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This critical information is contained in the organizations' business records. It has not always been easy to describe what "good recordkeeping" looks like. Yet, this question gains in importance as regulators, shareholders, and customers are increasingly concerned about the business practices of organizations.
Not all documents are records. A record is a document consciously (consciously means that the creator intentionally keeps it) retained as evidence of an action. Records management systems generally distinguish between records and non-records (convenience copies, rough drafts, duplicates), which do not need formal management.
The compound word 'spread-sheet' came to mean the format used to present book-keeping ledgers—with columns for categories of expenditures across the top, invoices listed down the left margin, and the amount of each payment in the cell where its row and column intersect—which were, traditionally, a "spread" across facing pages of a bound ...
The version of the form that is saved containing user content will become a formal record within the organization. Once a document achieves the status of a record, the organization may apply best-practice or legally enforced retention policies which state how the second half of the record life-cycle will progress.
The primary purpose of bookkeeping is to record the financial effects of transactions. An important difference between a manual and an electronic accounting system is the former's latency between the recording of a financial transaction and its posting in the relevant account.
Retention schedules are an important aspect of records management. Many organizations are subject to rules and regulations (at the local, state or federal level) that govern for how long they are required to keep records before they can safely dispose of them.
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