25 CAR § 60-107. General Schedule (GS) 05 — Fiscal records

(a)(1) This category focuses on records documenting fiscal operations encompassing most activities undertaken by state agencies to manage, account for, collect, and expend funds. (2) These would include: (A) General accounting records; (B) Banking, budget, allotment, and expenditure records; (C) Contract accounting; (D) Central payroll accounting; and (E) Appropriation requests. (b)(1) The following records retention periods reflect the retention of the official record regardless of media. (2) Copies used for specific legal, fiscal, or administrative purposes may be either: (A) Retained using the retention for the primary copy; or (B) Scheduled separately if a different retention is required. (c) Copies of these documents preserved only for convenience of reference or informational purposes may be discarded when no longer needed. (d) The following record categories are supportive of the audit process of the Arkansas Legislative Audit. Record Number & Category Title Description Minimum Retention Period GS 05001 Accounts Payable Current outstanding liabilities of the agency including records of payments of bills, goods and services, contracts, vendor payments, and travel Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108) GS 05002 Accounts Receivable Current outstanding monies and funds owed the agency for goods and services Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108) GS 05003 Account Reconciliation Reconciliation of agency funds and accounts, federal revenues/federal expenditures, capital asset/capital expenditures Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108) GS 05004 Legislative Adopted Budgets The comprehensive financial plan for the agency’s biennial operating budget that was approved by the legislature and forms a basis of the appropriations Until authorized by the legislative auditor GS 05005 Appropriation, Budget and Fund Requests Including any supporting documentation created and/or used to justify and support legislative appropriations requests by an agency Until authorized by the legislative auditor GS 05006 Audit Report Prepared by the Arkansas Division of Legislative Audit The final report of an audit performed on an Arkansas agency, board or commission under the Arkansas Division of Legislative Audit but not including the supporting audit records, only the final audit report; any supporting audit records may be covered under other record categories of this schedule Until the next audit report is issued by Legislative Audit GS 05007 Bank Statements Current status of transaction activity of agency funds held at the State Treasury and/or a bank Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108) GS 05008 Cash Receipt Registers Cash receipt transactions for each agency including, but not limited to, deposit slips and other records used to verify receipts, estimate revenues, and reconcile accounts Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108) Record Number & Category Title Description Minimum Retention Period GS 05009 Check Registers Log of checks issued Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108) GS 05010 Checks: Not Redeemed/ Redeemed Voided and not-redeemed checks, cancelled checks, and re-issued checks; redeemed checks written on agency accounts Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108) GS 05011 Competitive Bids Evaluation and award of bids to vendors and/or agencies including, but not limited to, requests for proposals, bid and quote lists, notices of bid openings, comparison summaries, or evidence of rejected and accepted bids, vendor correspondence Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108) GS 05012 Debit/Credit Adjustment of dollar amounts in funds due to recording errors, transfers between accounts, receipt and verification of special deposits, and/or withdrawals Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108) GS 05013 General Ledger Registers An accounting of all fiscal transactions for the agency for each month Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108) GS 05014 Invoices Record of demand for payment Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108) GS 05015 Journal Entry Registers Account records of original entry/input and provides a record of debit and credit journal transactions Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108) GS 05016 Petty Cash Fund Petty cash activity for the agency including requests and authorization to establish petty cash funds, ledgers, statements, requests for disbursements, copies of receipts and invoices Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108) GS 05017 Purchasing Purchase of goods and services by the agency including, but not limited to, purchase requisitions, orders, authorizations, contracts, encumbrances, maintenance contracts Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108) GS 05018 Inventory and Capital Assets Documents a listing of equipment and furniture owned by the agency not including expendable supplies Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108) GS 05019 Transfers Records that authorize the movement and transfer of funds between various accounting structures intra-agency and inter-agency Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108) GS 05020 Travel Expenses Travel expenses for agency employees including, but not limited to, reimbursement claims, travel detail sheets, and supporting documentation such as receipts Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108)