What to do with documents after expiration of storage period?

Jul, 05 2017

Depending on terms of storage office documents can be divided into:


- temporary (up to 10 years inclusive)

Such documents as invoices, agreements on bank account, audit reports, etc.;


- temporary (over 10 years)

For example, employees' personal cards, dividend issue lists, accounts of employees, etc.;


- permanent

In particular, annual financial statements, IFRS statements, certificates on registration with tax authorities, etc.


Documents with storage period of more than 10 years shall be transferred to the archive of the company within three years.


Documents with storage period up to 10 years shall be properly destroyed instead of being transferred to the archive. Documents shall not be simply ripped and thrown away. To destroy documents properly, a special procedure is required. Violation of such procedure leads to fines for the company's CEO. Destruction of documents includes several stages:


1. Allocation of documents to destruction

The allocation of documents to destruction is the task of structural divisions. Allocation to destruction is the result of an examination of the value of documents at the end of the year.


2. Approval of allocation certificate for destruction of documents

Such certificates shall be approved by the head of the company after incentivization of documents.


3. Preparation of allocation certificate

As a rule, one act is drawn up for all documents of the company to be destroyed.


4. Destruction of documents

Documents allocated for destruction shall be sent for shredding to specific recycling companies.