Karen Trussler asked: 

"Why are General Ledger records deemed a permanent record?

How you are actually retaining it permanently - back up tapes? Separate
back ups? print outs? ERM? What do you do when you switch 
to a new financial system - do you migrate all the data or do you save
the data and its headers? What specific parts of the General Ledger do
you define 
as having permanent value to your organization."

The general ledger for each year should be the output from your
financial systems, not the content of the systems, themselves.  The
general ledgers for each year represent a fundamental component of your
annual reports, and those should have a permanent retention, as well.
Additionally, your chart of accounts should be retained for each year,
too, since it's needed to understand the output from the general ledger.

Pilar C. McAdam, CRM
[log in to unmask]
Los Angeles, CA



 
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