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State Schedules to be Removed in Update

January 9, 2017

Listed here are six state financial retention schedules to be overwritten by the new financial schedules approved December 8th by the State Records Committee. If a retention schedule is overwritten by an updated schedule, it will be hyperlinked to the new schedule on our website.

The retention of this new schedule is at the recommendation of the Division of Finance. The State Auditor’s Office also reviewed the schedule before it was seen by the State Records Committee. We hope this schedule will make the retention of many financial records simpler to manage.

Please update your records so the updated retention will be followed from this point going forward. Below is the updated schedule, then the schedules being removed from the state general retention schedule. If you have any questions, please call us at 801-531-3863.

STATE GOVERNMENT ACCOUNTS PAYABLE AND RECEIVABLE RECORDS (SG 7-65)
These are records related to monies collected or paid in the conduct of business. Information may include bank records, invoices, revenue, expenses, and related accounting records. Trust records are not included.
Retention: Retain for 7 years and then destroy. (Approved 12/2016)
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ACCOUNTS RECEIVABLE (SG 7-2)
Invoices billing non-state agencies or institutions for supplies, services or repairs provided by an agency.
Retention: Retain for 4 years and then destroy. (Approved 07/1990)

BANK STATEMENTS (SG 7-9)
Canceled checks, debit/credit memoranda, deposit slips, and monthly reconciliations.
Retention: Retain by agency for 3 years and then destroy. (Approved 12/1996)

CASH RECEIPTS (SG 7-13)
Agency copy of receipts given to customers who pay the agency for services rendered.
Retention: Retain by agency for 3 years and then destroy. (Approved 07/1990)

COST ACCOUNTING REPORTS (SG 7-15)
Reports maintained by receiving and reporting units, which document how much it costs an entity to provide a service and the fee they charge for that service.
Retention: Retain by agency for 3 years and then destroy. (Approved 07/1990)

STORES INVOICE FILES (SG 7-40)
Invoice or equivalent records used for stores accounting purposes.
Retention: Retain for 3 years and then destroy. (Approved 07/1990)

FINANCIAL INFORMATION NETWORK (FI-NET) NON-PAYMENT RECORDS (SG 7-54)
Records that document receipt of cash or transfers between state agencies in the state accounting system, and other relevant information. Includes cash receipts (CR), inter-agency transactions (IAT), and revenue (IN) transactions.
Retention: Retain for 3 years after the end of the fiscal year in which they were initiated and then destroy. (Approved 06/1996)

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