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Records Retention Solutions

Streamline document retention management effortlessly with Centralpoint. Our user-friendly tools allow you to define multiple retention policies, complete with custom filters, queries, and start/end dates. Centralpoint integrates seamlessly with Shared File Folders, SQL, Oracle, IBM, and third-party services like Workday, Citibank, and ADP, ensuring comprehensive data management.

Centralpoint automates the daily spidering, detection, archiving, and removal of records that exceed retention policies. This routine results in a full audit of all documents scanned, including the approval of those records for archive or deletion, to maintain your organization's compliance. Live reporting ensures compliance transparency. Think of Centralpoint as your dedicated Compliance Appliance, making data governance simpler and more efficient.

Centralpoint's scheduled feature will visit each of these silos at a frequency you select to find any record which is considered to be expired, based upon your retention policies. Any files detected can be routed to the appropriate adiministrator to authorize the destruction of those records; and when approved, Centralpoint will destroy all records from each system recording each step.  Centralpoint (Automated) Document Retention Policy Management helps you to remain compliant on a continual basis.

Businesses are required by law to retain confidential client, employee, and company information for a minimal amount of time. But many documents eventually outlive their purpose, and holding onto them for too long puts you at risk of a security breach and non-compliance with today’s privacy legislation. How long you store business records should be determined by a retention schedule that balances each record’s usefulness with the legal requirements. This schedule will depend on the type of business and the lifecycle of specific documents.

Below is a document retention schedule that outlines how long you should hold on to important documents. After their retention period is complete, you should ensure that they are securely destroyed by a third-party information security provider. Please note that these recommendations on document retention are general guidelines only. They are not intended to represent legal advice. Contact your legal expert(s) or federal, state or provincial government to ensure you are following current legal requirements for your area.

Alphabetized by Document Category

ACCOUNTING  Retention Period 
AR/AP Ledger  7 Years 
Bank Reconciliations  2 Years 
Cash Disbursements/ Receipts   Permanently 
Chart of Accounts  Permanently 
Depreciation Schedule  Permanently 
Expense Reports  7 years 
Financial Statements  Permanently 
General Ledger  Permanently 
Inventory Records  Permanently 
Journal Entries  Permanently 
Petty Cash Records  7 years 
Tax Returns  Permanently
Accident Reports  7 Years 
Attendance   7 Years
Benefits   5-7 Years
Employment Applications  3 Years
Payroll - After Termination   10 Years
Personnel - After Termination   7 Years
Personnel - Current Employee  Permanently 
Safety Reports   5 Years
Salary History  8 Years 
Time Reports  7 Years
Export Declarations   4 Years
Freight Bills 4 Years 
Manifests   4 Years
Waybills and Bills of Lading  4 Years
CORPORATE / LEGAL   Retention Period
Annual Report  Permanently 
Articles of Incorporation  Permanently 
Audit Reports - External   Permanently
Audit Reports - Internal   6 Years
Contracts   Permanently
Copyrights, Trademarks, Patents  Permanently 
Correspondence, General   2 Years
Correspondence, Legal/Tax  Permanently 
Correspondence, Routine   7 Years
Mortgages, Licences, Deeds  Permanently 
Organizational Charts  Permanently 
Partnership Agreements   Permanently
Purchase orders  3 Years
Requisitions   3 Years
Sales contracts  3 Years 
Sales invoices  3 Years

* Retention periods begin after the termination, expiration, disposal, etc., of the item.

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ingesting some of your sample data) at no cost.