Retention abbreviations are two or three-character acronyms set up in Versatile Enterprise to handle retention scheduling in a specific manner. These abbreviations can then be attached to record series to control retention scheduling for records in the series.
Versatile Administrators create retention abbreviations in Versatile Enterprise. Administrators then assign attributes to control whether disposition dates are calculated automatically by the system and if so, the date upon which the calculation is based. The disposition date can be forced to the end of the fiscal or calendar year.
Typically, record retention periods are based on the date a record is created or upon the date when a defining action occurs. For example, time card records are usually retained for a period of time after their creation date. However, an employee file in the Human Resources department is retained as an active record until the employee leaves the company, either from termination, retirement, or some other reason. In this case, termination is an example of a defining action that causes the retention period to begin calculation.
For a table listing commonly-used retention abbreviations found in Versatile Professional, see Commonly Used Retention Abbreviations.