Data Retention Periods

Financial records and Procurement records retention periods.

Financial Records Retention Schedule for Budget Holders

  1. The term financial records covers not only accounting records such as vouchers, authorities, schedules and computer records, but also financial management records and policy papers supporting and justifying financial transactions. The retention periods relate to primary documents rather than photocopies and are largely held in People & Money. However Schools should follow the retention guidelines outlined below for any source documents held locally.
  2. Set out below are our legally required retention schedule for financial documents. This should be read in conjunction with information available for departmental document retention periods published by records management.
  3. Retention periods are subject to the requirements of specific legislation but as a general rule retention periods for financial records should comply with those indicated below. These currently indicate that financial records should normally be retained for 6 years plus current year.
  4. Extended retention of financial records may be necessary to enable the handling of late claims or the settling of disputes.
  5. Guidance on the retention of records relating to VAT is set out in the HM Customs and Revenue Notice 700/21.
  6. The position on EU related payments is covered by specific provisions in EC law. Essentially all the supporting documents regarding expenditure and checks on the operation must be retained for a period of 3 years following the last payment in respect of any operation. Payments could conceivably continue for 3 or 4 years beyond a programme end-date so the period for which documents should be retained could extend to 7 or 8 years for a 3-year programme and possibly to 10 or 11 years for a 6-year programme.
  7. Other provisions of EC law require financial documents in relation to "Guarantee" spending to be kept for a period of one year following the clearance of Member State Accounts by the Commission for the year in which the relevant payments were made.

Financial Records Retention Schedule 

A.      FINANCIAL RECORDS Retention Periods  

 
Records  
Recommended Retention Period for Budget Holders
Notes
1. Budget reports (monitoring of actual against planned expenditure)Retain current financial year + 1 year. Finance retains annual management accounts for CFY + 3 years. 
2. Credit card terminal receiptsRetain current financial year + 6 years. Relevant legislation: VAT Act 1994. 
3. Credit notes (copies)

Paper : Retain current financial year + 1 year, 

Electronic :   if credit notes are held electronically the paper copy can be destroyed and the electronic record can be deleted once the document is successfully uploaded to the finance system 

Finance retains records for CFY + 6 years.

 
4. Credit note requisitionsPaper : Retain current financial year + 1 year, if electronic delete once successfully uploaded to the finance system.  Finance retains records for CFY + 6 years. 
5. Delivery notesPaper : Retain current financial year + 6 years. VAT Act 1994
 6. Legacy eExpenses system 

Paper : Retain current financial year + 1 year 

Electronic : if receipts held electronically the paper copy can be destroyed and electronic record can be deleted once the document is successfully uploaded to the finance system  

Finance retains electronic copies to be retained in perpetuity (via document management solution). NB: Original receipts/claim backup documentation may require to be retained for a longer period of time, and specifically by the School/College, if it relates to research projects or for tax purposes. 

 
c. New Expenses System in People & Money

 

Finance retains electronic copies to be retained in perpetuity (via document management solution). NB: Original receipts/claim backup documentation may require to be retained for a longer period of time, and specifically by the School/College, if it relates to research projects or for tax purposes. 

 
7. Financial forecastsRetain current financial year + 3 years. 
8. Goods received notes (GRN)

Paper : Retain current financial year + 6 years. Relevant legislation: VAT Act 1994.

Electronic :  if GRNs are held electronically the paper copy can be destroyed but electronic record must be stored locally as these documents are not uploaded to the finance system 

 
9. Invoices (copies)/Payment Vouchers

Paper : Retain current financial year + 1 year.

Electronic : if the invoice is held electronically the paper copy can be destroyed and electronic record can be deleted once the document is successfully uploaded to the finance system  

Finance retains original records for CFY + 6 years.

 
10. Invoice requisitionsRetain current financial year + 1 year. Finance retains records for CFY + 6 years. 
11. Journals/general ledgersRetain current financial year + 6 years. Relevant legislation: VAT Act 1994. 
12. Overtime claims (copies)Retain current financial year + 1 year. Finance retains original records for CFY + 6 years. 
13. Paying-in/remittance records/vouchers (recording money    paid by departments into Finance’s cashier)Retain current financial year + 1 year. Finance retains records for CFY + 6 years. 
14. Petty cash claims/petty cash flow reconciliationsRetain current financial year + 1 year. Finance retains records for CFY + 6 years. 
15. Purchase orders (copies)Retain current financial year + 1 year. Finance retains records for CFY + 6 years. 
16. Purchase requisitions (authorisation of purchasing)Retain current financial year + 1 year. Finance retains records for CFY + 6 years. 
17. Receipts/receipt booksRetain current financial year + 6 years. VAT Act 1994
18. Stock inventoriesRetain current financial year + 6 years. VAT Act 1994
19. Till rollsRetain current financial year + 6 years. Relevant   legislation: VAT Act 1994. 
 20. TimesheetsRetain current financial year + 1 year. Finance retains records for CFY + 6 years. 
21. Year-end adjustmentsRetain previous financial year. Finance retains records for CFY + 6 years. 
Procurement Records
  
1. Tendering - Unsuccessful tender documentsRetain until 1 year after award of contract 
2. Tendering - Successful tender documentsRetain until 6 years from end of contract 
3. Tending - background information supplier by departmentRetain until 1 year after date of last paper 
4. Tendering - interview panel report and notes of proceedingsRetain until 1 year after date of last paper 
5. Tendering - commissioning letterRetain until 1 year after date of last paper   
6. Tendering - signed contractRetain until 6 years from end of contract 
7. Contract operation and monitoring - Reports from contractorsRetain until 2 years from end of contract 
8. Contract operation and monitoring - Schedules of worksRetain until 2 years from end of contract 
9. Contract operation and monitoring - Bills of quantity ( building contracts )Retain until 16 years from end of contract 
10. Contract operation and monitoring - Surveys and Inspections  - equipment and suppliersRetain until 2 years after date of last paper  
11. Contract operation and monitoring - Surveys and Inspections  - buildingsSecond review 
12. Contract operation and monitoring - Records of complaintsRetain until 6 years from end of contract 
13. Contract operation and monitoring - Disputes over paymentsRetain until 6 years from end of contract 
14. Contract operation and monitoring - Final accountsRetain until 6 years from end of contract 
15. Contract operation and monitoring - Meeting and papers of meetingsSecond review   

 

 

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