Why do your colleagues think they should be retained and for how long?
What do your auditors say? How long do you think they should be kept
and why? There's an argument that sees the returned cheque is actually
part of the cash control system and therefore should be retained for the
same length of time as the bank statement on which it is recorded. They
should certainly be retained until audited.
On the other hand, retention is all about risk management. So assess the
risk and measure the likely impact against the cost of retaining the
returned cheques and use that data to persuade your colleagues.
More crudely, measure the actual use made of the records over the period
of time your colleagues think they should be retained as a means of
demonstrating their value or otherwise.
Incidentally if your bank had not returned the cheque they would retain
it(or an image of it) for 6 years to satisfy money laundering
regulations, among other things, including enabling their customers to
prove that they paid for something. They receive requests for cheques
up to 6 years old from the police, accountants, lawyers and regulators
as part of investigations.
Peter Emmerson
Director
Emmerson Consulting Limited
Poplar House
5 School Street
Witton-Le-Wear
County Durham DL14 0AS
Office 01388 488865
Mobile 07740 942682
E-mail [log in to unmask]
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-----Original Message-----
From: The UK Records Management mailing list
[mailto:[log in to unmask]] On Behalf Of Carol Clarke
Sent: 03 March 2005 14:45
To: [log in to unmask]
Subject: FW: Returned cheques
Hi there,
> Has anyone tried to persuade staff at District Council level that they
do
> not need to keep returned cheques (from the Bank) and if so, could you
> advise what reasons can be used.
>
> Many thanks
>
> Carol Clarke
> Information Compliance Officer
> Restormel Borough Council
> Penwinnick Road
> St. Austell
> Cornwall
> PL25 5DR
> 01726 223534/223627
> [log in to unmask]
>
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