Definition: Book-keeping data policies refer to the set of rules and guidelines that govern how financial transactions and information are recorded, stored, and managed within a business or organization. These policies ensure that all financial data is accurate, consistent, and compliant with the legal requirements for financial reporting and auditing. They cover aspects such as the method of recording transactions, the frequency of updates, the retention period for records, and the procedures for data protection and privacy. In the context of European Taxes Regulation, these policies would also include the specific requirements for documenting and reporting taxable transactions and activities.
Source: EIRA team
Additional information: Book-keeping data policies refer to the set of rules and guidelines that govern the management, processing, storage, and protection of financial records within an organization. These policies are designed to ensure the accuracy, integrity, and confidentiality of financial data, as well as compliance with legal and regulatory requirements.
In the context of European Taxes Regulation, book-keeping data policies stipulate that all financial transactions must be recorded in a systematic, complete, and accurate manner. This includes all sales, purchases, income, and expenses, as well as assets and liabilities. The records must be kept in a way that allows for a clear and precise understanding of the company's financial situation at any given time.
The policies also require that the financial records be kept for a certain period of time, typically for at least 10 years. This is to ensure that the records are available for inspection by tax authorities, auditors, or other relevant parties if necessary.
Furthermore, the policies mandate that the financial records be stored in a secure manner to prevent unauthorized access, alteration, or destruction. This includes implementing appropriate physical and technical security measures, as well as procedures for handling and disposing of the records.
In addition, the policies require that the financial records be processed in a way that respects the rights and freedoms of individuals. This includes ensuring that personal data is processed lawfully, fairly, and transparently, and that it is only used for specified, explicit, and legitimate purposes.
Finally, the policies require that organizations take responsibility for complying with the book-keeping data policies and demonstrate compliance when required. This includes implementing appropriate internal controls and procedures, conducting regular audits and reviews, and providing training and awareness programs for staff.
Example: 1. Retention Policy: This policy stipulates that all financial records, including invoices, receipts, payroll data, and tax documents, must be kept for a minimum of 10 years. This is to ensure that the company can provide necessary documentation in case of a tax audit.
2. Privacy Policy: This policy ensures that all financial data is handled and stored securely to protect the privacy of individuals and businesses. It includes measures like encryption, secure storage facilities, and restricted access to sensitive data.
3. Accuracy Policy: This policy mandates that all financial records must be accurate and up-to-date. Any errors or discrepancies must be corrected immediately to ensure that tax calculations are correct.
4. Transparency Policy: This policy requires businesses to be open and transparent about their financial dealings. This includes providing clear and detailed explanations of all transactions, expenses, and income.
5. Compliance Policy: This policy ensures that the company complies with all relevant tax laws and regulations. It includes regular audits and reviews to check for compliance and to identify any potential issues.
6. Data Minimization Policy: This policy stipulates that only necessary data should be collected and stored. This is to reduce the risk of data breaches and to ensure compliance with data protection laws.
7. Data Access Policy: This policy outlines who has access to financial data and under what circumstances. It includes measures to prevent unauthorized access and misuse of data.
8. Data Backup Policy: This policy requires regular backups of financial data to prevent loss in case of technical issues or disasters. The backups should be stored securely and tested regularly to ensure they can be restored if needed.
LOST view: SV-Data Policy Catalogue
Identifier: http://data.europa.eu/dr8/egovera/Book-keepingDataPoliciesBusinessObject
EIRA traceability: eira:DataPolicyBusinessObject
ABB name: egovera:Book-keepingDataPoliciesBusinessObject
EIRA concept: eira:ArchitectureBuildingBlock
Last modification: 2023-07-27
dct:identifier: http://data.europa.eu/dr8/egovera/Book-keepingDataPoliciesBusinessObject
dct:title: Book-keeping Data Policies Business-object