Audit and General Operations Records Retention
Procedure Number: 5.1.8-P
Current Effective Date: 06/01/2012
Original Effective Date: 09/01/2009
Revision Dates: 09/01/2009
Revision Number: 1
Responsible Official: System Office of Business Services
- Section 1.8.1 – Document Logs
- Section 1.8.2 – Document Files
- Section 1.8.3 – Reconciled Accounting Reports
- Section 1.8.4 – Perpetual Inventories
- Section 1.8.5 – Vehicle Logs
- Section 1.8.6 – Equipment Inventory and Maintenance Records
- Section 1.8.7 – Maintenance Cost Records
- Section 1.8.8 – Records Retention Schedule
- Section 1.8.9 – Purchasing Record Keeping Requirements
Section 1.8.1 – Document Logs
Each college has the responsibility of assigning document numbers as required by KCTCS’ business procedures. Where applicable each business unit must keep separate document logs by document type, listing the date issued, to whom issued, and date paid or transmitted for payment, as required by the applicable procedure. When remote data entry is used, the batch cover sheet may be used in lieu of the document log.
Section 1.8.2 – Document Files
Each operating unit shall maintain basic files of the following types of financial transactions. If the information (record) is contained within People Soft financials with attached detail documentation, retention of the original record is required only for the requestor’s file.
- All travel expense or other reimbursement vouchers
- Purchase requisitions
- Inter-business unit charges
- Packing list for any goods received
- Any contract between the college and another party
- Any Memorandum of Agreement or Understanding
- Cash or payment receipt books
- Cash proof sheets
- Cash register tapes
- Deposit tickets and bank statements
- Credit card receipts
- Electronic fund transfer (EFT) records
- Imprest Cash Schedules and back-up documents
- Any source or original document supporting a transactions made in the PeopleSoft financials system
Section 1.8.3 – Reconciled Accounting Reports
Any reports used to reconcile accounts as well as regular financial system reports. The reports, worksheets, and reconciliation are to be retained for the required State University Model Records Retention Schedule period of 3 years.
Section 1.8.4 – Perpetual Inventories
Perpetual inventories of supplies and items on hand for resale are to be kept for all resale operations. This may be either a card or computer record which shows for each item: the transaction date, document number, purchases, quantity obtained or purchased, sold or issued, damaged or missing, current balance of quantity on hand, and dollar value. The perpetual record is to be verified and supplemented by physical inventories semiannually (unless other applicable procedures or the KCTCS System Director of Business Services grants an exception waiver). Any differences between the perpetual record and the physical inventory are to be adjusted and accounted for at those times. This procedure is not applicable to outsourced auxiliary operations.
Section 1.8.5 – Vehicle Logs
A usage log shall be kept for each assigned vehicle. The log should list the date and time driven, odometer reading in and out, and destination. The logs should be retained for the required State University Model Records Retention Schedule period of 3 years.
Section 1.8.6 – Equipment Inventory and Maintenance Records
- Information concerning the equipment inventory system, procedures, records, and reports are included in the Facilities Operations (section 2 of this manual).
- An Equipment Maintenance Record is to be kept and summarized annually showing that all equipment has been inspected and maintenance done to keep it in safe operating condition. This record is a required part of safety inspections and lists the following: machine, part or process inspected, date inspected, condition (acceptable or unacceptable; defective condition, corrective action, date repaired and returned to service. Each operator of the equipment (i.e., instructor facilities worker, etc. must keep this record to document annual inspection of shop equipment.
Section 1.8.7 – Maintenance Cost Records
Each college must maintain a record of the maintenance costs of each major item of motor or mechanical equipment. For purposes of tracking vehicle maintenance and controlling inventory/purchases, the records for vehicles must maintenance and operating expenses (gasoline, spark plugs, tires, oil, grease, etc.).
Section 1.8.8 – Records Retention Schedule
The records retention schedule is listed on thePoint on the KCTCS website for college references. The schedule is in accordance with the State University Model Records Retention Schedule and will define the legal requirements for maintaining all records, including financial, student and other administrative records. Kentucky Government State University Model for Records Retention Schedule
Section 1.8.9 – Purchasing Record Keeping Requirements
Refer to Business Procedure 5.4.12 for additional requirements for purchasing documents.