ACCOUNTING RECORDS ALL DEPARTMENTS AUTHORIZATION NO. 00-020

Accounting and Fiscal Records

These are the various accounting and fiscal records of the University of Missouri that record its business functions on all campuses. In most instances, these records originate in the various departments and are processed through the various campus accounting offices.

The department copies of these records, for the most part, are duplicate copies with the "official copy" of record at System or Campus Accounting Offices. (In a few instances; however, the department copies are the only record available and are considered the official copy of record.)

This authorization does not apply to System or Campus Accounting offices' records.

Navigation Menu

  1. Accounts Payable Records - A P System
  2. (HIPAA) Health Insurance Portability and Accountability Act Subject Payment Records
  3. Accounts Receivable Records - ARBI System
  4. Accounts Receivable Invoice Supporting Records (Non ARBI Invoices)
  5. General Ledger/Journal Entry - Web Application System
  6. Bank Records
  7. Recharge Rate Support Records
  8. Supporting Documents For Departmental Feeder Transmission To General Ledger
  9. Accounting Support Records
  10. Miscellaneous Accounting Records
  11. Cash Register Tapes And Envelopes 
  12. Procurement Card Records
  13. Paper Originals Of Scanned (Imaged) Record

     

    ITEM NUMBER

    1. Accounts Payable Records - A P System

    The automated system (database) which provides a record of expense transactions by University departments. This system records various accounting and fiscal transactions that document the disbursement of University funds necessary to conduct University business. These records include, but are not limited to, Non-PO Vouchers, Travel Expense Vouchers, Petty Cash, Purchase Order (PO) Vouchers, Vendor Invoices, W-9s, Request for ACH deposits and supporting documentation for entering voucher transactions into the University accounting system.

    Authorized Retention:

    A. Non-Grant

    Retain for reference value not to exceed two (2) years, then destroy.

    B. Grant Related

    Retain for the longest of:

    (1) the end of any period specified by terms or conditions of the award

    (2) or three (3) years after completion of any pending audits

    (3) or three (3) years after the date of the final submitted invoice

    NOTE: If a federal audit has been completed for a portion of the grant, fiscal records covered by the audit only need to be retained for three (3) years after the completion of the audit.

    See Records Retention Authorization 00-021 for additional grant records retention requirements.

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    2. (HIPAA) Health Insurance Portability and Accountability Act Subject Payment Records

    If an approved study involves human subjects and falls under the Health Insurance Portability and Accountability Act (HIPAA) and the Primary Investigator (PI)/Researcher has been approved to pay participants outside of the normal Accounts Payable process, then the PI/Researcher is responsible for maintaining sufficient tracking information related to the payments and the studies in a secure environment. This information must be retained as if the subject had been paid through the Accounts Payable system.

    NOTE: These tracking records are considered the official copy of record and must be retained for the same length of time as all other official Accounts Payable records to allow for an audit of expenditure documentation if necessary.

    Authorized Retention:

    Retain indefinitely.

    NOTE: These files are confidential and MUST be stored in a secure location.

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    3. Accounts Receivable Records - ARBI System

    The automated system (database) which provides a record of charge transactions by non-University clients to University departments. This system records various accounting and fiscal transactions that document University services rendered or items sold to agencies or individuals outside of the University, and the receipt of money by the University for those services or items. These records include, but are not limited to, University Invoices, Accounts Receivable Receipts (ARRs), Purchase Orders received from vendors, Correspondence and other supporting documentation. Also, included are Cash Receipt Reports (CRRs), which document the receipt of cash outside of the accounts receivable process and internal accounting department documentation, used in Accounts Receivable processing activities.

    Authorized Retention:

    A. Non-Grant

    Retain for reference value not to exceed two (2) years, then destroy.

    B. Grant Related

    Retain for the longest of:

    (1) the end of any period specified by terms or conditions of the award

    (2) or three (3) years after completion of any pending audits

    (3) or three (3) years after the date of the final submitted invoice

    NOTE: If a federal audit has been completed for a portion of the grant, fiscal records covered by the audit only need to be retained for three (3) years after the completion of the audit.

    See Records Retention Authorization 00-021 for additional grant records retention requirements.

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    4. Accounts Receivable Invoice Supporting Records (Non ARBI Invoices)

    These records are created for accounts receivable transactions generated outside of PeopleSoft and are the documentation of charges and billing process for goods and/or services rendered to non-University customers. These records include, but are not limited to, "determination of fees" documentation, work orders or service requests, field orders or invoice vouchers, logs of goods/services provided, receipts, billing statements, uncollected receivables, and write-offs.

    Authorized Retention:

    Retain for ten (10) fiscal years after year of record, then destroy.

    NOTE: These records are considered the official copy of record. Departments are responsible for the retention of these records.

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    5. General Ledger/Journal Entry - Web Application System

    Copies of transactions (paper or electronic) created in the automated system (database) which provides a record of general ledger transactions by University departments. These records include, but are not limited to, Journal Entries (JE), Correcting Entries (CE), Payroll Correcting Entries (PCE), Internal Service Entries (ISE), Transfers (TRE), and associated reference and supporting documentation.

    Authorized Retention:

    A. Non-Grant

    Retain for reference value not to exceed two (2) years, then destroy.

    B. Grant Related

    Retain for the longest of:

    (1) the end of any period specified by terms or conditions of the award

    (2) or three (3) years after completion of any pending audits

    (3) or three (3) years after the date of the final submitted invoice

    NOTE: If a federal audit has been completed for a portion of the grant, fiscal records covered by the audit only need to be retained for three (3) years after the completion of the audit.

    See Records Retention Authorization 00-021 for additional grant records retention requirements.

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    6. Bank Records

    These reports document the University's transactions with financial institutions. These records include, but are not limited to, Deposit Slips and Wire Receipts Backup.

    Authorized Retention:

    Retain for ten (10) fiscal years after year of record, then destroy.

    NOTE: These records are considered the official copy of record. Departments are responsible for the retention of these records.

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    7. Recharge Rate Support Records

    Certain departments such as Division of Information Technology (DoIT), Printing Services, Bookstore, Physical Plant, etc., charge user departments for their services or goods at a rate intended to reflect total cost of operating these activities. Rates charged for these services take into account various operating expenditures such as labor, utilities, space, insurance, supplies, depreciation, service contracts, and administrative overhead. Rates are periodically adjusted as these operating costs change. Documentation supporting the rate charged must be retained to satisfy administrative, audit, and governmental requirements.

    Authorized Retention:

    Retain for reference value not to exceed five (5) years, then destroy.

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    8. Supporting Documents For Departmental Feeder Transmission To General Ledger

    Within the University of Missouri there are many entities that maintain separate databases to comply with management and business requirements. These databases may be a third party vendor system or an in-house system using a file/database structure such as Access, Paradox, or Dbase. Information stored in these databases is often the source of internal charges or movement of funds between university chartfields. The electronic transfer of data from one of these external computer systems to the PeopleSoft General Ledger (PS G/L) is called a feed.

    A feed may also result from information provided by a third party, such as a bank, where source information is stored outside the University. Feeds are also created within the department when a large number of entries are necessary and manual entry is prohibitive.

    These records include the documents supporting both the electronic submission of a feed and the reason for these charges/transactions.

    Authorized Retention:

    Retain for five (5) fiscal years after year of record, then destroy, provided all audit requirements for that fiscal year have been met.

    NOTE: These records are considered the official copy of record. Departments are responsible for the retention of these records.

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    9. Accounting Support Records

    These are various accounting records that are generated outside the official accounting system and which are used for informational purposes by departments. The "official records" adequately document required accounting detail and these support records merely augment such actions.

    Authorized Retention:

    A. Non-Grant

    Retain for five (5) years, then destroy, provided all audit requirements have been met.

    B. Grant Related

    Retain for the longest of:

    (1) the end of any period specified by terms or conditions of the award

    (2) or three (3) years after completion of any pending audits

    (3) or three (3) years after the date of the final submitted invoice

    NOTE: If a federal audit has been completed for a portion of the grant, fiscal records covered by the audit only need to be retained for three (3) years after the completion of the audit.

    See Records Retention Authorization 00-021 for additional grant records retention requirements.

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    10. Miscellaneous Accounting Records

    These records include, but are not limited to, stores requisitions, printing services work authorizations, quick copy work orders, bookstore requisitions, internal order forms, etc., that provide the following information: department charged, fund code charged, a description of services rendered, and the signature authorizing the charge.

    Authorized Retention:

    Retain for two (2) years, then destroy, provided all audit requirements have been met.

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    11. Cash Register Tapes and Envelopes

    Authorized Retention:

    Retain for two (2) years, then destroy, provided internal audit requirements have been met.

    12. Procurement Card Records

    Procurement card records consist of, but are not limited to, credit card receipts, shipping documents, invoices, bills of lading, etc., received by departments using the procurement credit card for purchases. These records may also contain an informational copy of the Statement of Accounts if departments printed a copy for departmental records.

    NOTE: These records are considered the "official copy" of record. Departments are responsible for the retention of these records EXCEPT for the Statement of Accounts. The official copy of the Statement of Accounts is kept in the Procurement Office or Accounting Office, depending on Campus procedures.

    Authorized Retention:

    A. Non-Grant

    Retain for five (5) fiscal years after year of record, then destroy.

    NOTE: Restatement of authorization 90-01-11.

    B. Grant Related

    Retain for the longest of:

    (1) the end of any period specified by terms or conditions of the award

    (2) or three (3) years after completion of any pending audits

    (3) or three (3) years after the date of the final submitted invoice

    NOTE: If a federal audit has been completed for a portion of the grant, fiscal records covered by the audit only need to be retained for three (3) years after the completion of the audit.

    See Records Retention Authorization 00-021 for additional grant records retention requirements.

    13. Paper Originals Of Scanned (Imaged) Record

    These are the original paper documents received or created in the transaction of University operations that are scanned into an imaging application. In most cases the scanned image becomes the "official record" and the paper original can be destroyed.

    Authorized Retention:

    Retain for administrative purposes not to exceed thirty (30) days, then destroy, provided all quality control procedures have successfully been completed.

    NOTE: The paper originals must be confidentially destroyed if they contain sensitive, confidential, or personally identifiable information.

    This authorization supersedes 00-020 dated 12/16/03.

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    Reviewed 2011-12-05.