Record Retention Policies in Accounting
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Questions and Answers

What is the retention period for the Purchase Register?

  • 6 Years (correct)
  • 5 Years
  • 2 Years
  • 3 Years

How long must the Advice Note of Stores Returned be kept?

  • 10 Years
  • 2 Years (correct)
  • 3 Years
  • 5 Years

What is the retention period for Stock Adjustment Account Register?

  • 5 Years
  • 2 Years
  • 3 Years (correct)
  • 10 Years

Which document has a retention period of 3 Years?

<p>Class Ledgers (A), Stock Adjustment Account Register (C)</p> Signup and view all the answers

What is the required retention period for the Inventory of Dead Stock?

<p>2 Years (A)</p> Signup and view all the answers

How long should a Ticket Indent for Passengers (Form No. Com../T-14) be preserved?

<p>1 Year (C)</p> Signup and view all the answers

What is the preservation period for Luggage Ticket Local (Form No. Com../L-48)?

<p>1 Year (C)</p> Signup and view all the answers

For how long must the Return of Coaching Vehicles inter-changed between India and Pakistan be kept?

<p>3 Years (B)</p> Signup and view all the answers

Which of the following forms requires a preservation period of 6 Months?

<p>Coaching Transit Memo for Balance Sheet (Com./C-33) (B), Coaching Transit Memo for Passengers (Com./C-34) (C), Ticket Collector's Report (Com./T-8) (D)</p> Signup and view all the answers

What should happen to returns on which internal checks have not been completed?

<p>They may be retained until necessary checks are cleared. (D)</p> Signup and view all the answers

For which form is the preservation period also 1 Year?

<p>To Pay Parcel Way Bills (Com./P-35 &amp; P-37) (A), Luggage Ticket Through Traffic (Com../L-49) (B)</p> Signup and view all the answers

What is the minimum record retention period for Coaching Transit Memo for Parcels & Motor Traffic?

<p>6 Months (A)</p> Signup and view all the answers

How long should the Traffic Cash Check Sheet be preserved?

<p>2 Years (D)</p> Signup and view all the answers

Which document needs to be retained for the shortest duration?

<p>Collected RFT Foils (D)</p> Signup and view all the answers

What is the retention period for the Incorrect Statements?

<p>3 Years (C)</p> Signup and view all the answers

The Office Copy of Carriage Bills should be kept for how many years?

<p>3 Years (A)</p> Signup and view all the answers

Which of the following documents is required to be preserved for 2½ years?

<p>Cash Register-Cash and Vouchers (C)</p> Signup and view all the answers

What is the minimum retention period for Paid Statements Through-Traffic?

<p>3 Years (A)</p> Signup and view all the answers

How long should the Register of Passes issued be retained?

<p>1 Year (C)</p> Signup and view all the answers

Which of the following statements regarding the preservation period is correct?

<p>Traffic Cash Check Sheet - 2 Years (B)</p> Signup and view all the answers

Which document has the longest required retention period?

<p>Incorrect Statements (C)</p> Signup and view all the answers

How many years should the monthly error statements (received from other Railways) be preserved?

<p>2 Years (B)</p> Signup and view all the answers

What is the preservation period for the statement of incorrect invoices (Over/Undercharges) of Outward-Local?

<p>3 Years (C)</p> Signup and view all the answers

Which document has the longest preservation period?

<p>General Cash Book (A)</p> Signup and view all the answers

For how long must the cash abstract book (receipts and disbursements) be preserved?

<p>3 Years (D)</p> Signup and view all the answers

What is the preservation period for the statement of crane charges?

<p>1 Year (C)</p> Signup and view all the answers

What is the preservation requirement for the finance accounts?

<p>P (D)</p> Signup and view all the answers

Which type of statement is preserved for exactly 2 Years?

<p>Statistical Statement No. 8 (A), Pilgrim Tax Statements (B), LDCC Statement (D)</p> Signup and view all the answers

Which document is preserved for the shortest period of time?

<p>Journal Slip (D)</p> Signup and view all the answers

For how long should the general ledger be preserved?

<p>10 Years (C)</p> Signup and view all the answers

Which document requires preservation for at least 3 Years?

<p>Cash Abstract Book (A), Journal (B)</p> Signup and view all the answers

What is the preservation period for the Cashier's Cash Book?

<p>5 Years (D)</p> Signup and view all the answers

How long must the Register of Paper Securities be preserved?

<p>20 Years (D)</p> Signup and view all the answers

What is the preservation period for the Memo of Difference in Pay Bills?

<p>3 Years (D)</p> Signup and view all the answers

Which of the following documents requires a preservation period of 6 years?

<p>Pay Order for Handling Bills (B)</p> Signup and view all the answers

What is the preservation duration for the Leave Account of Non-gazetted Staff after retirement?

<p>5 Years (C)</p> Signup and view all the answers

How long should the Journal of Duties performed be preserved?

<p>3 Years (B)</p> Signup and view all the answers

What is the preservation period for the Register of Earnings?

<p>5 Years (D)</p> Signup and view all the answers

Which document is preserved for 10 years?

<p>Abstracts of Bills Passed (A)</p> Signup and view all the answers

How long should the Register of Bills Recoverable be preserved?

<p>5 Years (A)</p> Signup and view all the answers

What is the preservation duration for the Absentee Statement?

<p>3 Years (B)</p> Signup and view all the answers

Which document requires the longest retention period?

<p>Register of Works (A), Register of Capital and Depreciation Reserve Fund Expenditure (D)</p> Signup and view all the answers

What is the retention period for the Monthly Account Current?

<p>3 Years (A)</p> Signup and view all the answers

Which of the following documents has a preservation period of 6 Months?

<p>Monthly Statement of Carriage and Wagon Expenses (B)</p> Signup and view all the answers

How long should the Ballast Train Return be preserved?

<p>1 Year (D)</p> Signup and view all the answers

Which document is retained for exactly 5 Years?

<p>Labour Pay Sheets (D)</p> Signup and view all the answers

What is the preservation period for the Cash Transmit Notes of Miscellaneous Receipts?

<p>3½ Years (C)</p> Signup and view all the answers

Which document requires a preservation period of 2 Years?

<p>Advice of Check of Station Balance Sheet (A)</p> Signup and view all the answers

Which document has the shortest preservation requirement?

<p>Cash Remittance Note (B)</p> Signup and view all the answers

What is the required retention period for the Summary of Traffic Book for Journal Entry?

<p>3 Years (B)</p> Signup and view all the answers

What is the preservation period for the Return of Excess Fare Local/Through?

<p>3 Years (C)</p> Signup and view all the answers

Which form must be kept for the longest duration?

<p>Statement of Goods handled by Contractors (B)</p> Signup and view all the answers

Which of the following documents has a preservation period of 1½ Years?

<p>Money Receipt (C)</p> Signup and view all the answers

How long must the Statement of Tickets on hand be preserved?

<p>1 Year (A)</p> Signup and view all the answers

How long should the Return of Animals and Birds etc.-Local be preserved?

<p>3 Years (A)</p> Signup and view all the answers

For which form is a preservation period of exactly 5 Years required?

<p>Traffic Book (D)</p> Signup and view all the answers

What is the preservation requirement for the Left Luggage, Demurrage and Wharfage Return?

<p>1 Year (B)</p> Signup and view all the answers

Which document must be retained for exactly 2½ years?

<p>List of Outstandings (A)</p> Signup and view all the answers

Which form has the same preservation period as the Return of Through Luggage (Ordinary)?

<p>Return of Luggage (Ordinary) Local (A)</p> Signup and view all the answers

What is the preservation requirement for the Report of Travelling Inspector of Accounts?

<p>2 Years (B)</p> Signup and view all the answers

What is the preservation duration for the Abstract of Local/Through Traffic Inward?

<p>2 Years (B)</p> Signup and view all the answers

What is the preservation period for the Chief Cashier's Cash Book (Payments)?

<p>10 Years (D)</p> Signup and view all the answers

Which of the following forms has the longest required preservation period?

<p>Register of Paper Securities (B)</p> Signup and view all the answers

How long should the Memo of Difference in Pay Bills be maintained?

<p>3 Years (D)</p> Signup and view all the answers

What is the preservation period for the Leave Account of Non-gazetted Staff after death?

<p>3 Years (D)</p> Signup and view all the answers

Which document requires a preservation period of exactly 6 Years?

<p>Pay Order (C)</p> Signup and view all the answers

What is the required preservation duration for the Statement of Deductions from Pay?

<p>3 Years (C)</p> Signup and view all the answers

How long should the Abstracts of Bills Passed be preserved?

<p>10 Years (B)</p> Signup and view all the answers

Which of the following has the shortest preservation requirement?

<p>Travelling Allowance Bill (B)</p> Signup and view all the answers

For how many years should the Pay Bill be preserved?

<p>10 Years (A)</p> Signup and view all the answers

Which document has a preservation period of 1 Year?

<p>Remittance Note (B)</p> Signup and view all the answers

What is the required preservation duration for the List of Unpaid Wages?

<p>3 Years (D)</p> Signup and view all the answers

For which document is the retention period specifically noted as 5 years?

<p>Journal Slip (A)</p> Signup and view all the answers

Which of the following statements about the preservation period is correct?

<p>LDCC Statement received from other Railways has a preservation period of 2 Years. (C)</p> Signup and view all the answers

How long should the Journal be preserved?

<p>10 Years (C)</p> Signup and view all the answers

Which form of statement has a retention period of 2 years?

<p>Monthly Account Current Capital (B), Statistical Statement No. 8 (D)</p> Signup and view all the answers

What is the retention period for the statement of incorrect invoices (Over/Undercharges)?

<p>3 Years (A)</p> Signup and view all the answers

Which documents need to be kept for 2 Years?

<p>Transfer Certificate (A), Error Statements Monthly (C), Statistical Statement No. 8 (D)</p> Signup and view all the answers

Flashcards

Retention Policy for Documents

Documents with incomplete internal checks, raised objections, or claims awaiting verification are kept until the issues are resolved or the statutory time limit is met.

Ticket Indent Retention

Ticket Indents for Passengers (Form No. Com../T-14 Revised) are retained for a period of one year.

Luggage Ticket Retention

Luggage Tickets (both Local and Through Traffic, Form Nos. Com../L-48 and Com../L-49) are retained for a period of one year.

Clock Room Ticket Retention

Clock Room Tickets (Form No. Com../T-9) are retained for one year.

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Animal/Bird Way-bill Retention

Way-bills for booking animals, birds, etc. (Forms Com./P-38 & P-39), both Local and Through Traffic, are retained for one year.

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Ticket Collector's Report Retention

A Ticket Collector's Report (Form Com./T-8 Revised) is kept for six months.

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To Pay Parcel Way Bill Retention

To Pay Parcel Way Bills (Forms Com./P-35 & P-37), both Local and Through Traffic, are retained for one year.

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Advice of Tickets issued

A log of all tickets issued, used to track ticket numbers and associated information.

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Return of Passes and PTOs issued

A record of passes and paid time off (PTO) granted to employees, showing the dates and duration of the leave.

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Accounts Office Balance Sheet

A financial statement of an organization, outlining its assets, liabilities, and equity at a specific point in time.

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Station Pay Order

A document used to authorize the payment of wages or salaries to employees for a specific period.

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Register of Passes issued

A document used to track the issuance of passes, including pass number, validity period, and the individual to whom the pass was issued.

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Collected RFT Foils

A record of all collected RFT (Returned Fare Tickets) foils, which are the stubs of tickets that passengers keep.

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Statement of Non-issued Tickets

A report listing tickets or passes that were not issued, along with reasons for non-issuance.

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Incorrect Statements

Record of incorrect statements issued, helping to identify and rectify errors in financial reporting.

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Office Copy of Carriage Bills

A copy of the carriage bills that the office retains, used for internal accounting and tracking purposes.

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Advice of Stores Returned (from Workshop)

These records are kept for 2 years and must include information about stores returned from the workshop.

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Advice Note of Stores Returned

These records are kept for 2 years and are used to track the movement of stores that are returned.

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Class Ledger

This ledger documents transactions related to each specific type of stock. It is kept for 3 years.

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Consolidated Class Ledger

This consolidated ledger provides an overview of all stock transactions across various classes. It is kept for 5 years and provides a comprehensive picture of stock movement.

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Stock Adjustment Account Register

This register records adjustments made to stock levels. It is kept for 3 years and includes data like additions, removals, and corrections.

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What is the retention period for 'Error Statements' prepared daily?

These statements are prepared daily and are retained for 6 months.

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What is the retention period for 'Error Statements' prepared monthly?

These statements are prepared monthly and are retained for 2 years.

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How long should the 'LDCC Statement' be kept?

The 'LDCC Statement' received from other railways is retained for 2 years.

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How long should the 'Statement of Incorrect Invoices' be kept?

The 'Statement of Incorrect Invoices' is kept for 3 years.

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What is the retention period for the 'Statement of Crane Charges'?

The 'Statement of Crane Charges' is kept for 1 year.

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How long should the 'Siding Charges Statement' be kept?

The 'Siding Charges Statement' is retained for 2 years.

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What is the retention period for 'Statistical Statement No. 8'?

The 'Statistical Statement No. 8' is retained for 2 years.

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How long should the 'List of Unpaid Wages' be kept?

The 'List of Unpaid Wages' is retained for 3 years.

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What is the retention period for the 'General Cash Book'?

The 'General Cash Book' is retained for a lengthy period of 10 years.

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How long should the 'Cash Abstract Book' be kept?

The 'Cash Abstract Book' is kept for 3 years.

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Chief Cashier's Cash Book (Payments)

This book records all payments made by the Chief Cashier and is kept for a period of 10 years.

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Cashier's Cash Book

This book tracks all cash transactions made by the Cashier and is stored for 5 years.

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Remittance Note

A document used to send money to someone else, kept for one year.

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Register of Earnings

A record of all employee earnings, stored for one year.

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Register of Paper Securities

This register keeps track of all paper securities (like bonds and stocks), and is retained for 20 years.

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Pay Bill

A document that specifies the amount of payment to be made, and is held for 10 years.

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Memo of Difference in Pay Bills

This memo is used to record discrepancies between different Pay Bills, and is stored for 3 years.

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Travelling Allowance Bill

A document that records expenses incurred on travel, and like other Pay Bills, is kept for 3 years.

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Absentee Statement

A record of employee absences, retained for 3 years.

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Journal of Duties performed

This journal tracks the duties performed by different employees, and is preserved for 3 years.

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Statement of Goods Handled by Contractors

This document tracks the movement of goods by different contractors, aiding in understanding the flow of cargo and potential bottlenecks.

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Coaching Station Balance Sheet

A record of the income and expenses of a coaching station, providing a financial snapshot of its health and performance.

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List of Refunds of Overcharges

This document lists all the refunds given for overcharges, which can help analyze and potentially prevent future pricing errors.

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Abstract of Local/Through Parcels/Motor Traffic

These documents provide an overview of inbound and outbound parcels, showcasing cargo traffic flow for a particular period.

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Goods Transmit Memo (Local)

This memo tracks the movement of goods within a local area, helping monitor and manage goods distribution.

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Return of Luggage (Ordinary)

This form is used to record information about the return of luggage items, including their details and ownership.

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Passenger Classification Local/Through

These summaries track the number of passengers classified as either local or through passengers, offering insights into passenger travel patterns.

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Goods Transmit Memo

A document used to track the movement of goods from one location to another, typically within a specific time period.

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Goods Balance Sheet

A financial snapshot of a company's assets, liabilities, and equity at a specific time.

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List of Outstandings

A comprehensive list of outstanding payments or debts that a company owes to others.

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Cash Remittance Note

A form used to document the transfer of cash from one account to another or to a designated recipient.

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Cash Transmit Notes of Miscellaneous Receipts

A form used to record cash receipts from various sources, including miscellaneous income.

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Statement of Telegraph Cash Transactions

A detailed accounting of transactions involving telegraph services, such as cash received and paid out.

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Invoice of Message Drafts

A formal document that itemizes goods or services provided with a price for each item.

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Money Receipt

A document that acknowledges receipt of money, used to confirm a payment transaction.

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Return of Telegraph Message paid for

A form used to document the return of a telegraph message that was paid for but not delivered or used.

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Retention of Daily Error Statements

Daily 'Error Statements' are kept for 6 months, allowing for quick identification and correction of errors.

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Retention of Monthly Error Statements

Monthly 'Error Statements' are retained longer (2 years) as they provide a broader view of performance over time.

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LDCC Statement Retention

Statements from other railways about 'Local Distance Cartage Charges' (LDCC) are kept for 2 years, aiding in understanding inter-railroad transactions.

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Retention of Incorrect Invoices Statements

Statements detailing 'incorrect invoices' (over/undercharges) are kept for 3 years, allowing for thorough investigation and potential refunds.

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Retention of Crane Charges

Crane charges are kept for 1 year, reflecting the shorter-term nature of these costs.

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Siding Charges Statement Retention

Statements detailing 'siding charges' are kept for 2 years, reflecting the usual duration of train siding agreements.

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Retention of Statistical Statement No. 8

The 'Statistical Statement No. 8' is kept for 2 years, providing a longer-term view of railway data and trends.

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Retention of Unpaid Wages List

The 'List of Unpaid Wages' is retained for 3 years, ensuring records are available in case of future queries or disputes.

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General Cash Book Retention

The 'General Cash Book' is kept for 10 years, as it is a fundamental accounting record.

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Cash Abstract Book Retention

The 'Cash Abstract Book' is kept for 3 years, documenting the flow of cash receipts and disbursements.

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What is the Chief Cashier's Cash Book (Payments) used for?

A log of payments made by the Chief Cashier, encompassing a span of 10 years.

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What is the purpose of the Cashier's Cash Book?

Records all cash transactions handled by the Cashier, stored for 5 years.

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What is a Remittance Note?

A brief document used for sending money to another individual or entity, kept for only one year.

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What purpose does the Register of Earnings serve?

A document used for tracking all employee earnings and is maintained for a period of one year.

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What is the use of the Register of Paper Securities?

Used to document all paper securities (like bonds and stocks) and is preserved for a significant period of 20 years.

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What information does a Pay Bill contain?

A crucial document that details the amount to be paid, outlining the payment details and is retained for a period of 10 years.

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Why is a Memo of Difference in Pay Bills used?

Records any inconsistencies between different Pay Bills, maintained for a period of 3 years.

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What information does a Travelling Allowance Bill contain?

A document used for recording travel expenses incurred, kept for 3 years like other Pay Bills.

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What is the information kept in an Absentee Statement?

Created to document employee absences and is held for a period of 3 years.

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What information is captured in a Journal of Duties performed?

Used to document the tasks completed by different employees, kept for a period of 3 years.

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Study Notes

Retention Periods for Records in Accounts Offices

  • Railway records should not be destroyed until the prescribed preservation period expires
  • Full details of all destroyed records should be maintained permanently
  • Railway Board orders may affect specific cases
  • General Manager to prescribe record retention periods, except for initial accounts and records related to accounts department
  • Records connected to accounts rendered to the Accounts Department should be prescribed after consultation with the Financial Adviser and Chief Accounts Officer
  • Records related to expenditure within the statute of limitations should not be destroyed without prior approval
  • Records connected to incomplete works, beyond the limitation period, should not be destroyed without prior approval
  • Experimental and observational records should not be destroyed without prior approval
  • Records related to employee claims or service matters should not be destroyed without prior approval
  • Records related to investigations by vigilance or enquiry committees should not be destroyed without prior approval
  • Records related to statutory Acts (Service Tax, Excise, CENVAT, etc.) should be preserved at least until the minimum period required by the respective Act. They may not be destroyed without prior head of department approval
  • Financial Adviser and Chief Accounts Officer, after consultation with the General Manager, should prescribe retention periods for records not listed
  • All returns and connected documents where internal checks are incomplete or objections raised should be kept until checks are complete or objections are resolved
  • Records are needed to support claims within legal timeframes

Specific Record Retention Periods (Examples)

  • Com./T-14 (Revised) - Ticket Indent for Passengers: 1 year
  • Com./L-48: Luggage Ticket Local - 1 year
  • Com./L-49: Luggage Ticket Through Traffic - 1 year
  • Com./T-9: Clock Room Ticket - 1 year
  • Com./P-38 & P-39: Way-bills for Animals, Birds etc. - 1 year
  • Com./T-8 (Revised): Ticket Collector's Report - 6 months
  • Com./P-35 & P-37: Parcel Way Bills - 1 year
  • Return of Coaching Vehicles (inter-changed between India and Pakistan): 3 years
  • Com./C-33 (Revised): Coaching Transit Memo (Balance Sheet etc.) - 6 months
  • Com./C-34 (Revised): Coaching Transit Memo (Passengers etc.) - 6 months
  • Com./C-35 (Revised): Coaching Transit Memo (Parcels & Motor Traffic) - 6 months
  • Com./C-36 (Revised): Coaching Transit Memo (Passengers etc., Through) - 6 months
  • Com./C-37 (Revised): Coaching Transit Memo (Periodical-Local) - 6 months
  • Com./C-37 (Revised): Coaching Station Balance Sheet - 2 years
  • Com./P-15 & P-16 (Revised): Passenger Classification - 3 years
  • Com./P-21 (Revised): Passenger (Government) Return-Local - 3 years
  • Com./P-22 (Revised): Passenger (Government) Return-Through - 3 years
  • Com./R-19 (Revised): Return of Excess Fare (Local/Through) – 3 years
  • And many more... (see document for a comprehensive list)

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Appendix 9 PDF

Description

This quiz covers the essential retention periods for various records within accounts offices, particularly in railway settings. It addresses the necessary approvals required for destroying records related to accounts, employee claims, and incomplete works. Understanding these policies is critical for compliance and maintaining accurate financial documentation.

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