Chapter XII - Record Retention
Most records referred to in this manual must be kept for a period of seven (7) years; certain records need only be kept three (3) years and some records must be kept permanently. Therefore, before disposing of any records, you must verify the length of retention.
Below is a partial list of the timetable of retention as issued by the State Records and Archives (SRC Rule No. 79-8):
- Ledgers; Journals; Bank Statements; Canceled Checks------- 6 years (plus current year)
- Purchase Orders; Deposit Slips; Receipts (office and student); Bank Reconciliation; Transfers and Adjustments; Vouchers; Invoices; Monthly Financial Reports and Supporting Documents--------------------- 3 years
- Annual audit records may not be destroyed. One copy of the financial statement and supporting documents, and any correspondence pertain thereto must be kept in a permanent file in a secure place.
Please note that when destruction is authorized, records should be destroyed by shredding or other effective means. The destruction of records should be recorded in some permanently preserved document; the record of destruction should include description and quantity of each group destroyed, inclusive dates covered and the date on which destruction was accomplished.
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