|
Record Retention
Recommendations
The
information contained in this site is of general nature and should
not be acted upon in your specific situation without further
details and/or professional assistance
|
| RECORD TYPE |
RETENTION PERIOD |
| Accident reports/claims (settled
cases) |
7 years |
| Accounts payable ledgers
and schedules |
7 years |
| Accounts receivable ledgers and
schedules |
7 years |
| Audit reports |
Permanently |
| Bank reconciliation |
2 years |
| Bank statements |
7 years |
| Capital stock and bond
records: ledgers, transfer registers, stubs showing issues, record
of interest coupons, options, etc. |
Permanently |
| Charts of accounts |
Permanently |
| Checks (canceled checks for
important payments, special contracts, purchase of assets, payment
of taxes, etc. Checks should be filed with the papers pertaining
to the underlying transaction) |
Permanently |
| Checks (canceled except
those noted above) |
7 years |
| Contracts and leases
(expired) |
7 years |
| Contracts and leases (still
in effect) |
Permanently |
| Correspondence, general and
schedules |
3 years |
| Correspondence, legal and
important matters |
Permanently |
| Correspondence, routine
with customers/vendors |
2 years |
| Deeds, mortgages and bills
of sale |
Permanently |
| Depreciation schedules |
Permanently |
| Duplicate deposit slips |
2 years |
| Employment applications |
3 years |
| Expense analyses &
distribution schedules |
7 years |
| Financial statements (year-end,
other months optional) |
Permanently |
| Garnishments |
7 years |
| General ledgers, year-end
trial balances |
Permanently |
| I-9's |
3 years |
| I-9's (after termination) |
1 year |
| Insurance records,
policies, etc. |
Permanently |
| Insurance policies
(expired) |
3 years |
| Insurance records, current
accident reports, claims, plicies, etc. |
Permanently |
| Internal audit reports |
3 years |
| Inventory records |
7 years |
| Invoices to customers or
from vendors |
7 years |
| IRA and Keogh plan
contributions, rollovers, transfers and distribution |
Permanently |
| Journals |
Permanently |
| Licenses |
Permanently |
| Loan documents, notes |
Permanently |
| Minute books of directors,
stockholders, bylaws and charter |
Permanently |
| Notes receivable ledgers
& schedules |
7 years |
| Option records (expired) |
7 years |
| OSHA logs |
5 years |
| Patents & related
papers |
Permanently |
| Payroll records, summaries
and tax returns |
7 years |
| Personnel file records-including
applications, pre-employment tests performance appraisals, rate/positon
changes, transfers, promotions, demotions, documentation of
disciplinary actions, & job description (after termination) |
7 years |
| Petty cash vouchers |
3 years |
| Physical inventory tags |
3 years |
| Plant cost legers |
7 years |
| Property
appraisals by outside appraisers |
Permanently |
| Property records, including
costs, depreciation reserves, year-end trial balances,
depreciation schedules, blueprints, and plans |
Permanently |
| Purchase orders(purchasing
dept. copy only) |
7 years |
| Receiving sheets |
1 year |
| Safety records |
6 years |
| Sales commission reports |
3 years |
| Sales records |
7 years |
| Scrap & salvage
records(inventories,sales,etc.) |
7 years |
| Stock and bond certificates
(canceled) |
7 years |
| Subsidiary ledgers |
7 years |
| Tax returns, revenue
agents' reports, and other documents relating to determination of
income tax liability |
Permanently |
| Time cards and daily
reports |
7 years |
| Trademark registrations,
patents and copyrights |
Permanently |
| Training manuals |
Permanently |
| Union Agreements |
Permanently |
| Voucher register and
schedules |
7 years |
Vouchers for payments to
vendors, employees,etc.
(includes allowances and reimbursements of employees, officers,
etc., for travel and entertainment expenses) |
7 years |
| W-4 forms |
7 years |
| Workmans' comp. Documents |
11 years |
