Retention period for journal entries

April 6, 2021

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Q.¬†What is the retention period for journal entries? In some industries, entries are tied to properties, and as long as you own or work on the properties, you have to retain the records for a while. Any help on this is appreciated. A. (Answered by the IOFM Advisory Panel) ----- Ours have been stored, along with back-up, in our ERP for more than 15 years and we have not archived up to now. We are legally required to retain all financial records for at least 10 years. If the funds are tied to…

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