Document Retention

NOTE: The Document Retention module is included with GLOBODOX Suite and is not available with GLOBODOX Standard.

Organizations are required by law to retain certain documents for specified periods of time. For example, organizations need to retain invoices for a period of seven years as per government regulations. Organizations may find it difficult to retain documents as per government guidelines as there are multiple types of documents, each having a different life-cycle and retention period. For ease of use it is best to archive these files and move them to a separate database (DB) when they are no longer required for day to day operations. Organizations also need to ensure that the documents are deleted after the retention period is over to eliminate the risk of a data breach and to comply with privacy legislation.

GLOBODOX’s document retention module helps organizations to retain documents for a specific time period as required by law. It enables them to archive the documents automatically and move them to an archive DB, which is separate from their live DB to ensure that the documents are available with the organization, yet don’t add to the clutter. The archive DB structure is a replica of the live DB. The documents and indexing information in the archive DB cannot be modified or deleted by users.

The document retention module also allows users to have the documents deleted automatically after the retention period is over or have the files moved to the Recycle Bin. The organization can then decide the future actions to be taken on the documents.

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Scenario

John, the auditing manager at Acme Corporation, is tasked with managing invoices on a daily basis. He needs to retain invoices received from vendors for a period of seven years, as per the law. These documents have limited use after the financial year-end, but the organization can’t delete them from their database at that point of time. The documents, therefore, need to be moved to a separate DB to streamline day-to-day document management and also ensure compliance. The organization also needs to delete the documents after the retention period, if they are no longer required.

In short, John needs to:

Move the invoices from the live DB to another DB at the financial year-end to declutter the – live DB.
But, retain these invoices in a separate DB for the required compliance period of 7 years.
Delete the invoices after the mandatory document retention period of 7 years is over.

Process with GLOBODOX document retention module

Whenever a new invoice is created, John sets the archival date for one year from the date of invoice, as the records won’t be used frequently after that.
John defines the document retention period for the invoice documents by setting an expiry date, i.e., a period of seven years in adherence to the regulations.
On the specified archival date, i.e., one year from the invoice date, the documents are automatically moved by GLOBODOX from the live DB to the archive DB.
They are retained in the archive DB for the specified retention period, i.e., seven years.
On the expiry date, the documents are automatically deleted from the archive DB. The deleted documents are available in the Recycle bin so John has the option to restore the documents from the Recycle Bin before they are permanently deleted.