Automate document retention policies using Centralpoint. It equips you with user-friendly tools for defining diverse retention policies, incorporating custom filters, queries, and start/end dates. Centralpoint also manages storage repository data, connecting to File Folders, SQL, Oracle, IBM, and third-party providers like Workday, Citibank, and ADP.
Centralpoint's scheduled feature regularly scans these repositories, as per your chosen frequency, to identify expired records per your policies. Detected files can be routed to administrators for approval of destruction. Upon approval, Centralpoint systematically eradicates records from each system, meticulously recording each step. With Centralpoint's automated document retention policy management, ongoing compliance is effortlessly maintained.
Businesses are required by law to retain confidential client, employee, and company information for a minimal amount of time. But many documents eventually outlive their purpose, and holding onto them for too long puts you at risk of a security breach and non-compliance with today’s privacy legislation. How long you store business records should be determined by a retention schedule that balances each record’s usefulness with the legal requirements. This schedule will depend on the type of business and the lifecycle of specific documents.
Below is a document retention schedule that outlines how long you should hold on to important documents. After their retention period is complete, you should ensure that they are securely destroyed by a third-party information security provider. Please note that these recommendations on document retention are general guidelines only. They are not intended to represent legal advice. Contact your legal expert(s) or federal, state or provincial government to ensure you are following current legal requirements for your area.
Alphabetized by Document Category
| ACCOUNTING |
Retention Period |
| AR/AP Ledger |
7 Years |
| Bank Reconciliations |
2 Years |
| Cash Disbursements/ Receipts |
Permanently |
| Chart of Accounts |
Permanently |
| Depreciation Schedule |
Permanently |
| Expense Reports |
7 years |
| Financial Statements |
Permanently |
| General Ledger |
Permanently |
| Inventory Records |
Permanently |
| Journal Entries |
Permanently |
| Petty Cash Records |
7 years |
| Tax Returns |
Permanently |
| HUMAN RESOURCES & PAYROLL |
Retention Period |
| Accident Reports |
7 Years |
| Attendance |
7 Years |
| Benefits |
5-7 Years |
| Employment Applications |
3 Years |
| Payroll - After Termination |
10 Years |
| Personnel - After Termination |
7 Years |
| Personnel - Current Employee |
Permanently |
| Safety Reports |
5 Years |
| Salary History |
8 Years |
| Time Reports |
7 Years |
| SHIPPING AND RECEIVING |
Retention Period |
| Export Declarations |
4 Years |
| Freight Bills |
4 Years |
| Manifests |
4 Years |
| Waybills and Bills of Lading |
4 Years |
| CORPORATE / LEGAL |
Retention Period |
| Annual Report |
Permanently |
| Articles of Incorporation |
Permanently |
| Audit Reports - External |
Permanently |
| Audit Reports - Internal |
6 Years |
| Contracts |
Permanently |
| Copyrights, Trademarks, Patents |
Permanently |
| Correspondence, General |
2 Years |
| Correspondence, Legal/Tax |
Permanently |
| Correspondence, Routine |
7 Years |
| Mortgages, Licences, Deeds |
Permanently |
| Organizational Charts |
Permanently |
| Partnership Agreements |
Permanently |
| PURCHASING AND SALES |
Retention Period |
| Purchase orders |
3 Years |
| Requisitions |
3 Years |
| Sales contracts |
3 Years |
| Sales invoices |
3 Years |
* Retention periods begin after the termination, expiration, disposal, etc., of the item.
Centralpoint is recognized by Gartner as a Digital Experience Platform. Centralpoint offers the most robust module gallery out of the box, including integration with Active Directory, SAML, and supports Multichannel websites, Data Transfer, Data Mining, Automated Retention Policy Management, and Dynamic Document Assembly. Centralpoint is updated bi-weekly, via a pull update whether on premise or installed in the cloud guaranteeing all users stay up to date with the best digital tools available in the market.