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Business records must be kept for 10 years

For whom is the retention of files mandatory?

By law, companies, sole proprietorships, partnerships and legal entities, associations and foundations are obliged to keep business books and to keep them together with the associated accounting documents and correspondence for at least 10 years.

Does file archiving make sense for private individuals?

In contrast to companies, legal entities and associations, there are no legal provisions for private individuals that oblige the files to be stored. From a legal point of view, you can destroy and dispose of your private documents at any time. Since it happens from time to time that payments do not reach their recipient, it makes sense to put private bills, bank statements and documents aside for several months.

Which documents are required to be retained?

The documents that must be kept include the business books, annual accounts and accounting vouchers for each individual financial year. Each company must determine for itself which documents are affected. Bookkeeping forms the basis of accounting. It records those business transactions and facts that are necessary for the presentation of the company’s asset, financial and earnings situation. Depending on the size of the company, the following documents, among others, are required to be retained:

• Annual accounts (balance sheets, income statements, cash flow statements, management reports, annual reports and audit reports, etc.)
• Accounts and journals
• Auxiliary books and their associated details (accounts receivable, accounts payable, payroll and stock accounting, etc.)
• Details of financial statements (inventory, work in progress and unbilled services, lists of securities, etc.)
• Accounting documents (bank statements, cash receipts, invoices, receipts, expense reports, employee time sheets, etc.)
• Delivery notes that form part of the invoices
• Documents that have a legally binding effect in any way (contracts, BoD and AGM minutes, statutes, certificates, etc.)

How and in what form may the documents be archived?

In addition to the duration, the type of storage is also regulated by law. While business and audit reports must be kept in paper form, other documents such as business books, correspondence and receipts can also be archived in electronic form.

Condition: It must be possible to make them available in a legible form at all times

Furthermore, the most current business documents must be separated from the archived files and made available to authorized persons within a reasonable period of time.

If you have finally decided on a digital medium for archiving your business books, in addition to the space-saving storage, this of course also has other advantages, such as the more efficient search for specific content and information.

Which data carriers are particularly suitable and what is immutability all about?

The company is completely free to choose the storage medium. In principle, any type of data carrier can be used. It is important that not all storage media have a correspondingly long and physical lifespan. In terms of durability, storage plays a major role.

Once the storage medium has been found, to protect it, you must be able to prove at any time that nobody was able to make any changes to it. This can be done, for example, with a specially created digital signature with a time stamp, as is already used in archiving programs. This guarantees its authenticity and immutability.

How long does something have to be archived?

Since there is no general retention obligation for document archiving, documents from the following areas should be retained for at least 5 and ideally 10 years.

5 years

• Handyman invoices
• Fees for lawyers, doctors and notaries
• Documents for payroll accounting, vacation and overtime credit
• Periodic payments such as rent, lease and interest on capital
• Insurance premiums

10 years

• Business books
• Business and audit reports
• Booking vouchers
• Personnel files
• Social security documents
• Job references

File-storage and Self-storage

Self-storage rooms are ideal for storing files and business documents. Depending on the size of the business and the industry, a different amount of space is required, which can be found in a good self-storage warehouse. There are companies that store their files in a storage room with an area of ​​2.0m2 – that’s enough for storing about 240 folders if you put them on file shelves. If you store without a filing shelf, many more folders will of course fit in a storage room with an area of ​​2.0m2 – only then it gets a bit confusing when you need a folder. On the other hand, there are companies that need far more space to store their files – such as a trust company that stores files from different companies. A space of 6.0m2 is quickly required here. In a storage room with an area of 6.0m2 you can store around 600 folders with filing shelves.

TIP: When choosing a self-storage provider, pay attention to the climate values ​​in the warehouse. The moisture must not be too high, as the paper absorbs the moisture over the years and thus begins to rot. Better to store above ground than in a basement is the keyword here.

File storage and filing shelves

As a rule, files are stored in appropriate file shelves. These are designed for the storage of folders, with a low shelf depth, but stops on the back so that the folders cannot fall backwards.

At Mein Lager Self Storage you can rent filing shelves in addition to the storage space for a small rental fee. This saves you having to assemble and dismantle the shelves.

Conclusion

Since many companies do not even have the space to store their documents properly and in accordance with legal regulations, file archiving is often neglected. So that your company can withstand any scrutiny and you do not have to rent additional space for archiving files, Mein Lager Self Storage offers you self-storage rooms of different sizes for storing your business documents. In addition, you can rent the optimal filing shelves, which makes storing your files even more convenient.

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