Georgia Document Organizer and Retention
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FAQ
6.2 Retention times for specific records are defined in Table 1, unless otherwise specified quality records shall be retained for 10 years. In no case shall the retention time be less than seven years after final payment on the associated contract.
Records Retention Guideline #4: Keep everyday paperwork for 3 yearsMonthly financial statements.Credit card statements.Utility records.Employment applications (for businesses)Medical bills (in case of insurance disputes)
The general minimum amount of time to keep business records is a minimum of 7 years. The following documents and records should be kept; Business Tax Returns and other supporting documents: Until the IRS can no longer audit your return.
A retention period (associated with a retention schedule or retention program) is an aspect of records and information management (RIM) and the records life cycle that identifies the duration of time for which the information should be maintained or "retained," irrespective of format (paper, electronic, or other).
How much should be the retention of internal audit and MRM records? The logical answer is a minimum of 3 years as that is the time frame of ISO certificate.
A maximum retention period tells you when to destroy a certain record. When this period has lapsed you are really not supposed to have the record anymore. It is time to say goodbye to it. In some countries, though, there are exceptions when you issue a legal hold notice or a tax hold notice.
(also disposition standard), n. The length of time records should be kept in a certain location or form for administrative, legal, fiscal, historical, or other purposes.
The minimum retention period is the shortest amount of time that a WORM file can be retained in a SnapLock volume. If the application sets the retention period shorter than the minimum retention period, Data ONTAP adjusts the retention period of the file to the volume's minimum retention period.
Any legal records, such as licenses, patents, registration forms and tax ID forms should also be kept throughout the business' life. Tax records have to be kept for a minimum of three years, however, these records may come in handy to your business in the long run so it does not hurt to hold on to them indefinitely.
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.