Your circumstances may require that you retain records for a
longer period of time than shown below. This is a general
schedule. Statutes of limitations vary from state to state. Companies should
have record retention policies for their computer
files, word processing and e-mail in addition to the healthy and traditional
ledger and paper documents. Prior to formalizing a
policy, we recommend consulting your attorneys for further information.
| |
Retention Period |
|
Retention Period |
| Accident reports/claims (settled cases) |
7 years |
Minute banks of directors, stockholders, bylaws, and charter |
Permanently |
| Accounts payable ledgers and schedule |
7 years |
Notes receivable ledgers and schedules |
7 years |
| Accounts receivable ledgers and schedules |
7 years |
Option records (expired) |
7 years |
| Audit reports |
Permanently |
Patents and related papers |
Permanently |
| Bank reconciliations |
2 years |
Payroll records and summaries |
7 years |
| Bank statements |
3 years |
Personnel files (terminated) |
7 years |
| Capital stock and bond records: ledgers, transfer registers,
stubs showing issues, record of interest coupons, options, etc. |
Permanently |
Petty cash vouchers |
3 years |
| Cash books |
Permanently |
Physical inventory tags |
3 years |
| Charts of accounts |
Permanently |
Plant cost ledgers |
7 years |
| Checks (canceled-see exception below) |
7 years |
Property appraisals by outside appraisers |
Permanently |
| Checks (canceled 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 |
Property records, including costs, depreciation reserves,
year-end trial balances, depreciation schedules, blueprints, and
plans |
Permanently |
| Contracts, mortgages, notes, and leases |
|
Purchase orders (except purchasing department copy) |
1 years |
| (expired) |
7 years |
|
|
| (still in effect) |
Permanently |
|
|
| Correspondence (general) |
2 years |
Purchase orders (purchasing department copy) |
7 years |
| Correspondence (legal and important matters only) |
Permanently |
Permanently Receiving sheets |
1 year |
| Correspondence (routine) with customers and/or vendors |
2 years |
Retirement and pension records |
Permanently |
| Deeds, mortgages, and bills of sale |
Permanently |
Requisitions |
1 year |
| Depreciation schedules |
Permanently |
Sales commission reports |
3 years |
| Duplicate deposit slips |
2 years |
Sales records |
7 years |
| Employment applications |
3 years |
Scrap and salvage records (inventories, sales, etc.) |
7 years |
| Expense analysis/expense distribution schedules |
7 years |
Stenographers’ notebooks |
1 year |
| Financial statements (year-end, other optional) |
Permanently |
Stock and bond certificates (canceled) |
7 years |
| Garnishments |
7 years |
Stockroom withdrawal forms |
1 year |
| General/private ledgers, year-end trial balance |
Permanently |
Subsidiary ledgers |
7 years |
| Insurance policies (expired) |
3 years |
Tax returns and worksheets, revenue, agents' reports, and other
documents relating to determination of income tax liability |
Permanently |
| Insurance records, current accident reports, claims, policies,
etc. |
Permanently |
Time books/cards |
7 years |
Internal audit reports
(longer retention periods may be desirable) |
3 years |
Trademark registrations and copyrights |
Permanently |
| Internal reports (miscellaneous) |
3 years |
Training manuals |
Permanently |
| Inventories of products, materials, and supplies |
7 years |
Union agreements |
Permanently |
| Invoices (to customers, from vendors) |
7 years |
Voucher register and schedules |
7 years |
| Journals |
Permanently |
Vouchers for payments to vendors, employees, etc.
(includes allowances and reimbursement of employees, officers, etc.,
for travel an entertainment expenses) |
7 years |
| Magnetic tape and tab cards |
1 year |
Withholding tax statements |
7 years |
