05 Financial Records Retention Schedule University of Portsmouth 2018

Transcription

1 05 Financial Records Retention Schedule University of Portsmouth 2018 Please note: For the purposes of the University of Portsmouth, end of financial = July 31st, end of tax = April 6th Contents 5.1. Procurement Identification and vetting of potential suppliers Selection of suppliers Management of supplier relationships Monitoring of supplier performance Purchasing Authorisation of purchasing Placing of orders Taking delivery of goods and services Accounting for xpenditure Accounting for Income Internal Recharges Payroll Administration Processing of non-statutory deductions from salaries and wages Making payroll payments mployment related tax liabilities Statutory leave entitlements pay records Financial Planning Preparation of financial forecasts Preparation of capital and revenue budgets Management Accounting Financial analysis Cash Management Tax Management (including subsidiary companies) Assessment of tax liabilities Submission of tax returns Capital Asset Management Maintaining asset registers Controlling the official movement of assets Investment Management Acquisition / disposal of investments Insurance Management Maintenance of insurance policies Filing claims against insurance policies Driver declarations Financial Records Version Page 1 of 10

2 5.1. Procurement NB: All documentation is kept electronically by default. Only a minimum amount is retained in paper where required. University of Portsmouth Retention Schedule Identification and vetting of potential suppliers DPT BGINS HISTORICAL Supplier evaluation reports Date of creation 5 s Destroy Intend system Register of approved suppliers Date of creation 5 s Destroy Finance system Selection of suppliers Invitations to tender / tenders / tender evaluation documentation BGINS supply contract DPT HISTORICAL 5 s Destroy Audit Requirement Intend system Successful tenders supply contract 5 s Destroy Audit Requirement Intend system Unsuccessful tenders Date of creation 5 s Destroy Audit Requirement Intend system Requests for proposals / proposals / proposal evaluation documentation supply contract 6 s Destroy Limitation Act 1980 Intend system Successful proposals supply contract 6 s Destroy Limitation Act 1980 Intend system Unsuccessful proposals Date of creation 2 s Destroy Intend system 05 Financial Records Version Page 2 of 10

3 Management of supplier relationships BGINS DPT HISTORICAL Supplier files relationship 10 s Destroy Supplier is disabled after 2 s without a financial transaction and delisted after 10 s. Intend system Monitoring of supplier performance BGINS DPT IS SHOULD B HISTORICAL Contractor review reports contract 6 s 6 s Destroy Limitation Act 1980 Finance: Intend system IS: DM system 5.2. Purchasing Authorisation of purchasing BGINS DPT BUDGT HOLDR HISTORICAL Purchase requisitions 6 s Destroy Finance system Placing of orders BGINS DPT BUDGT HOLDR HISTORICAL Purchase orders Date of creation 6 s Destroy Finance system Taking delivery of goods and services BGINS DPT BUDGT HOLDR HISTORICAL Delivery notes P Date of creation 6 s Destroy Finance system Goods received notes P Date of creation 6 s Destroy Finance system 05 Financial Records Version Page 3 of 10

4 5.3. Accounting for xpenditure NB: This extended 10 yr retention is for audit purposes due to RF and U funding requirements. ach project has its own cost code. Purchase invoices Payment authorisations Credit notes Purchase ledgers Cheque authorisations (printed from e5) BACS reports xpense claims Petty cash authorisations Petty cash receipts Journal vouchers P P BGINS for U funding*) for U funding*) for U funding*) for U funding*) for U funding*) for U funding*) for U funding*) for U funding*) for U funding*) for U funding*) 10 s Destroy 10 s Destroy 10 s Destroy 10 s Destroy 10 s Destroy 10 s Destroy 10 s Destroy 10 s Destroy 10 s Destroy 10 s Destroy RF & *U funding reqs RF & *U funding reqs RF & *U funding reqs RF &* U funding reqs RF & *U funding reqs RF & *U funding reqs RF & *U funding reqs RF & *U funding reqs RF &* U funding reqs RF & *U funding reqs Finance seeking technical solution to removal of old ledgers from system Includes relocation expenses Finance system HISTORICAL Scanned copies on Invu or version 1 hard copies (FileStore) Finance system Finance system Finance system Scanned copies on Invu or version 1 hard copies (FileStore) Finance system Finance system Finance system Finance system K:drive and Payments/Payroll office Finance system FileStore (printed copies) Scanned copies on Invu or version 1 hard copies (FileStore) Secure cash office FileStore Secure cash office FileStore Scanned copies on Invu Finance system FileStore Credit card terminal receipts 18 months Destroy Card Payment Scheme advice Secure cash office FileStore 05 Financial Records Version Page 4 of 10

5 5.4. Accounting for Income NB: For records relating to donors and donations, see Retention Schedule 04 Communications and Marketing > Public Relations BGINS BUDGT HOLDR HISTORICAL Sales invoices Date of creation or date debt settled* 6 s Destroy * whichever is the later Finance system Sales ledgers Date of creation or date debt settled* 6 s Destroy * whichever is the later Finance seeking technical solution to removal of old ledgers from system Finance system Credit notes Date of creation or date debt settled* 6 s Destroy * whichever is the later Finance system Till rolls Date of creation 6 s 6 s Destroy NB: Catering do not give receipts to customers as standard Stored in depts. Catering MCR virtual server Remittance advices Date of creation or date debt settled* 6 s Destroy * whichever is the later Finance Offices FileStore Statements Date of creation or date debt settled* 6 s Destroy * whichever is the later 5.5. Internal Recharges BGINS BUDGT HOLDR HISTORICAL Journals for internal recharges 1 1 Destroy Audit purposes Scanned copies on Invu 05 Financial Records Version Page 5 of 10

6 5.6. Payroll Administration NB: For records relating to pay grading and awards, see Retention Schedule 06 Human Resources > Remuneration and Reward Processing of non-statutory deductions from salaries and wages BGINS HISTORICAL Statutory deduction authorisations HMRC 2014 on nd of tax 6 s Destroy K drive Statutory deduction authorisations HMRC pre & Court Orders P employment 6 s Destroy mployee s payroll file Voluntary deduction authorisations P employment 6 s Destroy mployee s payroll file Tax code notes No longer active 6 s Destroy In case of HMRC audit This is received as a batch for all employees HR/Payroll system Making payroll payments BGINS HISTORICAL Salary advices nd of tax 6 s Destroy Limitation Act 1980 Incorporates 3 yr statutory retention under Income Tax (mployment) Regulations 1993 HR/Payroll system FileStore Bank transfer reports Date of creation 6 s Destroy Limitation Act 1980 K:drive mployment related tax liabilities BGINS HISTORICAL Notifying staff thereof employment 6 s Destroy mployee s payroll file FileStore Statutory leave entitlements pay records BGINS HISTORICAL Statutory maternity pay records of individual employees nd of tax 6 s Destroy Maternity and Parental Leave Regulations 1999 xamples: calculations; certificates; medical evidence mployee s payroll file & HR/Payroll system 05 Financial Records Version Page 6 of 10

7 5.7. Financial Planning Preparation of financial forecasts BGINS DPT BUDGT HOLDR HISTORICAL Financial forecasts 3 s 3 s Destroy Spreadsheets K:drive & N:drive Preparation of capital and revenue budgets DPT BGINS BUDGT HOLDR HISTORICAL Revenue budgets 3 s 3 s Destroy Spreadsheets K:drive & N:drive A summary is published on the intranet Capital projects - states nd of project or settlement of retentions 3 s Destroy states is the budget holder for capital projects Project file and K:drive Capital projects - IT nd of project or settlement of retentions 10 s Destroy Depreciation of asset 5.8. Management Accounting Financial analysis BGINS DPT BUDGT HOLDR HISTORICAL Regular management reports Date of creation 3 s Destroy Spreadsheets. Included in Finance Committee papers K:drive & N:drive 05 Financial Records Version Page 7 of 10

8 5.9. Cash Management BGINS HISTORICAL Management of bank accounts Date of creation 6 s Destroy K:drive FileStore Bank paying-in slips Date of creation 6 s Destroy Cash Office FileStore Bank statements Date of creation 6 s Destroy Cash Office FileStore Cancelled cheques Date of creation 6 s Destroy Cash Office Tax Management (including subsidiary companies) Assessment of tax liabilities BGINS HISTORICAL VAT account nd of tax 6 s Destroy Local filing FileStore Submission of tax returns BGINS HISTORICAL VAT return nd of tax 6 s Destroy -return and file of supporting documentation Local filing FileStore 05 Financial Records Version Page 8 of 10

9 5.11. Capital Asset Management NB: For capital asset projects, see Retention Schedule 07 Projects > Capital Projects. For the on-going maintenance of capital assets, see Retention Schedule 01 Asset Management Maintaining asset registers BGINS HISTORICAL Capital asset registers n/a Permanent There are a number of registers. Land & Buildings, Fixed Assets > 15k, plus networking and servers and Vehicles K:drive Other items Disposal of asset 12 s Destroy Limitation Act 1980 Inventory items K:drive Controlling the official movement of assets BGINS HISTORICAL Asset disposal authorisation forms 6 s Destroy Forms available online via finance internet Finance office FileStore Investment Management Acquisition / disposal of investments BGINS HISTORICAL Investment instructions Life of investment 6 s Destroy Limitation Act 1980 Cash office FileStore Share certificates Disposal of shares 6 s Destroy Limitation Act 1980 Cash office Investment portfolio reports nd of life of investment 6 s Destroy Limitation Act 1980 Financial controller s office FileStore 05 Financial Records Version Page 9 of 10

10 5.13. Insurance Management Maintenance of insurance policies BGINS HISTORICAL Public / employers liability insurance policies & documentation policy 100 s Review Unknown future Possible disease claims DM from Aug 2014 Finance - locked cupboard Current certificates on finance website Professional risks / director & officers liability insurance policies & documentation policy 10 s* Destroy Limitation Act 1980 *or 6 s after all claims are concluded, whichever is the longer DM from Aug 2014 Finance - locked cupboard Non-liability insurance policies & documentation policy 10 s* Destroy Limitation Act 1980; 10 s detailed claims information required for renewal purposes *or 1 after all claims are concluded, whichever is the longer DM from Aug 2014 Finance - locked cupboard Filing claims against insurance policies BGINS HISTORICAL Liability insurance claims Settlement of claim 6 s Destroy Limitation Act 1980 DM from Aug 2014 Non-liability insurance claims Settlement of claim 10 s Destroy 10 s detailed claims information required for renewal purposes DM from Aug 2014 Claims summary xcel Notification of claim 10 s Review Basic historical data may be required for renewal purposes Finance/insurance K:drive FileStore NB: for travel risk assessments see, Schedule 8 Risk Management Records NB: for student placement provider cover see, Schedule 10 Strategy & Governance Records Driver declarations BGINS STATS HISTORICAL Annual driver declaration forms no incident during period of validity nd of for which the declaration is valid n/a Destroy Paper and recorded on Planon Annual driver declaration forms incident occurs during period of validity Date of incident n/a Send to Insurance Officer for inclusion on claim file For purposes of insurance claim Paper and recorded on Planon 05 Financial Records Version Page 10 of 10