Users can now apply retention rules on document folders to designate a specific amount of time to retain any files within those folders. During this time period, these rules would prevent users from archiving or deleting files until the time period is reached or the file is moved to a different folder without retention rules (requires permission to do so). Also, by configuring these rules, administrators can determine what happens to files after the time limit is reached.

They could choose between two options: have the files automatically archived after the period ends OR stay in the folder. If the second option is chosen, Canopy users would be able to archive those files anytime after the retention rule is reached. Each file that is archived will be recorded in the activity log and a notification will appear in Canopy for the staff member assigned to that contact to indicate that the files have been archived.

For example, if your company wanted to keep a file folder for 7 years to meet IRS Guidelines, an administrator could designate that time period in a specific folder. Any existing files in that folder will not be archiveable during that 7-year time limit. If new files are added to that folder after the retention rule is set, the user will first be notified of the current retention rule and a new 7-year period will be placed on that file from the date the file was added .

You may be wondering what to do if a file is accidentally placed in a folder with retention rules. Don’t worry, administrators will be able to set or make changes to retention rules at any time, and will be able to archive files within folders if necessary.

By establishing document retention rules in your folders, your business can benefit in three main areas. These include:

  • Compliance/Risk Mitigation – the main and most obvious benefit is to comply with the guidelines provided by the AICPA and the IRS Keep the documents for a certain time. In the event that a business or client may be audited by the IRS, businesses want to mitigate any risk by adhering to guidelines for retaining documents for recommended periods.
  • Organization – Since Canopy’s document retention rules can automatically archive documents after the specified period, this will help your business and staff keep client folders and records more organized.
  • Time saving/Automation – Building on the last benefit, file archiving automation will eliminate the need to do it manually and save you time.

We plan to make further improvements to this functionality, but we believe this new feature will benefit businesses of all sizes.

Available in Canopy for users licensed for the Document management module.

Learn how set document retention rules with these step-by-step instructions and a more detailed explanation of this new feature.

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *