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Handbook of Business Procedures

Date published: 
Last revised: 
Issued by: 

August 28, 2013
August 28, 2013
Records Management Services

 

Part 20. Records Management - Table of Contents


20.3.3. FINANCIAL RECORDS

A. Introduction

Financial records of The University of Texas at Austin are records created or received in the course of procuring or paying for goods and services, as well as records related to account reconciliation, budget, and inventory business processes. Departments share responsibility with Records Management Services, and with the owners and managers of university financial systems such as *DEFINE, Financial Resource Management System (FRMS), and the Image Retrieval System (IRS), to ensure the integrity, accuracy, and completeness of university financial records.

All master financial records must be retained by the university. Whether in the department, in enterprise systems, or in both the department and enterprise systems, financial records must be retained in accordance with all retention codes that apply to them. For that reason, departments retaining financial records within the department are responsible for reviewing the Retention Codes for Financial Records table in section F to see which codes have multiple requirements.

Note: Due to the difficulty of calculating and applying retention for records with multiple requirements, it is strongly recommended that departments send these records for imaging instead of retaining them in the department.

B. Financial Records That Are Retained in the Department

Records retention rules and requirements apply to master financial records retained within the department in any format, e.g., scanned/imaged, electronic, paper, etc. Financial records that have met retention requirements in accordance with The University of Texas at Austin Records Retention Schedule (UTRRS) should be systematically and routinely destroyed following university records disposition procedures. For more information, refer to 20.5. Disposition of Records – General Information.

The following financial records are retained in the department:

  • Departmental budgets and budget work papers
  • Inventory reports
  • Reconciliations

C. Financial Records That Are Retained in the Image Retreival System (IRS)

Records retention rules are applied to master records retained in the IRS. The department has the responsibility to assure completeness and accuracy of the financial records they submit to be entered in the system.

The following types of records are retained in the IRS:

  • Payment vouchers submitted to Accounts Payable or the Travel Desk for final approval and payment
  • Payment vouchers final approved at the department level and submitted to Accounts Payable
  • Payment vouchers and other financial records submitted directly to Imaging and Documentation Services
  • Procard payment vouchers submitted directly to Imaging and Documentation Services
  • Packing slips from FRMS transactions

IRS Quality Assurance Requirements

  • Departments must retain a copy of all financial records and supporting documentation submitted to:
    • Accounts Payable for final approval and payment.
    • Imaging and Documentation Services to be imaged.
  • The retained copy must be available until the department views the imaged record and its support documentation in the IRS and verifies that the IRS image completely and accurately captures all of the information contained in the original.
  • Once the department has verified the accuracy and completeness of the image, the department’s copy may be destroyed. Tip: If the department wishes to retain the copy for convenience of departmental use, mark the copy as a convenience copy verified in the IRS. This will assist future management of the convenience copy.

D. Financial Records That Can Be Retained in the Department or in the Image Retrieval System (IRS)

All master financial records must be retained by the university, but there is an option to retain some financial master records either in the department or in the IRS. The following financial records may be retained in the department or in the IRS:

  • ProCard payment vouchers
  • Interdepartmental Transfer Documents (IDT) – the billing department is required to retain support documentation
  • Departmental Deposit Vouchers (*DEFINE VC1 documents)
  • Requests for Travel Authorization (RTA) – the master RTA record resides in *DEFINE unless there is foreign travel using state funds, or the RTA is required as support for *DEFINE VP2 payment vouchers with direct billing, such as for rental cars or hotels

Some of the document types listed have multiple retention requirements. Due to the difficulty of calculating and applying retention for records with multiple requirements, it is strongly recommended that departments send these records for imaging instead of retaining them in the department.

E. Financial Records Created in Financial Resource Management System (FRMS)

Most support documentation for FRMS transactions is created and retained in electronic format with no additional requirement for departmental management of the records.

  • Electronic Receipts – no departmental action required
  • Packing slips and other support documentation received as hardcopy must be submitted to the Image Retrieval System (IRS) to be imaged or must be retained in the department in accordance with all applicable retention codes. Contact Records Management Services for assistance. For more information, refer to:
    • C. Financial Records That Are Retained in the Image Retreival System (IRS)
    • F. Financial Records That Have Additional Retention Requirements

F. Financial Records That Have Additional Retention Requirements

Some types of records must be retained in accordance with multiple retention codes listed in the UTRRS. For example, the purchase documentation for a piece of equipment, a library book, or other capital asset is retained in accordance with AALL476 Expenditure Voucher, and because it is a capital asset, code AALL545 Capital Asset Records also applies. The record must always be kept in accordance with the longer retention requirement. For more information, refer to 20.3.4. Capital Assets Records. The following transactions may have multiple retention requirements:

  • Audit requirements that extend beyond the retention requirement for a record type
  • Financial records pertaining to capital assets
  • Financial records paid with grant funds
  • Any other active or pending investigation, lawsuit, or request for public information

For specific information about retention of financial records types, refer to the following table.

Retention Codes for Financial Records

State Item

UT Code

*DEFINE Document Types in IRS

Record Series Title

Retention

Comments

 

AALL399

SS1

Fellowship/Scholarship Selection Documents

 

AC+5

AC = Date of graduation or last attendance

4.1.002

AALL436

 

Accounts Payable Vouchers, Billing detail

FE + 3

Refer to notes 1 and 3; Departments must maintain any original backup that is required but not submitted to Financial Affairs; Refer to codes AALL545, AALL552, AALL595, and ACC563 for further retention requirements when applicable.

4.1.003

AALL441

 

Cancelled Checks/ Stubs / Warrants/ Drafts

FE + 3

Refer to note 1; institutional level

4.1.004

AALL443

VE3

Encumbrance Detail

FE + 3

Usually institutional level

4.1.005

AALL446

 

Inventory and Cost Files

FE + 3

Refer to note 1; use for merchandise sales (see also VC1)

4.1.006

AALL447

VC4

Investment Transaction Files

FE + 3

4.1.007

AALL451

VT5, VT6, VT7

Interdepartmental Transfers

FE + 3

Refer to notes 1 and 3; Departments must maintain any original backup that is required but not submitted to Financial Affairs; Refer to codes AALL545, AALL552, AALL595, and ACC563 for further retention requirements when applicable.

4.1.007

AALL452

 

Cash Transfer Sheets

FE + 3

Refer to note 1; Usually institutional level

4.1.008

AALL453

 

Electronic Fund Transfers

FE + 3

Direct deposit registers

4.2.001

AALL455

VC1

Departmental Deposit Vouchers

FE + 3

Refer to notes 1 and 3; Departments must maintain any original backup that is required but not submitted to Financial Affairs

4.2.001

AALL457

VC1

Documentation for Overrings, Refunds, Discounts, and Complimentary Sales

FE + 3

Refer to note 1

4.2.002

AALL459

VC1

Cash Receipts and Related Records

FE + 3

Refer to note 1

4.2.003

AALL462

 

Cash / Check Receipt Logs

FE + 3

Refer to note 1

4.2.004

AALL464

VE5, VP5
PB. (all PB. purchasing documents)

Encumbrance Vouchers

FE + 3

Refer to notes 1 and 3; Departments must maintain any original backup that is required but not submitted to Financial Affairs

4.2.005

AALL570

PO documents
(Support documentation received as hard copy can be submitted to Imaging and Documentation Services (IDS), using a PRT cover sheet printed from the *DEFINE GT3 screen.)

 

Purchase Vouchers:
Includes Requisitions, Receiving Reports, Invoices, or Statements, Change Orders, Best Value Determinations, etc.

FE + 3

Refer to notes 1 and 3; Departments must maintain any original backup that is required but not submitted to Financial Affairs; Refer to codes AALL545, AALL552, AALL595, and ACC563 for further retention requirements when applicable. Usually institutional level.

4.2.007

AALL470

VP7, VP9

Procard and Office Depot Vouchers and Documentation

eShip Global vouchers

FE + 3

Refer to notes 1 and 3; Departments must maintain any original backup that is required but not submitted to Financial Affairs; Refer to codes AALL545, AALL552, AALL595, and ACC563 for further retention requirements when applicable.

4.2.006

AALL472

VJ1

General Journal Vouchers

FE + 3

Includes transfer and budget documents; Refer to notes 1 and 3; Departments must maintain any original backup that is required but not submitted to Financial Affairs. Usually institutional level.

 

AALL474

OV7 if paid through Payroll

VP2 if paid through Independent Contractors

Payment for Professional Services

FE + 3

 

4.2.007

AALL476

VPE, VP1, VP2, VP3, VP4, VP5, VP6

*VPU, VPT (usually institutional level)

(For VP7 and VP9, see AALL470.)

Expenditure Vouchers:
Includes Travel, Payroll, and other Payment Vouchers

FE + 3

Refer to notes 1 and 3; Departments must maintain any original backup that is required but not submitted to Financial Affairs; Refer to codes AALL545, AALL552, AALL595, and ACC563 for further retention requirements when applicable.

4.3.001

AALL479

 

Sales Journals or Registers

FE + 3

Refer to note 1

4.3.002

AALL482

 

Receipts Journals or Registers

FE + 3

Refer to note 1

4.3.003

AALL484

 

Check Registers

FE + 3

 

4.4.002

AALL490

 

Accounts Receivable Ledgers

FE + 3

Refer to note 1

4.4.003

AALL493

 

Accounts Payable Ledgers

FE + 3

Refer to note 1

4.5.001

AALL504

 

Worksheets for Preparing Fiscal Records

FE + 3

Refer to note 1

4.5.002

AALL506

 

Internal Fiscal Management Reports

FE + 3

Refer to note 1

4.5.002

AALL507

 

Sales Trends and Variances Analyses

FE + 3

Refer to note 1

4.5.005

AALL512

 

External Fiscal Reports

FE + 3

Refer to note 1

4.5.006

AALL521

 

Departmental Budgets and Budget Work papers

FE + 3

4.6.001

AALL524

 

Balancing Records

FE + 3

Refer to note 1

4.6.001

AALL526

 

Deadwood & Unsold Ticket Stock

FE + 3

Refer to note 1

4.6.002

AALL533

 

Reconciliations

FE + 3

Refer to note 1

4.6.003

AALL535

 

Petty Cash Records on Petty Cash Funds Including Approvals

FE + 3

Refer to note 1

4.5.002

AALL538

 

Signed Statement of Accounts

FE + 3

Refer to note 1

4.7.001

AALL540

 

Accounting  Policies and Procedures Manual

US + 3

Refer to note 1

4.7.002

AALL542

 

Bank Statements

5

Refer to note 1

4.7.004

AALL545

 

Capital Asset Records

LA + 3

4.7.008

AALL552

 

Contracts / Grants Master Files

AC + 7

AC = After completion of project & audits; Refer to note 1

5.2.002

AALL595

VP1, VP2

Building Construction Project Files

AC + 10

 

5.2.014

AALL618

 

Inventory-Annual report and other records

FE + 3

 

4.7.010

ACC563

VJ1

Long-Term Liability Records

AC + 3

Usually institutional level.

 

 

Part 20. Records Management - Table of Contents