Michigan Administrative Code
Department - Licensing and Regulatory Affairs
Public Service Commission
Preservation of Records of Electric, Gas, And Water Utilities
Part 2 - SCHEDULE OF RECORDS AND PERIODS OF RETENTION
Section R. 460.2553 - Merchandise sales accounting and collecting records; retention periods
Universal Citation: MI Admin Code R. 460.2553
Current through Vol. 24-04, March 15, 2024
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. |
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