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Records Management for Cash and Banking

Please note that financial documents must be retained according to the U of T File Plan – Finance.

Documents relevant to this section would include (but are not limited to) the following: bank credit/debit notes, bank deposit slips, bank drafts, bank reconciliations, bank statements, cashier’s reports, electronic transfers, internal cash receipts deposit forms, incoming wire transfer forms, and subordinate bank account activity.

Generally, the above documents should be kept in your “active” (office) files in the fiscal year in which the document was created (i.e. the “current” fiscal year). The document should then be placed in “semi-active” storage (a secure on-site storage area or an off-site storage facility, to be determined by the individual unit) for an additional six (6) fiscal years. Thereafter, the documents should be destroyed.

For example, internal cash receipts deposit forms generated in August 2008 would be retained in the office’s active files for the current fiscal year (2008/09). Once the annual audit is completed (in this case June 2009), the internal cash receipts deposit forms for fiscal year 2008/09 would be moved to semi-active storage through to the end of the 2014/15 fiscal year. These records should be destroyed after the 2014/15 annual audit (June 2015).

If you have any questions regarding the U of T file plan, please contact UTARMS.

Last Revision January 2007