Enter your keyword

What Are Few Retention Period of Accounting Documents Homework Answers?

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.

Benefits for students seeking expert help

Students should seek the help of expert writing services company to cover retention period of accounting documents homework answers and other answers. Writing company can cover academic writing. Academic writing is a high styled document writing that involves a lot of research and would cover various journals. Proper citation is done within the document and at the end of a document.

Students can seek the help of writing services to cover term papers and midterm paper assignment. Writing company would understand the question involved and would appoint a highly qualified writer who would meet expectations of student and faculty.

Students would get high-quality writing that would help them to get good grades in their assignment. High grades would ensure that student can make career advancement and would help in pursuing their dreams.

What experts offer to students?

  • Students asking for Retention Period of Accounting Documents Homework Answers are assured of high-quality articles within a deadline.
  • Student’s submission through notes given by faculty and other submissions relevant to question would be incorporated in the document
  • Submission for student would go for strict and rigorous quality check, and professional editing would be done before submitting to student through e-mail
  • 100% plagiarism check on the document would be done, and plagiarism report would be given with document.
  • A proper grammar check would be done before submitting document back to the student.
  • Revisions if needed only would be done by an expert as instructed by faculty.
  • A student can make payment using payment options like a debit card, credit card, net banking PayPal and other methods as instructed by services companies and all details of students are kept as safe and confidential.

With multiple positives and expert help providing the best of this subject’s knowledge to students, these manuals are a true savior. Hence with retention period of accounting documents homework answers, you can get an ideal knowledge in this regard.

I'm from Michigan, USA and working as Tutor at My Homework Help Since 2012. The teaching job is very challenging job, but I love to do. I'm helping students with their homework. If you need homework assistance, feel free to contact me!

Related Posts

live chat support software