Purchasing Today® Magazine's Strategies & Solutions for May 1999

FOR RELEASE: June 8, 1999

CONTACT: Zenobia Daruwalla
  NAPM Media Relations
  602/752-6276 ext. 3015
   

(Tempe, Arizona) — The recently redesigned Purchasing Today® magazine now includes "Strategies & Solutions." Every month this section provides readers with focused articles on the purchasing and supply function's responsibilities.

In the May 1999 issue, Strategies & Solutions takes a look at record retention. When and how do you decide to destroy old records? According to Purchasing Today®, by eliminating unnecessary and wasteful records (in some organizations up to 40 percent of old records could safely be destroyed), implementation costs can be reduced and record retention systems can become operational sooner. According to the magazine, some good rules to follow include:

  • Purchase orders should be kept for six years after the contract terminates to conform to the normal statute of limitations
  • You should keep depreciation schedules and inventory records for at least three years
  • Organizations should maintain tax records for a period of six years from the tax return date
  • Keeping electronic records too long results in additional costs for storage and retrieval technology, and to migrate electronic records to new formats when systems are upgraded

Additional record retention tips can be found in the May 1999 issue of Purchasing Today® magazine. Purchasing Today® is NAPM's monthly publication and is a benefit exclusively for NAPM members. For information about receiving Purchasing Today® and becoming a member of NAPM, call NAPM Customer Service at 800/888-6276 or 480/752-6276, extension 401. Or visit NAPM on the Internet at www.napm.org.

The National Association of Purchasing Management is a not-for-profit association that provides national and international leadership in purchasing and supply management research and education. The association exists to educate, develop, and advance the purchasing and supply management profession. NAPM provides members and nonmembers alike with opportunities to expand their professional knowledge and skills. NAPM is comprised of 181 affiliates with more than 44,000 members throughout the United States and Puerto Rico.