As the year winds down, it’s only natural that you’re wondering what documents you need to keep, and for how long. Here are the answers.

Of course, you first need to take into account the needs and demands of certain industries or even specific workplaces.

That’s why it’s a good idea to check first with the Procurement players under your own roof who have a stake in records retention. Make sure you have feedback and guidance from those folks before you start pitching papers in the Dumpster and deleting computer files.

However, the record retention requirements that govern federal procurement transactions are a safe guide to follow. Generally speaking, what is known as records refers to (in the words of Uncle Sam): “books, documents, accounting procedures and practices, and other data, regardless of whether such items are in written form, in the form of computer data, or in any other form, or other supporting evidence …”

Federal guidelines include:

Two years:

• store requisitions for materials, supplies, equipment and services
• for construction contracts: clock cards, other attendance records, paid checks, receipts for wages paid in cash, or other evidence of payments for services done by employees

If you’re not clear or unsure how long you should hold on to documents, keep those documents for at least 3 years. Also keep for at least 3 years:

• tax withholding statements, change slips, payroll sheets, registers, other records of salaries and wages paid to individual employees

Keep these records for 4 years or more:

• production records of quality control, reliability and inspection
• purchase order files for supplies, equipment, material or services; supporting documentation, back-up files, invoices, records of pricing negotiations.
• records of receiving and inspecting supplies, equipment and materials
• records of receipt and use of materials or products
• equipment records, including repairs.

Remember, these are guidelines set down for companies doing business with the federal government.

The requirements might not be as strict for your line of work — but it’s often better to err on the side of caution.

Tags: document, pricing, procurement, purchase order, records