The Records Management module offers control mechanisms for managing records. Within this module, a collection of one or more related documents is defined as a record. Documents are placed into a folder which, from its creation, becomes the control mechanism for the record. Although the document can be considered logically to be a record in a business environment, within Records Management, the folder is the record. By defining the folder as the record, Records Management is capable of managing all documents within a record simultaneously and efficiently.
Records Management allows for customized retention plans, which control and track a record's life cycle. Retention plans are assigned to Records Management folder types. Folders that are created using a Records Management folder type in the Client will adhere to the applied retention plan. There are four basic statuses for a retention plan: Open, Closed, Cutoff, and Final Disposition. When a folder is Open, documents can be added to the folder, and thus the record. When a folder is Closed, documents cannot be added to the folder1 and the folder is awaiting cutoff. When a folder is Cutoff, it is waiting to start the retention period. When a folder is in the retention period, it is awaiting its final disposition.
Likewise, Event Sets are assigned to Records Management folder types. Events sets are groups of events that can occur for specific Retention Plans. Events can trigger Retention Plan actions (Open, Closed, Cutoff) for folders.
At any time, a folder can be put on hold. When a hold is placed on a folder, the folder does not continue through its retention plan. It is “frozen” and nothing can be put into the folder, nor can any events move the folder through the retention plan. If the folder is frozen, but it is going through its retention period, time does not stop accumulating. For example, if you put a folder on hold for 8 years, and its retention period is 7, it will immediately move to its final disposition as soon as the hold is removed.