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Record retention recommendations
June 15, 2023
Q. What is the retention period for the following:
AP invoices with purchase order back-up
Sales orders
Cancelled checks
Taxes
Financial records
Payroll
A.
(Answered by the IOFM Advisory Panel)
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We follow record retention guidelines as provided to us by our accounting firm. Much of what we have is paperless and is backed up nightly to an off-site server.
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We keep unclaimed property for 20 years and AP invoice-related information for 2 years. Our system actually keeps them for the…
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