Oregon Financial Record Storage Chart is a comprehensive tool designed to organize and manage various financial documents and records in the state of Oregon. It serves as a guide to help individuals, businesses, and organizations comply with legal requirements and maintain accurate financial records. The Oregon Financial Record Storage Chart outlines the recommended retention periods for different types of financial documents based on state and federal regulations, industry standards, and best practices. This chart provides clear instructions on how long specific records should be kept before disposal or transfer to archival storage. The Oregon Financial Record Storage Chart covers a wide range of financial records, including but not limited to: 1. Income Tax Records: This category includes tax returns, supporting documents, and related correspondence. It specifies how long income tax records should be retained for various entity types such as individuals, partnerships, corporations, and non-profit organizations. 2. Payroll and HR Records: This section focuses on records related to employee compensation, benefits, taxes, and personnel files. It includes documents like payroll registers, W-2 forms, time cards, employment contracts, and performance appraisals. 3. Financial Statements and Ledgers: Here, the chart provides guidelines on retaining financial statements, general ledgers, trial balances, profit and loss statements, and balance sheets. It is crucial to maintain these records to track the financial health and performance of an individual or an organization. 4. Banking and Investment Records: This category covers records related to banking transactions, bank statements, canceled checks, deposit slips, investment portfolios, and brokerage statements. It specifies how long these records should be kept to address potential audits and financial discrepancies. 5. Insurance Policies and Claims: This section outlines the retention periods for insurance policies, claims, and related documents. It includes property insurance, liability insurance, health insurance, or any other type of coverage relevant to individuals, businesses, or organizations. 6. Contracts and Agreements: This category highlights the importance of retaining copies of contracts, lease agreements, loan agreements, purchase orders, and any legal documents that bind parties in a financial transaction. It specifies the recommended period for retaining these records after the agreements expire or are terminated. It is essential to note that the specific retention periods may vary depending on the industry, organization size, and other factors. The Oregon Financial Record Storage Chart provides a comprehensive overview, but it is advisable to consult with legal and accounting professionals for precise guidance tailored to specific circumstances. By following the Oregon Financial Record Storage Chart, individuals and businesses can ensure compliance with applicable regulations, promote effective record keeping, mitigate legal risks, and maintain financial transparency.
Oregon Financial Record Storage Chart
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A records schedule (schedule) constitutes APHIS's official policy for records and information retention and disposal. The schedule provides mandatory instructions for what to do with records (and nonrecord materials) no longer needed for current Agency business.
Records retention is a practice by which organizations maintain confidential records for set lengths of time, and then employ a system of actions to either redirect, store or dispose of them.
Retention schedules are based on legal, fiscal, administrative, and historic value.Non-Departmental Retention Schedules.Community Justice Retention Schedules.Community Services Retention Schedules.County Assets Retention Schedules.County Human Services Retention Schedules.County Management Retention Schedules.More items...
A records retention schedule is a policy that defines how long data items must be kept and provides disposal guidelines for how data items should be discarded.
Records typically fall into four categories: those securing property such as titles or shares; those that mark certain crucial events such as businesses incorporations; those used for assessing operations; and those collected or retained in compliance with government regulation.
A record retention policy states your business's process for managing documents from creation to retention or disposal. Good policies help businesses retrieve documents for easy reference. They also help employees understand how to dispose of documents properly to protect information.
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.
Records Retention Schedules are of two types, viz. Retention Schedule for Records pertaining to Facilitative Functions. Retention Schedule for Records pertaining to Substantive Functions.
{Rule 6. Retention of records - The records referred to in rule 3 shall be maintained for a period of ten years from the date of cessation of the transactions between the client and the banking company, financial institution or intermediary, as the case may be.
Retention schedules are based on legal, fiscal, administrative, and historic value.Non-Departmental Retention Schedules.Community Justice Retention Schedules.Community Services Retention Schedules.County Assets Retention Schedules.County Human Services Retention Schedules.County Management Retention Schedules.More items...
