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Michigan Administrative Code (Last Updated: November 16, 2016) |
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Department LR. Licensing and Regulatory Affairs |
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Public Service Commission |
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Chapter Preservation of Records of Electric, Gas, And Water Utilities |
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Part 2. SCHEDULE OF RECORDS AND PERIODS OF RETENTION |
Section 460.2553. Merchandise sales accounting and collecting records; retention periods,
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Rule 53. The following merchandise sales accounting and collecting records shall be retained for the periods listed:
(a) ) Merchandise sales tickets (duplicates) and charge slips for work done.
Destroy at option after annual audit and 6 months after account is settled.
(b) Merchandise sales journals or registers and summaries of sales.
3 years.
(c) ) Merchandise ledgers and installment records.
1 year after completion of payments.
(d) Merchandise sales returns and adjustment tickets.
Destroy at option after annual audit and 6 months after account is settled.
(e) ) Cashier stubs for merchandise collections.
(f) ) Cashier periodic reports and statements of collections on merchandise accounts.
1 year.
1 year.
(g) Records of monthly statements to customers.
Destroy at option.
(h) Reports relating to the status of merchandise accounts receivable.
1 year.
(i) Job orders and supporting details of charges to customers for work done.
3 years.
(j) Indexes and trial balances of merchandise ledgers.
1 year.
History: 1979 AC; 1980 AACS.