Storage of business documentation

Every organization is obliged to keep accounting documents, business books and other documentation created in the course of business. The following laws and regulations prescribe which business documentation must be stored, in what manner and what are the deadlines for the storage of business documentation:

• Tax Procedure Act (ZDavP-2)
• Accounting Act (Accounting Act)
• Act on Commercial Companies (ZGD-1)
• Slovenian Accounting Standards (SRS)
• Act on Value Added Tax (ZDDV-1)
• Act on Records in the Field of Labor and Social Security (ZEPDSV)

Tax Procedure Act (ZDavP-2)

The Tax Procedure Act (ZDavP-2) stipulates that every taxpayer must ensure that copies of invoices issued by him or his customer are kept. He can store them in Slovenia or abroad, but he must inform the tax authority about this. The taxpayer must keep the documentation in physical or electronic form until the expiration of the absolute limitation period of the right to recover the tax to which they relate.

Accounting Act (Accounting Act)

Article 30 of the Accounting Act (Accounting Act) prescribes that business books and accounting documents be kept in the archive, and also specifies the shortest retention periods.

Act on Commercial Companies (ZGD-1)

Article 424 of the Companies Act (ZGD-1) prescribes the method of storing business books, accounting documentation and documentation in the case of liquidation proceedings. It must be stored with one of the shareholders, determined by the liquidator, or with an organization determined by law. Creditors and shareholders have the right to inspect the documents for three years after the end of the liquidation procedure.

Slovenian Accounting Standards (SRS)

The Slovenian Accounting Standards (SRS) stipulate that the organization defines in its general act the method of storage (in paper form or in the form of electronic records) of business books and documents during and after the accounting period. In SRS 30 we find similar provisions for sole proprietorships. While organizations in bankruptcy or liquidation are subject to a special standard SRS 39. Standard SRS 33 defines solutions for associations and organizations with disabilities. With regard to bookkeeping documents, the SRS is supplemented by the Rules of Prudential Accounting (PSR 1 and 6), the use of which is not mandatory, but is recommended.

Act on Value Added Tax (ZDDV-1)

Article 86 of the Value Added Tax Act (ZDDV-1) stipulates that every taxpayer must ensure the storage of copies of invoices issued by him, his buyer or client or a third party on his behalf and for his account, and all of the invoices he received.

Act on Records in the Field of Labor and Social Security (ZEPDSV)

In Article 14, the Act on Records in the Field of Labor and Social Security (ZEPDSV) prescribes to employers how they must keep records on employed workers, and the original documents on the basis of which data is entered in the records on employed workers – all of these are kept as documents permanent value.

Simplified overview of retention periods
according to regulations and type of documentation:

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* Business books: double-entry bookkeeping – general ledger, register of fixed assets and other auxiliary books for analytical records of material bookkeeping, cash book, etc.

** Annual reports: balance sheet, profit and loss statement, statement of capital movements, cash flow statement, disclosures

*** Records: book of issued invoices for VAT purposes, book of received invoices for VAT purposes, VAT-O statement, REK forms, records of completed student work, documentation of business with related parties

**** Bookkeeping documents: invoices issued, received, cashier’s receipts, expenses, collection of retail proceeds, statements of travel expenses and attachments, statements of royalties, bank statementsand extracts.

***** Ancillary accounts: documents that form the basis of final accounts, in the form of various specifications, recapitulations and calculations.

****** Auxiliary books: documents that mean analytical records of the cash book, analytical records of fixed assets, analytical records of internal invoices, analytical records of customers and suppliers, etc.

Electronic archiving

During digital business, the laws also allow this method of archiving, which is regulated by the Act on the Protection of Documentary and Archival Materials and Archives (ZVDAGA). In order for electronic archiving to comply with the law, the organization must provide the tax authority with access to all documentation within the limitation period, and unjustified costs must not be incurred. Organizations choose two ways of archiving:

• they take care of this kind of archive themselves
• they rent space from an external contractor, which ensures the compliance of archiving according to the requirements of the Archives of the Republic of Slovenia.

Conclusion

Documentation is different and must also be labeled correctly. On the one hand, documentation is created that is related to the knowledge of the organization and its activity on the market, such as: ideas, regulations, records, plans, marketing plans, etc. How the organization will store this type of documentation is determined by an internal act. On the other hand, documentation related to the organization’s financial operations is created. The storage of this type of documentation is also prescribed by legislation.

Since business and accounting documentation is usually stored during the year by the accounting service, which is returned to the organization at the end of the accounting period, it is important that every organization knows and understands how long it must store each type of document.

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Sources:

• Act on Companies (ZGD-1)
• Value Added Tax Act (ZDDV-1)
• Act on tax procedure (ZDavP-2)
• Slovenian accounting standards (SRS)
• Accounting Act (ZR)
• Act on Records in the Field of Labor and Social Security (ZEPDSV)
• Rules of prudent accounting (PSR)
• IP: Retention period for payroll documentation (gzs.si)