What is (Automated) Retention Policy Management?
Automate your document retention management policies with Centralpoint. Centralpoint empowers you with easy to use tools to define each of your many retention policies, including custom filters, queries, and start and end dates. Centralpoint also stores information about each of your storage repositories, supporting connections to Shared File Folders, SQL, Oracle, IBM and even web services to third party providers like Workday, Citibank, ADP and others.
Centralpoint's scheduled feature will visit each of these silos at a frequency you select to find any record which is considered to be expired, based upon your retention policies. Any files detected can be routed to the appropriate adiministrator to authorize the destruction of those records; and when approved, Centralpoint will destroy all records from each system recording each step. Centralpoint (Automated) Document Retention Policy Management helps you to remain compliant on a continual basis.
Live Reporting
Retention Policies for this Site
The list below shows the current document retention management policies set up for this site. These records are managed within the Client Console, under 'Retention Policies', which allow you to manage the rules over which documents may be retained for what period of time. Based upon these rules, Centralpoint will check your many disparate systems ,both structured (Oracle, IBM, SQL, ODBC, others), and unstructured (File folders, containing PDF, Images, PPT, Word), in which to compare against your rules. It will return to your administrators, a report daily, that, when approved, will record the authorization of these deletions, and then Centralpoint (post authorization) will delete these documents from these silos, also reporting 'when' these records have been deleted.
Title |
Action |
After |
Taxonomy |
Accounting - 2 Years - Bank Reconciliations |
Delete |
1 Days |
Accounting
|
Accounting - 7 years - Expense Reports |
Delete |
1 Months |
Accounting
|
Accounting - 7 years - Petty Cash Records |
Report |
1 Months |
Accounting
|
Corporate & Legal - 2 Years - Correspondence, General |
Report |
1 Years |
Corporate & Legal
|
Corporate & Legal - 6 Years - Audit Reports - Internal |
Report |
1 Years |
Corporate & Legal
|
Corporate & Legal - 7 Years - Correspondence, Routine |
Report |
1 Years |
Corporate & Legal
|
HR & Payroll - 10 Years - Payroll - After Termination |
Report |
1 Years |
HR & Payroll
|
HR & Payroll - 3 Years - Employment Applications |
Report |
1 Years |
HR & Payroll
|
HR & Payroll - 5 Years - Safety Reports |
Report |
1 Years |
HR & Payroll
|
HR & Payroll - 7 Years - Accident Reports |
Report |
1 Years |
HR & Payroll
|
HR & Payroll - 7 Years - Attendance |
Report |
1 Years |
HR & Payroll
|
HR & Payroll - 7 Years - Benefits |
Report |
1 Years |
HR & Payroll
|
HR & Payroll - 7 Years - Personnel - After Termination |
Report |
1 Years |
HR & Payroll
|
HR & Payroll - 7 Years - Time Reports |
Report |
1 Years |
HR & Payroll
|
HR & Payroll - 8 Years - Salary History |
Report |
1 Years |
HR & Payroll
|
Purchasing & Sales - 3 Years - Sales contracts |
Report |
1 Years |
Purchasing & Sales
|
Purchasing & Sales - 3 Years - Purchase orders |
Report |
1 Years |
Purchasing & Sales
|
Purchasing & Sales - 3 Years - Requisitions |
Report |
1 Years |
Purchasing & Sales
|
Purchasing & Sales - 3 Years - Sales invoices |
Report |
1 Years |
Purchasing & Sales
|
Shipping & Receiving - 4 Years - Freight Bills |
Report |
1 Years |
Shipping & Receiving
|
Shipping & Receiving - 4 Years - Export Declarations |
Report |
1 Years |
Shipping & Receiving
|
Shipping & Receiving - 4 Years - Manifests |
Report |
1 Years |
Shipping & Receiving
|
Shipping & Receiving - 4 Years - Waybills and Bills of Lading |
Report |
1 Years |
Shipping & Receiving
|
Sample 1 |
Report |
1 Days |
Accounting
|
Records Captured Against Retention Policies
This is an example of records found, as a result of the retention policies managed. This suite of tools can search Centralpoint, File Folders, SQL, Oracle, IBM, and other systems, to check (daily, monthly, annually) for records which exceed your policy for retention. Please note this form, allows for the signature of the user, who will be authorizing the deletion of these files. In this way, you will also have full reporting to show all deletions made by each authorized users, including which specific records were deleted each time.
Examples of Retention Policies
Here are samples of common document retention policies. These rules can change drastically based upon your industry type, and changing regulations. Do not use these in place of any legal advice, they are merely to demonstrate the many policies in place for most industries today.
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.