FINANCIAL DOCUMENT RETENTION PROCEDURES FOR CAMPUS DEPARTMENTS
Supporting documentation for financial transactions is generally retained for a period of six years plus the current year, then destroyed (unless noted otherwise below). Once legible electronic receipts have been submitted, and if store returns requiring original receipts are not anticipated, paper receipts may be destroyed. Imaged document retention practices should fulfill the Guidelines for Electronic Documents provided by the Department of Compliance and Audit. For further document retention guidance refer to the "BYU General Retention Schedule"
Financial Services retains documentation for financial transactions it processes, including:
- Y-Marketplace orders, Accounts Payable, Fast Track, and Payroll payments
- Y-Expense travel/business reimbursement, and travel and purchasing cards
- Cashiering records, Receivables Invoices
- Budget Adjustment and Journal Entry support for entries initiated by Financial Services
- Sponsored Research journal entries, and other transaction documentation as requested, are provided by campus departments to Research Accounting. The Office of Research and Creative Activities maintains contract records. Transaction and contract records are maintained as long as required by federal regulation.
Campus department-retained documentation includes:
- Receivables Invoices billed by departments
- Vendor invoices supporting Accounts Payable system uploads (e.g. Library)
- Budget Adjustment and Journal Entry support for entries initiated by campus (if journal entry support has not been submitted to the Accounts Payable office to be centrally imaged)
- Timekeeping approvals if documented outside Y-Time. This includes documentation of employee approval for additions or changes to recorded time made by Time Managers in Y-Time.