Kentucky Document Organizer and Retention
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FAQ
As a general rule of thumb, tax returns, financial statements and accounting records should be retained for a minimum of six years.
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.
Discrimination - KY Commission on Human Rights Retention Period: Personnel records must be maintained for one year from the date of making the records or the personnel action involved, whichever is later.
Bank statements, credit card statements, canceled checks, paid invoices and other financial information quickly pile up. Accountants typically will advise businesses to keep their bank account and credit statements for 7 years.
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).
A document retention schedule is a policy that clearly defines what documents need to be maintained and for how long. A retention policy will include all types of documents and records that are created on behalf of the company as part of its business.
Benefits of a Document Retention PolicyServe as a safety measure in audits or litigation. Improve the organization of documents. Destroy sensitive data that is no longer needed. Eliminate clutter by destroying or archiving unused documents.
A document retention policy (also known as a records and information management policy, recordkeeping policy, or a records maintenance policy) establishes and describes how a company expects its employees to manage company data from creation through destruction.
For example, if financial records have a retention period of five years, and the records were created during the 1995-1996 fiscal year (July 1, 1995 - June 30, 1996), the five-year retention period begins on July 1, 1996 and ends five years later on July 1, 2001.
Knowing that, a good rule of thumb is to save any document that verifies information on your tax returnincluding Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receiptsfor three to seven years.