Accounting documents are important. That does not mean that companies would keep all accounting documents till company dies down. Some companies destroy accounting documents after a certain period.
Accounting documents can be kept as digital documents or paper documents. When a company decides to destroy accounting documents steps should be taken by the company to ensure that secret, confidential data never leaks out Step should also be taken to ensure that data is never retrieved back. There are many points other than this that a student should consider when writing retention period of accounting documents homework answers.
Documents that are considered as indefinite documents
Memorandum of understanding is one document that company should keep till it dies down. A registration certificate is another important document from a company point of view. Securities Registrar that includes uncertified securities registrar is an important document.
Quotations that are successful on capital expenditure head should be kept in company till it is winded out. Employee medical schemes are a document that should be kept in the company indefinitely. Organization chart documents if any should be kept in company permanently.
The hazardous material report should be kept in the company indefinitely. Legal requirements, a cost of retention, historical value, the need for an organization to have documented all will have a bearing on retention of a document. Students should understand retention period when writing retention period of accounting documents homework answers.
Documents that have year retention value
- Purchase documents and payment cash ledger should be retained for at least six years.
- Invoice revenue and petty cash records are kept for six years in a company before they are destroyed by company management.
- Invoice coming under capital item can be destroyed after ten years.
- Bank counterfoils and bank statement documents should be or can be destroyed six years after the transaction was made.
- Remittance advances and bank reconciliation statements are documents that can be destroyed after six years.
- Correspondence re-donations have a retention value of six years in a company.
- Receipt cash book and sales ledger would be retained in a company for six years to ten years.
- Deed dispute document should be stored in a company for 12 years.
- Income tax records of employees should be stored for more than six years, and company can decide period for destroying document only after six years.
- Annual returns and any documents related to tax like tax code change should be kept in a company for six years.
- If an employee has met with an accident inside the company, an accident report would be there, and this report should be retained by the company for three years.
- Staff details can be destroyed after six years of termination of a contract. Overtime records and wages records should be kept for six years only.
- Many candidates would apply for job vacancies, and many would be unsuccessful. Unsuccessful candidates should be informed, and their resume and other details should be retained only for six months.
- Leases can be destroyed after fifteen years of expiry, but deeds should be kept in the company till it is wound up.
- Sickness records are usually kept for three years while maternity records are kept for three years.
Annual general meeting reports, annual financial statements are important documents that should be retained in a company for seven years. Past directors details are an important document regarding a company, and this document should be kept in a company for seven years at least.
Written communication done under the company behest to the holder of securities should be kept for seven years. Students undertaking retention period of accounting documents homework answers should understand the basics like this.
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