#10 Document Retention Boxes
Jan 27th, 2009 by pfi
A fashion staple for accountants is the document retention box. You will find document retention boxes all over the place at offices and homes of accountants. Nothing says “I have lots of work to do” as clearly as stacks of boxes filled with binders, workpapers, and office supplies.
Document retention boxes help meet the requirements of mandatory storage. Accountants may be required to keep documents for seven years. An example of a popular, highly fashionable document retention box is the Iron Mountain box. It is always in style, and you can tell who is the most popular simply by who has the most boxes.
Bonus tip: Accountants may refer to document retention boxes as CYA boxes. While people may tell you CYA stands for things like Current Year Audit or CompanY Accounting, don’t be fooled. CYA actually stands for Cover Your Ass. When in doubt what is required to be retained, accountants pretty much toss everything into CYA boxes.
Somedays, I wish I had thought of the “Iron Mountain” idea. (Kinda like inventing post-it notes.) Then I could be on the beach right now instead of crunching through busy season!
What about storing these things in your trunk? I have seen these stacked in nice cars too!
I have never heard it called CYA. We call them GROTS boxes. Get rid of this sh*t.
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