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

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


(c)2001-06 Fraser CPA - Last Updated 05/01/2006

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