takeaway a lot of productive time and leave you with no option but to spend additional resources on this work.
There are ways to avoid all of these data mishaps. One solution is to have an Edit log that keeps track of all the user activities involving Tally data. And thus even if there is an error, source of the error and reason both can be identified easily and quickly. If yours is a progressive business, you must have Tally Prime Edit log.
100% Statutory Compliance
Business compliance is important for businesses. Every business in India has to adhere to the compliance requirements as declared by the governing authority. MCA (Ministry of Corporate Affairs) has very specifically asked particular businesses to compulsorily have an Edit log, also businesses were asked to have E-invoicing, E-way Bill, etc. All such compulsions are introduced so that businesses can run more smoothly in the long term.
Edit log helps businesses to have proper control over their Tally data. Businesses that have an edit log in their accounting software will always have a much higher percentage of accounting data accuracy in their accounting software.
The two versions of Tally, Tally Prime 2.1 Edit log and Tally Prime 2.1 both are the same, the only difference is one comes with mandatory Edit log and the other has an option to disable the edit log. Tally has introduced these two versions to give Tally users the freedom to choose between the two versions. Mainly to have flexibility and get used to the Edit log feature slowly and not abruptly. The businesses falling under the MCA jurisdiction need to have an Edit log and thus those businesses have to implement the Edit log. But those businesses that do not fall in the MCA category can choose to get the tally prime 2.1. And thus they can decide to use the audit log feature as and when needed.
In conclusion, if yours is a B2B business with turnover above 20 crore, you must use the Tally Prime 2.1 Edit Log version. If your business does not fall into the above criteria, you can use any of the two versions. Hope this blog has helped you get some clarity on the two different versions of Tally Prime 2.1. Get to know more about Tally Prime 2.1 here.