|
Item
|
Retention Period
|
|
Accident Reports / claims (settled cases)
|
6 years
|
|
Accounts payable ledgers & schedules
|
10 years
|
|
Accounts receivable ledgers & schedules
|
10 years
|
|
Audit reports
|
permanently
|
|
Bank reconciliations
|
2 years
|
|
Bank statements
|
7 years
|
|
Capital stock and bond records: ledgers, transfer registers, stubs showing issues,record of interest coupons, options, etc.
|
permanently
|
|
Cash books
|
permanently
|
|
Checks (canceled-see exception below)
|
10 years
|
|
Checks (canceled for important payments, i.e. taxes, purchases of property, special contracts, etc. Checks should be filed with paperwork pertaining to the underlying transaction
|
permanently
|
|
Contracts, mortgages, notes, and leases (expired)
|
0 years
|
|
Contracts, mortgages, notes, and leases (still in effect)
|
permanently
|
|
Correspondence (general)
|
1 + years
|
|
Correspondence (legal & important matters only)
|
permanently
|
|
Correspondence (routine) with customers and/or vendors
|
2 years
|
|
Data transmittal (in central processing system)
|
7 years
|
|
Deeds, mortgages, and bills of sale
|
permanently
|
|
Depreciation schedules
|
permanently
|
|
Duplicate deposit slips
|
2 years
|
|
Employment applications
|
(1) nonemployee
(7) after termination
|
|
Expense analyses / expense distribution schedules
|
7 years
|
|
Financial statements (year-end, other optional)
|
permanently
|
|
Garnishments
|
7 years
|
|
General/private ledgers, year-end trial balance
|
permanently
|
|
Insurance policies (expired)
|
3 years
|
|
Insurance records, current accident reports, claims, policies, etc.
|
11 years
|
|
Internal audit reports (longer retention periods may be desirable)
|
3 years
|
|
Internal reports (miscellaneous)
|
3 years
|
|
Inventories of products, materials & supplies
|
7 years
|
|
Invoices (to customers, from vendors)
|
7 years
|
|
Journals
|
permanently
|
|
Minute books of directors, stockholders, bylaws, and charter
|
permanently
|
|
Notes receivables ledgers and schedules
|
7 years
|
|
Option records (expired)
|
7 years
|
|
Patents and related papers
|
permanently
|
|
Payroll records (journals, ledgers, W-2s, 940s, 941s, etc.)
|
permanently
|
|
Payroll data & authorization
|
7 years
|
|
Personnel files (terminated)
|
7 years
|
|
Petty cash vouchers
|
3 years
|
|
Physical inventory tags
|
3 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 year
|
|
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
|
|
Stock and bond certificates (canceled)
|
permanently
|
|
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
|
|
Time books / cards
|
7 years
|
|
Trademark registrations and copyrights
|
permanently
|
|
Training manuals
|
permanently
|
|
Union agreements
|
permanently
|
|
Voucher register and schedules
|
7 years
|
|
Vouchers for payment to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc., for travel & entertainment expenses
|
7 years
|
|
Withholding tax statements
|
6 years
|