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DOL WAGE RECORDSThe U.S. Department of Labor (DOL) under the Fair Labor Standards Act (FLSA) requires employers to specifically keep certain records related to wages paid to employees. The Wages and Hour Division, of the DOL carry the enforcement of such regulations with regular and irregular inspections and audit of employment work places. The following abstract of Title 29, Part 516 of the Code of Federal Regulations provides guidelines about these requirements: §516.5 Records to be preserved 3 yearsEach employer shall preserve for at least 3 years: (a) Payroll records. From the last date of entry, all payroll or other records containing the employee information and data required under any of the applicable sections of this part, and (b) Certificates, agreements, plans, notices, etc. From their last effective date, all written: 1. Collective bargaining agreements relied upon for the exclusion of certain costs under section 3(m) of the Act, 2. Collective bargaining agreements, under section 7(b)(1) or 7(b)(2) of the Act, and any amendments or additions thereto, 3. Plans, trusts, employment contracts, and collective bargaining agreements under section 7(e) of the Act, 4. Individual contracts or collective bargaining agreements under section 7(f) of the Act. Where such contract or agreements are not in writing, a written memorandum summarizing the terms of each such contract or agreement, 5. Written agreements or memoranda summarizing the terms of oral agreements or understandings under section 7(g) or 7(j) of the Act, and 6. Certificates and notices listed or named in any applicable section of this part. (c) Sales and purchase record. A record of (1) total dollar volume of sales or business, and (2) total volume of goods purchased or received during such periods (weekly, monthly, quarterly, etc.), in such form as the employer maintains records in the ordinary course of business. §516.6 Records to be preserved 2 years(a) Supplementary basic records: Each employer required to maintain records under this part shall preserve for a period of at least 2 years. 1. Basic employment and earnings records. From the date of last entry, all basic time and earning cards or sheets on which are entered the daily starting and stopping time of individual employees, or of separate work forces, or the amounts of work accomplished by individual employees on a daily, weekly, or pay period basis (for example, units produced) when those amounts determine in whole or in part the pay period earnings or wages of those employees. 2. Wage rate tables. From their last effective date, all tables or schedules of the employer which provide the piece rates or other rates used in computing straight-time earnings, wages, or salary, or overtime pay computation. (d) Order, shipping, and billing records: From the last date of entry, the originals or true copies of all customer orders or invoices received, incoming or outgoing shipping or delivery records, as well as all bills of lading and all billings to customers (not including individual sales slips, cash register tapes or the like) which the employer retains or makes in the usual course of business operations. (e) Records of additions to or deductions from wages paid: 1. Those records relating to individual employees referred to in §516.2(a)(10) and 2. All records used by the employer in determining the original cost, operating and maintenance cost, and depreciation and interest charges, if such costs and charges are involved in the additions to or deductions from wages paid.
If you have any questions about What records to keep and for how long?, or how to calculate wages and overtime for tipped and regular hourly-wage employees. Please consult your CPA or call us at (972) 644-9990 |
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