RECORD RETENTION GUIDE
Accident reports and claims
(settled cases).........................................7 yrs. Accounts payable ledgers and schedules................................................7 yrs. Audit reports of accountants...........Permanently Bank reconciliations...................................3 yrs. Bank statements & deposit slips................6 yrs. Building permits........................................20 yrs. Capital stock and bond records; ledgers, transfer registers, stubs showing issues, record of interest coupons options, etc...................................Permanently Cash books.....................................Permanently Charts of accounts..........................Permanently Checks (cancelled but see exception below).......7 yrs. Checks (cancelled for important payments, i.e. taxes, purchases of property, special contracts, etc. (checks should be filed with the papers pertaining to the underlying transaction).......Permanently Computer data............................................3 yrs. Contracts and leases (expired)..................7 yrs. Contracts and leases still in effect..................................Permanently Correspondence (routine) with customers or vendors..............................2 yrs. Correspondence (general).........................3 yrs. Correspondence (legal and important matters only)................................Permanently Deeds, mortgages, and bills of sale............................Permanently Depreciation schedules...................Permanently Donations...................................................7 yrs. Duplicate deposit slips................................3 yrs. Employee personnel records (after termination).............................................6 yrs. Employment applications...........................3 yrs. Expense analyses and expense distribution schedules..............................7 yrs. Financial statements (end-of-year, other months optional).................Permanently General and private ledgers (and end-of-year trial balances)...........Permanently Insurance policies (expired).......................4 yrs. Insurance records, current accident reports, claims, policies, etc.........Permanently Internal audit reports (in some situations, longer retention periods may be desirable).......................3 yrs. Internal reports (miscellaneous).................3 yrs. Inventories of products, materials and supplies............................................7 yrs. Invoices to customers.................................7 yrs. |
Invoices from vendors................................7 yrs.
Journals..........................................Permanently Licenses..........................................Permanently Minute books of directors and stock-holders, including by-laws and charter...................................Permanently Notes receivable ledgers and schedules.........................................7 yrs. Option records (expired).............................7 yrs. Payroll records and summaries, including payments to pensioners...........7 yrs. Petty cash vouchers...................................3 yrs. Physical inventory tags...............................3 yrs. Plant cost ledgers.......................................7 yrs. Property appraisals by outside appraisers........................Permanently Property records-including costs, depreciation reserves, end-of-year trial balances, depreciation schedules, blueprints and plans.....................Permanently Purchase orders (except purchasing department copy)....................................3 yrs. Purchase orders (purchasing department copy)....................................7 yrs. Receiving sheets........................................4 yrs. Requisitions................................................3 yrs. Retirement plan records..................Permanently Safety records............................................6 yrs. Sales records.............................................7 yrs. Savings bond registration records of employees...........................................3 yrs. Scrap and salvage records (inventories, sales, etc.)...............................................7 yrs. Stenographer’s notebooks.........................2 yrs. Stock and bond certificates (cancelled)......7 yrs. Stockroom withdrawal forms......................3 yrs. Subsidiary ledgers......................................7 yrs. Tax returns and worksheets, revenue agents’ reports and other documents relating to determination of income liability..............................Permanently Time books.................................................7 yrs. Trademark registrations..................Permanently Voucher register and schedules.................7 yrs. Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses...................7 yrs. Withholding tax statements........................7 yrs. Wage garnishments...................................7 yrs. Workers comp reports..............................10 yrs. The retention periods listed are intended as a general guideline only. If you have any questions about destroying any tax or accounting records, please contact us. |