Concept, Importance, Types, Principle and Retention of Record management

www.laserfiche.com
www.laserfiche.com

Concept of Record Management

Record management is the combination of record and management. The record is written matter which is prescribed for future reference and management is related to the way or the technique which are used to manage the different types of records. Therefore, record management is the management and control of records. Letters, invoices, cheques, vouchers, price lists, personnel records, tax records, costing records are the examples of records.

According to Little Field, "Record management broadly defined,includes forms, reproduction of written materials, filing records, retention, microfilms and related services."

According to S.P Arora, "Record management in its broadest sense concerns itself with the records creation, distribution, maintenance, retention, preservation, retrieval, and disposal."

According to J.C. Denyer, "Modern record management involves much more than the methods of the filing or the system of classification , important though these are: indexing, central filing, records retention, follow-up and micro photography, all these receive attention in the present day office."

In conclusion, record management is the systematic process of collecting, utilizing, preserving and disposing of the record of the office.

Importance of Record Management

source:slideplayer.com
source:slideplayer.com

Record management is important for all types of office. Some of the importance of the record management are as follow:

  • Helpful to make progress report:

Record management helps to make progress report of an organization. It helps to record by writing and preserving various papers, letters, and documents, memorandum of different types of records.

  • Used as an evidence:

Records management helps to maintain evidential proof in the court of law for the settlement of disputes and misunderstanding between individuals and organizations.

  • Basis for decision making:

Decision making is a very important function of management. It is important tools for decision making. Without the necessary facts and data obtained from the records, the management cannot take a right decision.

  • Help in planning:

Planning is one of the most important project management and time management techniques. An organization should prepare the plans and policies of the business. The plans and policies are the guidelines of the business.

  • To detect errors and wastages:

Record management helps to eliminate errors and wastages. So, record management helps to increase the efficiency of an organization. It also helps to maintain internal control system.

Types of Records

Records can be collected from two sources i.e. internal and external sources. The records can be classified into the following types:

  • Correspondence record:

Correspondence record includes letters, circular, notice, memo, inquiries, order etc. which are either sent by the organization or received by it. It is the written matter of office.

  • Personnel record:

The records which are related to the personnel or employees of the organization are known as personnel records. Personal history, admission, salary, grade, promotion, retirement and other relevant information of the employees are kept in such record.

  • Accounting record:

The records which are related to financial aspects of the organization is called accounting records. Invoices, cash memos of different departments and units are included under it.

  • Legal records:

The records which are kept to meet the legal formalities as per the government rules and regulation are called legal records. A copy of a contract, mortgage deed, business commencement letter, income tax, sales tax are included under it.

  • Miscellaneous records:

The records which are not covered by the above type of records are included in the miscellaneous records. Record of social activities, advertisement campaign, and new product feasibility report are included under it.

Principles of Record Management

Source:slideplayer.com
Source:slideplayer.com

The following are the main basic principles of the record management:

  • Principles of purpose:

Principles of purpose help to keep record for future reference and decision making so that it should be maintained with a justifiable and clear purpose. Hence, record management must be based on managing the records having certain objectives.

  • Principles of verification:

There must be evidence of all the documents which are preserved in an office. The maintenance of records without any evidential proof will be worthless because they cannot fulfill the legal requirement.

  • Principles of retention:

The main objective of record management is to preserve the required document for future reference. Therefore, all the records should be maintained in a proper way.

  • Principles of flexibility:

The flexibility of principle states that an accounting information system should be able to adapt to changes in the company based on its needs, operations, and management.

  • Principles of cost:

The accounting principle that goods and services purchased should be recorded at their historical costs and not at their current market value. So, only needy records are kept for future reference.

Retention of Records

Records retention is the process of creating, preserving, transferring the inactive records for storage and destructing the dead records to minimize cost and maximize the benefit of the organization. Records are written documents in the form of letters, bills, vouchers, books of accounts, minutes etc. They are necessary for making prompt decision.

According to Littlefield, “Record retention is the activity designed to control the life cycle of the record from its creation to its disposition.”

Importance of Record Retention

  • It preserves active records for future reference
  • It helps in taking prompt decision
  • It provides written legal evidence in the court
  • It enhances the efficiency of the office as essential records are readily available

Disposal of Records

Disposal of records means the process of destroying the dead records. It involves collection, preservation, classification and protection of records for future reference. Such records can be maintained in files, computers, open drives etc. It is also major part of record management.

References;

Khanal, Soma Raj, Surendra Thapa Aslami and Sitaram Dhakal. Business Studies. Kathmandu: Taleju Prakashan, 2067.

Pant, Prem R., et al. Business Studies. Kathmandu: Buddha Academic Publishers and Distributors Pvt. Ltd., 2010.

  1. Record is written matter which is prescribed for future reference and management is related to the way or the technique which are used to manage the different types of records.
  2. Record management is the management and control of records.
  3. Letters, invoices, cheques, vouchers, price lists, personnel records, tax records, costing records are the examples of records.
  4. Records can be collected from two sources i.e. internal and external sources.
0%
  • ___________is the art of handing records from birth to termination of an office

    Record Management
    Filing
    Multinational Company
    Partnership Firm
  • According to_______,"Record management broadly defined,includes forms,reports,reproduction of written materials,filing records,retention,microfilms and relaed services".

    Little field
    Keith Davis
    Y.K Bhusan
    James Stephenson
  • According to_____,"Records management in its broadest sense concerns itself with the records'creation,distribution,maintennce,retention,preservation,retrieval and disposal."

    S.P Arora
    Keith Davis
    Y.K Bhusan
    James Stephenson
  • __________are the importance of Records Management.

    Basis for decision making
    Used as an evidence
    Helpful to make progress report
    All
  • The records which are related to the personnel or employes of the organization are known as_________________.

    Personnel Record
    Accounting Record
    Legal Record
    Correspondence Record
  • Personnel history,admission,salary,grade,promotion and other relevant information or detail of the employees are kept in_______record.

    Legal record
    Accounting record
    Personnel record
    Miscellaneous record
  • The records which are elated to financial aspects of the organizations are known as_________.

    Miscellaneous records
    Legal records
    Accounting recods
    Personnel records
  • The records which are kept to meet the legal formalities as per the governement rules and regulations are known as_____________.

    Legal records
    Miscellaneous record
    Accounting Record
    Personnel records
  • The records which are not covered by the above type of records are included under the_________________.

    Legal record
    Accounting records
    Correspondance record
    Miscellaneous records
  • Records of social activities,advertisement campaign,esearch and development etc ae included in___________________.

    Legal record
    Accounting records
    Miscellaneous records
    Correspondence record
  • The records such as copy of contract,mortage deed,business commencement letter,income tax,sales tax etc are included under___________.

    Legal records
    Personnel records
    Accounting records
    Correspondence record
  • Supporting vouchers for vaious transactions like invoices cash memos of departments and unit are included under_____________.

    Miscellaneous records
    Legal Record
    Correspondence Records
    Accounting recods
  • Under this _____________record,the organization keeps the record of letters,circulars and notices,inquiries,applications,complaints,order etc

    Accounting records
    Legal records
    Personnel records
    Correspondence records
  • _______are the principles of Records Management.

    Principles of flexibility
    Principle of purpose
    Pinciples of verification
    All
  • Which one is not the principles of Records Management ?

    Pinciples of verification
    Gain monopoly positions
    Principles of availability
    Principles of flexibility
  • _________is the process of creating,preserving,transferring the inactive records for storage and destructing the dead records to minimize cost and maximize benefit of the organization.

    Record Retention
    None
    Record Management
    Disposal Records
  • According to_______,"Record Retention is the activity designed to control the life cycle of the record from its creation to its disposition."

    James Stephenson
    Little field
    S.P Arora
    Y.K Bhusan
  • ________are the importance of Record Retention.

    It helps for taking prompt decision
    It preserves actives records for future reference
    All
    It provides written legal evidences in the court.
  • ____________means the process of destroying the dead records.

    Disposal of records
    Correspondance records
    Record Retention
    Record Management
  • You scored /19


    Take test again

Any Questions on Concept, Importance, Types, Principle and Retention of Record management ?

Please Wait...

No discussion on this note yet. Be first to comment on this note