Record Retention Schedule

One of our most popular resources is our record retention schedule.  This handy list provides guidelines on how long to keep important files.

We recommend that you consult your attorney or accountant before relying on this document.

 
  • 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 reconciliations — 2 Years

  • Bank statements — 3 Years

  • Capital stock and bond records; ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc. — Permanently

  • Bankruptcy petition and discharge — Permanently

  • Cash books — Permanently

  • Chart of accounts — Permanently

  • Checks (canceled-see exemption below) — 7 Years

  • Checks (canceled for important payments, I.e. taxes, purchases of property, special contracts, etc. Checks should be filled with the papers pertaining to the underlying (transactions) — Permanently

  • Contracts, mortgages, notes, and leases (expired) — 7 Years

  • Contracts, mortgages, notes, and leases (still in effect) — Permanently

  • Correspondence (general) — 2 Years

  • Correspondence (legal and important matters only) — Permanently

  • Correspondence (routine) with customers and/or vendors — 2 Years

  • Deeds, mortgages, and bills of sale — Permanently

  • Depreciation schedules — Permanently

  • Duplicate deposit slips — 2 Years

  • Employment applications — 3 Years

  • Expense analysis / expense distribution schedules — 7 Years

  • Final account statements — Permanently

  • Financial statements (year-end, other optional) — Permanently

  • Garnishments — 7 Years

  • General/private ledgers, year-end trail balance — Permanently

  • Home improvement receipts — Until Sale of Home

  • Insurance policies (expired) — 3 years

  • Insurance records, current accident reports, claims, policies, etc. — Permanently

  • Internal audit reports (longer retention periods may be desirable) — 3 Years

  • Internal reports (miscellaneous) — 3 years

  • Inventories of products, materials, and supplies — 7 Years

  • Invoices (to customers, from vendors) — 7 Years

  • Journals — Permanently

  • Magnetic tape and tab cards — 1 Year

  • New-car sticker, original paperwork and repair receipts — 7 Years

  • Notes receivable ledgers, and schedules — 7 Years

  • Option records (expired) — 7 Years

  • Patents and related papers — Permanently

  • Payroll records and summaries — 7 Years

  • Personnel files (terminated) — 7 Years

  • Petty cash vouchers — 3 Years

  • Physical inventory tags — 3 Years

  • Plant cost ledgers — 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 (except purchasing department copy) — 1 Year

  • Purchase orders (purchasing department copy) — 7 Years

  • Receiving sheets — 1 Years

  • Retirement and pension records — Permanently

  • Requisitions — 1 Year

  • Sales commission reports — 3 Years

  • Sales records — 7 Years

  • Scrap and salvage records (inventories, sales, etc.) — 7 Years

  • Stenographer’s notebooks — 1 Year

  • Stock and bond certificates (canceled) — 7 Years

  • Stockroom withdrawal forms — 1 Year

  • Subsidiary ledgers — 7 Years

  • Tax returns and worksheets, revenue agents’ reports, and other documents relating to determination of income tax liability — Permanently

  • Tax return supporting documents — 7 Years

  • Time books/cards — 7 Years

  • Trademark and copyrights registrations — Permanently

  • Training manuals — Permanently

  • Union agreements — Permanently

  • Vouchers register and schedules — 7 Years

  • Vouchers for payment to vendors, employees, etc. (including allowances and reimbursement of employees, officers,etc., for travel and entertainment expenses) — 7 Years

  • Withholding tax statements — 7 Years

 

Chaos to Order does not represent the accuracy or reliability of the information provided. Consult with your attorney or accountant to determine what is appropriate for you.

You acknowledge and agree that any reliance upon the information contained in this document shall be at your sole risk.

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