What is a retention list?

What is a retention list?

A retention schedule is a list of the the types of records (record series) created and received by an institution. Records Management Services writes the retention schedules used by the University.

What is the retention period for accounts payable records?

7 years
Record Retention Guide for Businesses

Accounting Records Retention Period
Accounts payable 7 years
Accounts receivable 7 years
Audit reports Permanent
Chart of accounts Permanent

What are examples of retention period?

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.

What happens after the retention period?

Once an applicable retention period has elapsed for a given type or series of information, and all holds/moratoriums have been released, the information is typically destroyed using an approved and effective destruction method, which renders the information completely and irreversibly unusable via any means.

How do you record retention?

Six Key Steps to Developing a Record Retention Policy

  1. STEP 1: Identify Types of Records & Media.
  2. STEP 2: Identify Business Needs for Records & Appropriate Retention Periods.
  3. STEP 3: Addressing Creation, Distribution, Storage & Retrieval of Documents.
  4. STEP 4: Destruction of Documents.
  5. STEP 5: Documentation & Implementation.

What is a retention?

1 : the act of continuing to possess, control, or hold moisture retention. 2 : the power or ability to keep or hold something memory retention. retention. noun. re·​ten·​tion | \ ri-ˈten-chən \

What is record retention?

Records retention is the term applied to the safeguarding of important records that document decisions, policies, financial activities and internal controls. They also document and maintain the University’s history and activities. Historically records were paper but today also include text, video and audio files.

How long is record retention?

Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.

How do you calculate retention period?

To decide on the retention period consider how the answers would change over time. Consider what the answers would be: immediately after creation; after 6 months; after 1 year; after 2 years; after 5 years; after 10 years; after 20 years.

Where can I find retention policy?

Retention policy for Teams locations

  • From the Microsoft 365 compliance center, select Policies > Retention.
  • Select New retention policy to start the Create retention policy configuration, and name your new retention policy.

What is retention in records?

Introduction. The retention schedule is the basic tool of the records management program. It lists how long each type of record is kept, what the final disposition of the records will be when they are no longer needed for business purposes, and other special instructions or information about the records.

How do I set up a record retention schedule?

How to Implement a Records Retention Schedule

  1. Set up a Universal Retention Schedule. An organization should plan a universal retention schedule for all its departments.
  2. Determine Document Retention Periods.
  3. Implement a Disposition Schedule.
  4. Review and Update Periodically.
  5. Time to Rollout.

Can a retention policy both retain and delete content?

A retention policy can both retain and then delete content, or delete old content without retaining it. If your retention policy deletes content, it’s important to understand that the time period specified for a retention policy is calculated from the time when the content was created or modified, not the time since the policy was assigned.

Can a retention policy include all Yammer locations?

Although a retention policy can support multiple services that are identified as “locations” in the retention policy, you can’t create a single retention policy that includes all the supported locations: If you select the Teams or Yammer locations when you create a retention policy, the other locations are automatically excluded.

Where are retention policies located in Microsoft 365?

A retention policy applied to a Microsoft 365 group includes the group mailbox and SharePoint teams site. Files stored in the SharePoint teams site are covered with this location, but not Teams chats or Teams channel messages that have their own retention policy locations.

How to create retention policy for private channels?

Currently, private channels aren’t supported by retention policies. By default, all teams and all users are selected, but you can refine this by selecting the Choose and Exclude options. For Decide if you want to retain content, delete it, or both page of the wizard, specify the configuration options for retaining and deleting content.

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