Get General Records Retention Schedules For County Records - Rm Sc

Tax return, results of an audit by a tax authority, general ledgers, and financial statements should normally be kept indefinitely.

Permanent. Records which must be kept indefinitely [or for approximately 100 years] for legal and/or administrative purposes, and/or are of enduring value for historical research purposes and so suitable for transfer to the authority's archive or place of deposit. Place of deposit.

The Taxes Management Act 1970 requires that all payroll and salary records are retained for a period of at least 6 years from the end of the financial year that they relate to. We recommend that all companies retain their accounting records for a period of at last 6 years.

The General Rule Most lawyers, accountants and bookkeeping services recommend keeping original documents for at least seven years. As a rule of thumb, seven years is sufficient time for defending tax audits, lawsuits and potential claims.

Permanent. Records which must be kept indefinitely [or for approximately 100 years] for legal and/or administrative purposes, and/or are of enduring value for historical research purposes and so suitable for transfer to the authority's archive or place of deposit.

Document retention guidelines typically require businesses to store records for one, three or seven years. In some cases, you will need to keep the records forever. If you're unsure what to keep and what to shred, your accountant, lawyer and state record-keeping agency may provide guidance.

Determine Document Retention Periods The first step is to create a list of all records that need to be purged. This list should include the type of record, the date it was created, the retention date, and any other relevant information. Then, decide on a regular schedule for purging the records.