Here at our Regional Gov't, Final General Ledgers are kept 7 years then
Full Retention (archived). We also maintain General Ledgers source
documents, journal vouchers, audited financial statements forever as well.
Other items like donations, trust fund files etc. are SR (selective
retention) meaning an archivist decides if they have enduring value.
Perhaps there's an issue with accountability hence, the archival
suggestion. It sounds like you've checked with the Ministry of Education
and they suggest 7 years so I wonder where this is coming from??
Technician, Information Mgmt & Archives
Council & Administrative Services
150 Frederick St., Kitchener ON N2G 4J3
PH (519) 575-4404 ext 3743
FAX (519) 575-4481
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UFL.EDU> general ledger retention
Please respond to
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"confusion as to how long we are supposed to keep the general ledger. "the
legislation in Ontario and Canada points to the standard 7 year time frame.
However the consultants that prepared our retention schedule specified that
should be kept permanently.
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