Accounting Records Retention Schedule

Overview:

Record Retention schedules assist staff in determining the proper storage requirements for documents to be maintained as active records and when those records can be destroyed.
 

MSBSD Records Retention: Accounting Department

Accounts Payable

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Record  Type File Type Retention (CFY +) File Details
Vendor AP Files Accounts Payable Records 3 Includes Invoice, Check copy, correspondence, and Payment Authorization, quotes etc.  Filed by Vendor
Purchase Orders Copies Accounts Payable Records 3 Purchase Order copies, for all departments, including Accounting Purchases
Utility Files (exclude telephone) Accounts Payable Records 3 Utility Invoices, check copies, correspondence, payment authorizations.  Filed by Vendor
Utility Files - Telephone Erate Program Records 5 Utility Invoices, check copies, correspondence, payment authorizations.  Filed by Vendor
Petty Cash Files Accounts Payable Records 3 Includes Petty Cash Form, Check copy, correspondence, and Payment Authorization.  Filed by School.
Parent Reimbursement Records Education Programs Student Records 5

 
Erate Procurement and Rev Record Erate Program Records 5

 
Employee Expense Audits Audit Reports (all other Records) 5 Employee Expense Audit Docs
Pcard Expense Files Accounts Payable Records 3 Detailed trail balance reports
Accounts Payable Batch Proofs Accounts Payable Records 3 Batch Reports
Student Financial Files at MCSS Subsidiary Ledger, Journals, and Registers 6 parent Reimbursements, Ledger Information by student/family
Student Financial Files at TWB Subsidiary Ledger, Journals, and Registers 6 parent Reimbursements, Ledger Information by student/family
W9s and 1099 Files W9's and 1099 information 4 1099 backup, W9s for corresponding year if vendor will not be used in future years

Accounts Receivable

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Record  Type File Type Retention (CFY +) File Details
Lunch Receipts Accounts Receivable Records 3 Includes deposit slips and sales by school/month
GBI Batches Accounts Receivable Records 3 Accounts Receivable batches and backup
ACH Warrant /Wires Accounts Receivable Records 3 Copies of wires for fiscal year
Commission Revenue Files Accounts Receivable Records 3 MTA, Vend Alaska, ATM Commissions

Audit and Finance

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Record  Type File Type Retention (CFY +) File Details
Student Activities Files Subsidiary Ledger, Journals, and Registers 6 Student Activities files include all detailed, filed by fiscal year.  Keep all until prevailing limit of 6+current year
Central Treasury Deposit files Bank transaction Records 6 Includes Payment Journals and Deposit Information.
Central Treasury Bank Reconciliatio Subsidiary Ledger, Journals, and Registers 6 Central Treasury Reconciliation Packet and central treasury school transaction ledger.
Accounts Payable Bank Reconciliati Subsidiary Ledger, Journals, and Registers 6 Includes check registers, statements, and reconciliations
Payroll Bank Reconciliation Files Subsidiary Ledger, Journals, and Registers 6 Includes check registers, statements, and reconciliations
Budget Requests Budget Revision Requests 6 Accounting initiated budget requests
General Ledger Detail General Ledgers 6 Detailed trail balance reports
Audit Box Audit Reports (Official Major Report) Permanent Audit Prep Docs
New GL Account Code Requests General Ledgers 6 Backup for requests to create new account codes
Journal Entries Subsidiary Ledger, Journals, and Registers 6 Journal Entry copies, and backup
Workers Comp. Reconcilations Permanent File/MSBSD Discretion Permanent

 
Vehicle Files Permanent File/MSBSD Discretion Permanent

 

Grant/State/Fed Revenue

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Record  Type File Type Retention (CFY +) File Details
NSLP and Medicaid Revenue Local, state, fed Revenue Records 6 Includes NSLP reimbursement requests and revenue, as well as medicaid report file
Bond Records Permanent File/MSBSD Discretion Permanent Authorization and pymnt of bonds to finance school construction,  Reimbursement Claims, expenditure copies
Legislative Grant Records Permanent File/MSBSD Discretion Permanent Authorization and pymnt of bonds to finance school construction, Reimbursement claims, expenditure copies
Grants File Folders Local, state, fed Revenue Records 6 Grant file folders
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