You can create a record either by uploading it to the Records Management File Plan, or
by declaring an item in another SkyVault site as a record.
When you've added all required metadata to a record you can mark the record as complete. This makes it an active part of the File Plan, and subject to the rules of the disposition schedule it's associated with.
It then goes through various time and/or event based steps such as cutoff and retention, until it's eventually transferred elsewhere, or destroyed, according to its disposition schedule
