The purpose of this process is to transfer all financial data to micro-film in order to save large amounts of archive space. The monthly financial files become burdensome after several years of storing them. Usually, you keep these records for about one year, or until they are audited, if applicable, or at least until they are used to prepare the tax returns.
The following is an effective order when creating a micro-film or micro-fische record. Each monthly financial file can usually be put on one (1) micro-fische, but it usually takes several micro-film packets.
Contents of Financial Statement Transactions
Generally the financial statement package includes, in order, from top to bottom:
The original documents usually are shredded once this job is completed. It is advisable to make two (2) copies of this micro-fiche record for safe keeping.