Keeping Payables Records
Definitions
Records - Records are official and trustworthy documents used for accountability and transparency. Requirements for retaining records are mandated by federal and state laws and regulations.
Temporary Documents - Temporary documents are transitory and not records or working documents. Examples include drafts, reference materials, and routine correspondence.
Working Documents - Working documents are unofficial yet trustworthy documents used to support business activities. Examples include copies of official records retained for your convenience or preliminary planning documents.
UPAY Responsibilities
University Payables (UPAY) retains vendor invoices, original or scanned invoice vouchers, and employee reimbursement vouchers for the current fiscal year and five previous fiscal years. Additionally, UPAY also maintains project files, investment records, and proof of payment (copy of invoices and cancelled checks) for the life of revenue bonds or certificates of participation plus three years.
Unit Responsibilities
Units should retain original documents submitted via the Chrome River System for 30–90 days after approval of the expense report to allow for rescanning if necessary. Documents can be destroyed only after confirming the Chrome River status as "Exported" and the transaction has posted to Banner. Units are not required to obtain documents submitted directly by the person or entity seeking reimbursement. Retain PCard documents that predate Chrome River for the current fiscal year and five previous fiscal years. Retain approvals for exceptions for one year.
Units do not have to retain original paper vendor invoices associated with a purchase order as they have been scanned and entered into Banner and become the official University of Illinois System record.
For assistance, units should consult their Records Liaison or records contact, if one exists, or the Records and Information Management Services team.
Records and Information Management Services
Chicago - University Archives
Springfield - Archives/Special Collections
Urbana - University Archives
First Published: September 2012 | Last Updated: June 2024 | Last Reviewed: June 2024