How Do You Handle Record Keeping?

1. Step 1: Set-up a Records Retention Schedule. ...
2. Step 2: Policies and Procedures. ...
3. Step 3: Accessibility, Indexing, and Storage. ...
4. Step 4: Compliance Auditing. ...
5. Step 5: Disposal of Obsolete Records.

How do you manage record keeping?

1. Determine Who Will Be Responsible And What Resources Will Be Needed. ...
2. Identify Records Needed To Document The Activities And Functions Of Your Office. ...
3. Establish Your Procedures (Recordkeeping Requirements) ...
4. Match Your Records To The Records Schedules.

What are the key rules for keeping records?

• ESTABLISH AN EMPLOYMENT RECORD POLICY.
• DEVELOP A RECORD RETENTION SCHEDULE.
• TERMINATION RECORD REQUIREMENTS.
• SAFELY DISPOSE OF EMPLOYMENT RECORDS.
• FOR THE RECORD.

How are records kept?

Records must be stored in such a way that they are accessible and safeguarded against environmental damage . A typical paper document may be stored in a filing cabinet in an office. ... Vital records may need to be stored in a disaster-resistant safe or vault to protect against fire, flood, earthquakes and conflict.

What are the four basic rules for record keeping?

• ESTABLISH AN EMPLOYMENT RECORD POLICY.
• DEVELOP A RECORD RETENTION SCHEDULE.
• TERMINATION RECORD REQUIREMENTS.
• SAFELY DISPOSE OF EMPLOYMENT RECORDS.
• FOR THE RECORD.

What records should be kept and for how long?

• Store permanently: tax returns, major financial records. ...
• Store 3–7 years: supporting tax documentation. ...
• Store 1 year: regular statements, pay stubs. ...
• Keep for 1 month: utility bills, deposits and withdrawal records. ...
• Safeguard your information. ...
• Guard your financial accounts.

What are the 3 main types of records?

• Correspondence records. Correspondence records may be created inside the office or may be received from outside the office. ...
• Accounting records. The records relating to financial transactions are known as financial records. ...
• Legal records. ...
• Personnel records. ...
• Progress records. ...
• Miscellaneous records.

What are examples of record keeping?

• Business expenses.
• Sales records.
• Accounts receivable.
• Accounts payable.
• Customer list.
• Vendors.
• Employee information.
• Tax documents.

What is the role of record keeping?

Their purpose is to provide reliable evidence of, and information about, ‘who, what, when, and why’ something happened . In some cases, the requirement to keep certain records is clearly defined by law, regulation or professional practice.

What records need to be kept for 7 years?

Accounting Services Records should be retained for a minimum of seven years. Accountants, being a conservative bunch, will often recommend that you keep financial statements, check registers, profit and loss statements, budgets, general ledgers, cash books and audit reports permanently.

What are the 5 typical stages in a record keeping system?

• Capture the Information.
• Check to Make Sure the Information Is Complete and Correct.
• Record the Information to Save It.
• Consolidate and Review the Information.
• Act Based on What You Know.

What do you mean by record keeping?

Recordkeeping is keeping records, or ” units of preserved information in some permanent form (written documents, photographs, recordings, etc.).” Record can also refer to a collection of such items or a history in general.

What papers to save and what to throw away?

• Birth certificates.
• Social Security cards.
• Marriage certificates.
• Adoption papers.
• Death certificates.
• Passports.
• Wills and living wills.
• Powers of attorney.

Is it safe to throw away old bank statements?

You may be ready to throw them out, but you’re not sure how. Is it safe to throw away old bank statements, or do you need to shred them first? According to the Federal Trade Commission, you should shred documents containing sensitive information, including bank statements , to protect yourself from identity theft.

How many years of bank statements should you keep?

Most bank statements should be kept accessible in hard copy or electronic form for one year , after which they can be shredded. Anything tax-related such as proof of charitable donations should be kept for at least three years.

What are the classification of records?

There are two types of records, Active and Inactive . There are also two major classifications, Vital and Important. Learn more about the difference between VITAL RECORDS & IMPORTANT RECORDS... An active record is a record needed to perform current operations, subject to frequent use, and usually located near the user.