Time Sheets

Are there any rules or regs on time sheets? Must employers keep a signed time sheet for every employee or does an electronic copy count?

Let me elaborate...

We have a software system that every employee enters his/her time into on a daily basis (or should be). We then require them to print a copy and have it signed by themselves and their supervisor. It is then turned into me and I file it way once I complete payroll.

Does it state anywhere that I must keep doing this or is the electronic copy okay? No one has access to make any changes to these "electronic timesheets" except myself and the billing department (for purposes of moving time if it needs to be written off or entered for the wrong job number).

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