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

(a)
1. (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. (2) These would include:
  1. (A) General accounting records;
  2. (B) Banking, budget, allotment, and expenditure records;
  3. (C) Contract accounting;
  4. (D) Central payroll accounting; and
  5. (E) Appropriation requests.
(b)
1. (1) The following records retention periods reflect the retention of the official record regardless of media.
2. (2) Copies used for specific legal, fiscal, or administrative purposes may be either:
  1. (A) Retained using the retention for the primary copy; or
  2. (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 05001Accounts 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 05002Accounts 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 05003Account 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 05004Legislative 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 05005Appropriation, 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 05006Audit 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 05007Bank 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 05008Cash 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 05009Check Registers	Log of checks issued	Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108)
GS 05010Checks: 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 05011Competitive 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 05012Debit/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 05013General 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 05014Invoices	Record of demand for payment	Until authorized by the legislative auditor (as required by Arkansas Code Annotated: § 19-4- 1108)
GS 05015Journal 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 05016Petty 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 05017Purchasing	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 05018Inventory 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 05019Transfers	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 05020Travel 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)