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 |