| VOLUME: IV |
POLICIES RELATED TO PAYROLL ADMINISTRATION |
| SUBJECT: |
Departmental Retention/Destruction of Payroll Records |
| SOURCE: |
Indiana State Board of Accounts |
| DATE ISSUED: |
October 1990 |
| POLICY NO.: |
IV - 10 |
| RATIONALE: |
To establish a policy reflecting federal and state requirements for retaining certain payroll, deduction and reporting records. |
| POLICY: |
The unit (department, school, campus) which has responsibility for the payroll function shall maintain employee attendance records as prescribed by state and federal regulations for the present fiscal year, plus the past three (3) fiscal years. For example, records should be maintained for the present fiscal year (92/93) as well as the period 7/1/89 through 6/30/92. |
| DEFINITIONS: |
Required Retention: time sheets (including overtime authorizations), time clock cards, attendance reports and the supporting documentation.
Not required: records of payroll check distribution reports, duplicate copies of payroll vouchers, supplemental payroll vouchers, and adjustment vouchers.
However, it is suggested that you maintain these records for one (1) fiscal year to answer inquiries from employees within your department. |
| PROCEDURE REFERENCE: |
An annual notification is sent to the fiscal officer describing retention procedures. |
| CROSS REFERENCE: |
See Accounting Administration Policy I-110, Preservation and Destruction of Public Financial Records;
Financial Management Services Retention and Destruction Schedules, http://www.indiana.edu/~libarch/RM/FMS/index.html. |
| RESPONSIBLE ORGANIZATION: |
Financial Management Services |
