Retention of Records – Financial Advice Note

Introduction

The financial and related business of the Council generates an enormous volume of records, some of which must be retained for specified periods and purposes.

The schedule set out following is a guide to the minimum periods of retention, based on the requirements of interested parties such as HM Revenue and Customs. As such they also represent the minimum internal needs of the Council for such things as internal and external audit.

The list is not comprehensive in detailing all Council financial documents and records, but refers to general categories and types. In line with these, service managers are responsible for all general retention arrangements, and additionally for any specific or overriding requirements, statutory or otherwise, in relation to their service or service-unique documents.

Whilst the retention periods are a minimum, managers are not discouraged from retaining documents for longer periods where there is any potential purpose for this, and it is not resource detrimental or inefficient to the service. Use can be made of electronic media storage facilities, microfiche or microfilm and one of the major advantages of these is the much reduced storage space required, thus providing the potential to retain records in an accessible form for longer periods.

Many of the retention periods are based on the 6 year requirements of the HM Customs and Excise for records relating to VAT. It should be noted however that in certain limited circumstances a dispensation for a lesser period may be negotiated with the HM Customs and Excise. If it is agreed to be in the interests of the Council dispensation will be sought either:-

a) as a general dispensation across the Council for a particular type of record,

or

b) as a dispensation for a record unique to a department or function of the Council.

No dispensation will be sought for a retention period of less than three years.

Inherent within a manager's responsibility for the retention of documents for the necessary period, is the requirement that retained documents are held securely, and in a logical and accessible format. Suitable arrangements for this should be identified and provided.

Service managers should ensure that retention requirements are documented, referring to specific local documents and retention arrangements, and all staff made aware of the requirements.

Further guidance can be found at

Schedule of Documents and Records

Type of Record / Retention Period
(current financial year +
the following number of
complete financial years.)
A. / CASH INCOME RECORDS
A.1 / Receipt books or other forms of receipt / 6
A.2 / Receipting/till machine rolls or other data records / 6
A.3 / Sales Records / 6
A.4 / Ticket and receipt control records / 3
A.5 / Daily cash sheets/reconciliation sheets / 6
A.6 / Paying-in vouchers/cheque lists / 6
A.7 / Shorts and overs records / 3
A.8 / Bank statements / 6
A.9 / Banking service arrangements / 3
A.10 / Cash books / 6
A.11 / Any other form of primary cash income record / 6
B. / CREDIT INCOME RECORDS
B.1 / Copy income accounts and related credit notes / 6
B.2 / Authorities for debts written off / 6
B.3 / Any other prime records of debt / 6
B.4 / Debt management/control records / 3
B.5 / Correspondence / 3
C. / OTHER INCOME RECORDS
C.1 / Legal agreements / 3
C.2 / Scales of charges / 3
C.3 / Grant claims and working papers / 3
C.4 / Lettings records / 3
C.5 / Registers of attendance / 3
C.6 / Enrolment forms / 3
C.7 / Postal remittance books / 3
C.8 / Refund forms / 3
D. / EXPENDITURE RECORDS
D.1 / Goods requisition documents / 3
D.2 / Official orders / 6
D.3 / Goods received notes/delivery notes / 3
D.4 / Inventory additions/deletions/transfers documents / 3
D.5 / Inventory register / Indefinite
D.6 / All stores records / 3
D.7 / Payment records (invoices, credit notes etc.) / 6
D.8 / Petty cash records / 6
D.9 / Postage records / 3
D.10 / Car allowance log sheets / 3
D.11 / Other car allowance records / 3
D.12 / Cheque books/statements/cancelled/presented cheques / 6
D.13 / Lists of authorised signatories / 3
D.14 / Any other form of primary expenditure record / 3
E. / GRANTS AND ALLOWANCES RECORDS
E.1 / Application forms / 3
E.2 / Assessment formulae/scales / 3
E.3 / Other records / 3
G. / STAFF/PERSONNEL RECORDS
G.1 / Primary payroll documentation / 3
G.2 / Payroll computer input forms / 3
G.3 / Employee personnel files / Indefinite
G.4 / Salary/personal cards / Indefinite
G.5 / Attachment of Earnings records / Indefinite
G.6 / Approvals for special leave / 3
G.7 / Sickness records / 3
G.8 / Disciplinary papers / 3
G.9 / Timesheets / 3
G.10 / Flexisheets/signing-in sheets / 3
G.11 / Medical-in-confidence forms / 3
G.12 / Absence returns / 3
G.13 / Annual leave records / 3
G.14 / Sick notes / 3
G.15 / Attendance records / 3
G.16 / Other payroll and personnel related records/correspondence / 3
G.17 / Central Payroll returns / 7
H. / CONTRACT RECORDS
H.1 / All records/correspondence relating to contracts under seal / 12
H.2 / All records/correspondence relating to contracts not under seal / 6
I. / ACCOUNTING RECORDS
I.1 / FMIS microfiche / Indefinite
I.2 / Estimate working papers / 3
I.3 / Financial reports / 3
I.4 / Financial circulars/advice/instructions / 3
I.5 / Statistical reports/returns / 3
I.6 / Government reports/returns/circulars / 3
I.7 / Bank/Giro/Pension/Loans fund
Reconciliation statements / 6
I.8 / Capital masterfile records / Indefinite
I.9 / Capital expenditure records / 6
I.10 / Capital source of finance records / 6
I.11 / Capital advances and repayments records / 6
I.12 / Capital debt charges records / 6
I.13 / Any other primary accounting records / 3
F. / ADMINISTRATION RECORDS
F.1 / Committee agendas and minutes / 6
F.2 / Correspondence / 3
F.3 / Any other administrative record not otherwise
specified by management / 3

6 March 2012