Accounting Seed is a powerful accounting software that can help businesses manage their finances efficiently. One of the important aspects of accounting is retention, which refers to the process of keeping financial records for a specific period of time. In this article, we will discuss how to account for retention in Accounting Seed software.
What is retention?
Retention is the process of keeping financial records for a specific period of time. The retention period varies depending on the type of record and the jurisdiction. For example, the retention period for employee records may be different from that of tax records. It is important to comply with the relevant laws and regulations regarding retention.
How does Accounting Seed handle retention?
Accounting Seed allows businesses to set retention periods for different types of records. The retention period can be set based on the date of the transaction or the end of the fiscal year. Once the retention period expires, the records are automatically deleted from the system. This helps businesses to comply with retention laws and regulations without having to manually delete records.
How to set retention periods in Accounting Seed?
To set retention periods in Accounting Seed, follow these steps:
- Go to the Setup menu and select Retention Settings.
- Select the record type for which you want to set the retention period.
- Select the retention period based on the date of the transaction or the end of the fiscal year.
- Save the retention settings.
Can retention periods be modified?
Yes, retention periods can be modified at any time. However, modifying the retention period will affect all the records of that type. For example, if you change the retention period for invoices from 7 years to 10 years, all the invoices that are older than 7 years will not be deleted and will remain in the system until they reach the new retention period.
What happens to deleted records?
Deleted records are permanently removed from the system and cannot be recovered. It is important to make sure that the retention periods are set correctly before deleting any records.
How to generate a retention report?
To generate a retention report in Accounting Seed, follow these steps:
- Go to the Reports menu and select Retention Report.
- Select the record type for which you want to generate the report.
- Select the date range for which you want to generate the report.
- Run the report.
FAQ
What is the maximum retention period allowed in Accounting Seed?
There is no maximum retention period allowed in Accounting Seed. However, it is important to comply with the relevant laws and regulations regarding retention.
Can retention periods be set for custom objects?
Yes, retention periods can be set for custom objects in Accounting Seed.
What happens if a record is deleted before the retention period expires?
If a record is deleted before the retention period expires, it will be permanently removed from the system and cannot be recovered.
Can retention periods be set for specific users?
No, retention periods cannot be set for specific users in Accounting Seed.
What happens if a retention period is not set for a record type?
If a retention period is not set for a record type, the records of that type will not be automatically deleted from the system.
Can retention periods be set for inactive records?
Yes, retention periods can be set for inactive records in Accounting Seed.
What happens if a retention period is set to 0?
If a retention period is set to 0, the records of that type will be deleted immediately.
Can retention periods be set for archived records?
Yes, retention periods can be set for archived records in Accounting Seed.
Pros
Accounting Seed software provides an efficient and automated way to manage retention periods for financial records. This helps businesses to comply with the relevant laws and regulations without having to manually delete records. The software also allows businesses to set retention periods for custom objects and generate retention reports.
Tips
It is important to set the retention periods correctly to avoid any legal or regulatory issues. It is also recommended to generate retention reports regularly to ensure compliance.
Summary
Retention is an important aspect of accounting, and Accounting Seed software provides an efficient and automated way to manage retention periods for financial records. The software allows businesses to set retention periods for different types of records, modify retention periods, generate retention reports, and comply with the relevant laws and regulations.