Since these records support our tax filing, we hold our original employee
expense reports until completion of our IRS audit for the year in which
they are claimed. Ordinarily, that should be 6 years--for us, since the
IRS is way behind schedule it's more like 14 years. That generally exceeds
our interpretation of the FERC (Federal Energy Regulatory Commission)
requirement of 6 years.
Depending on your state's public utility commission, you may be looking at
a drastic reduction in your retention requirements come January 1, 2000,
when FERC adopts a new retention schedule under 18 CFR 125.3. I believe
the requirement for journal vouchers drops to 10 years. Unfortunately for
us (California), our state regulators continue to stick with a stricter
1972 version of the FERC requirements.
Southern California Edison
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EG.COM> Subject: For US Utilities Required to
Sent by: Follow FERC Retention Rules
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I'm new to Records Management and all the regulations to which our company
needs to adhere.
But it has come to my attention that our company is keeping employee
expense reports for 50 years!!
I asked why and a Treasury person said they were following FERC 18CFR Ch.
1, Paragraph 125.3, reference 12(a).
This happens to be under the major heading of "General Accounting Records",
not under "Treasury" which is references 58 through 60.
Reference 12(a) is "Journal Vouchers and Journal Entries and has a
retention period of 50 years.
This does not seem logical to me when further down at reference 15 (a)
"Paid and canceled vouchers" which to me would be more important to the
company, has a retention period of only 6 years.
Question....how long does your company keep employee expense reports and