In a business environment, it is important to know which records to keep, how long, and where these records will be stored. If records are kept too long, it can decrease productivity within the organization; and, conversely, if records aren't kept long enough, there could be legal ramifications for the organization.

In this assessment, you will make a records retention schedule. Identify a specific area that you will research (for example: human resources, operations, legal, purchasing, finance, marketing, customer service, training, etc.). Identify at least ten types of records (payroll, employee and applicant records, tax records, sent and received emails, contracts, legal documents, accounts, clients, warranty, insurance, property records, legally-required signage, financial records, incoming (paper-based) mail, and outgoing mail, specific records used by your department, etc.) within your department. Search for a reputable records retention schedule. Based on the schedule, determine how long to keep each type of record. Provide a citation for the source and submit a copy of the source (or link to the source).

Develop atable (or worksheet)for your records retention schedule (similar to the one below).

RECORDS RETENTION SCHEDULE Records Years Active Years Inactive Total Years Accounting Accounts payable invoices 3 6 Accounts payable ledger 3 Banking records 3 Annual audit reports Permanent Permanent Administrative Correspondence, executive 1 2 Policy statements and directives Permanent Permanent Advertising