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ACCOUNTING DEPARTMENTS (SYSTEM & CAMPUS OFFICES) AUTHORIZATION NO. 77-114

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.

Navigation Menu

  1. Accounts Payable Records - AP System
  2. Accounts Receivable Records - ARBI System
  3. General Ledger/Journal Entry - Web Application System
  4. Asset Management Records - AM System
  5. Asset Management Reconciliation Records
  6. Bank Records
  7. Uncollected Accounts And Write-Offs
  8. Fiscal Reports
  9. Chartfield Records
  10. State Sales Tax Remission File - System Accounting Office
  11. Payroll Financial Records
  12. Miscellaneous Accounting Records
  13. Paper Originals Of Scanned (Imaged) Records
  14. Patient Billing Records
  15. Cost Report Records

 

ITEM NUMBER

1. Accounts Payable Records - AP 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, Purchase Order (PO) Vouchers, Vendor Invoices, W-9s, Request for ACH deposits, AP History Records, and supporting documentation for entering voucher transactions into the University accounting system.

NOTE: Departments are responsible for maintaining the supporting documentation for (HIPAA) Health Insurance Portability and Accountability Act Subject Payments. These files are confidential and must be stored in a secure location. (See Records Retention Authorization 00-020-02).

Authorized Retention:

A. Official copy of record maintained by Controller's or Campus Accounting Offices.

Retain indefinitely.

B. Informational copies retained in departmental offices.

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

NOTE: These records may include paper, microfilm, or electronic records.

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2. 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, Past Due and Delinquent Accounts, 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. Official copy of record maintained by Controller's or Campus Accounting Offices.

Retain indefinitely.

B. Informational copies retained in departmental offices.

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

NOTE: These records may include paper, microfilm, or electronic records.

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3. General Ledger/Journal Entry - Web Application System

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. Official copy of record maintained by Controller's or Campus Accounting Offices.

Retain indefinitely.

B. Informational copies retained in departmental offices.

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

NOTE: These records may include paper, microfilm, or electronic records.

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4. Asset Management Records - AM System

The Asset Management system (database) contains records of the University's capital assets. The AM system tracks capital assets from inception to disposal and provides the net book value for each asset. Included in this data is location, cost, funding and depreciation information for the University's capital equipment, software, livestock, artwork, library books, land, buildings, and infrastructure assets.

Individual asset cost information is based on expenses recorded in the General Ledger (GL) and the Accounts Payable (AP) systems. The records that link expenses recorded in the GL/AP to the asset cost/information for each individual asset entered in AM are maintained by the business unit Accounting Office and/or University Procurement. The expense and purchase detail from the AP system is linked electronically to the asset in AM within the PeopleSoft Finance system when equipment is purchased through the purchase order process.

Authorized Retention:

A. Official copy of record maintained by Controller's or Campus Accounting Offices.

Retain indefinitely.

B. Informational copies retained in departmental offices.

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

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5. Asset Management Reconciliation Records

Fiscal year-end reconciliations are prepared for asset types other than equipment purchased through the purchase order process. The reconciliations include individual GL/AP expense transactions cross-referenced to the asset and cost information entered for that asset in AM for that year.

Authorized Retention:

A. Official copy of record.

Retain for ten (10) years, then destroy.

B.Informational copies.

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

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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, Bank Statements, Check Registers, Check Copy CDs, Reconciliation Statements, and other related documents.

Authorized Retention:

Retain for ten (10) years, then destroy.

NOTE: Deposit slips and wire receipt backups are retained by departmental offices and are considered the official copy of record and retained for ten (10) years. See Records Retention Authorization 00-020.

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7. Uncollected Accounts And Write-Offs

These records consist of correspondence related to uncollected accounts and write-offs.

Authorized Retention:

Retain for ten (10) years after account is written off, then destroy.

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8. Fiscal Reports

These University reports include, but are not limited to, such records as the Annual Financial Report and Supplemental Schedules, General Ledger Data, Auxiliary Enterprise Operating Statements, etc.

Authorized Retention:

Retain permanently.

NOTE: Annually send copy of the Annual Financial Report to Archives.

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9. Chartfield Records

These records provide documentation regarding the nature/purpose of the various financial chartfields including, but are not limited to, Funds, DeptIDs, Programs (gifts), and Projects (grants, construction).

Authorized Retention:

Retain for twenty (20) years after migrating to a new accounting system.

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10. State Sales Tax Remission File - System Accounting Office

These files document the calculation and monthly remission of sales tax to the State Department of Revenue by the University. They consist of, but are not limited to: 1) Sales Tax Reports (data processing printouts) showing account number, net receipts, and portion of account revenue which is subject to sales tax, if any (officially retained by System Accounting in hard copy and on microfilm), 2) Worksheets, and 3) Department of Revenue Sales Tax Return Forms, indicating gross receipts for month, amount of revenue subject to tax, amount of tax, and amount remitted.

Authorized Retention:

Retain for three (3) fiscal years after current year, then destroy, provided there is no pending or active litigation or audit.

Citation: Retention period established per Missouri State Statute 144.320.

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11. Payroll Financial Records

These records consist of the Payroll Financial Controls, which include control totals by pay cycle for the entire University System and the Payroll History Files (Bridge Table), which are the earnings records for each employee.

Authorized Retention:

Retain permanently.

NOTE: These records may include paper, microfilm, or electronic records. At the present time, most of the informational copies are maintained at the departmental offices.

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12. Miscellaneous Accounting Records

These records consist of various records created or retained by the University that do not fit into a particular function such as Accounts Payable or Accounts Receivable. Records in this group include, but are not limited to, Cash Receipt reports (CRRs), Account Summaries, and Asset Management Reports and Reconciliation.

Authorized Retention:

A. Official copy of record.

Retain for ten (10) years in either microfilm or electronic format, then destroy.

B. Informational copies retained in departmental offices.

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

NOTE: These records may include paper, microfilm, or electronic records.

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13. Paper Originals Of Scanned (Imaged) Records

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.

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University Healthcare And Other Related Medical Clinic Records

14. Patient Billing Records

These records are used for patient billing purposes and include, but are not limited to, Remittance Advices, Cash Receipt Reports (CRRs), Submitted Claims, and supporting documentation.

Authorized Retention:

Retain for ten (10) years, then confidentially destroy, provided there is no pending litigation.

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15. Cost Report Records

Cost reports are filed annually with Medicare, Medicaid and Tricare. The cost report files include copies of the original filed cost report, supporting documentation used to complete the cost report, all audit correspondence and adjustments, copies of the Notice of Program Reimbursement (NPR), and any appeal or litigation correspondence. Also, included are other supporting records maintained by Accounting, Payroll, and Patient Finance.

Authorized Retention:

Retain for ten (10) years after the date of the Notice of Program Reimbursement in either microfilm, electronic, or paper format. If a NPR is the subject of an appeal, litigation or any other administrative procedure, retain for ten (10) years after the case has been settled or closed and all reviews and appeal procedures have been exhausted.

EXCEPTION: In certain instances files will need to be retained permanently for reference value only. These include NPRs which set a precedent for subsequent years. (Example: the 1996 Medicare cost report was the base year for allowable resident FTEs for reimbursement.)

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This authorization supersedes 77-114 dated 09/07/06.

Reviewed 2012-07-11.