Record Retention Schedule

Record Retention Schedule

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
Cafeteria Plan 7 years
Capital stock and bond records; ledgers, transfer registers stubs showing issues, record of interest coupons, options, etc. Permanently
Cash books Permanently
Chart of accounts Permanently
Checks (canceled - see exception below) 3 years
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
Contracts, mortgages, notes and leases 7 years
Correspondence (general) 2 years
Correspondence (legal and important matters only Permanently
Depreciation schedules Permanently
Duplicate deposit slips 2 years
Employment applications 3 years
Expense analyses/expense distribution schedules 3 years
Financial statements (year-end) 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. 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 5 years
Invoice from vendors 3 years
Journals Permanently
Minute books of directors, stockholders, bylaws, and charter Permanently
Notes receivable ledgers and schedules 3 years
Payroll records and summaries 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, Permanently
Purchase orders 3 years
Retirement and pension records Permanently
Sales commission reports 3 years
Sales records 3 years
Scrap and salvage records (inventories, sales, etc.) 7 years
Stock and bond certificates (canceled) 7 years
Subsidiary ledgers 7 years
Tax returns and worksheets, revenue agents' reports, and other documents relating to determination Permanently
Time books/cards 7 years
Trademark registrations and copyrights Permanently
Training manuals Permanently
Voucher register and schedules 3 years
Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc. for travel and entertainment expenses) 3 years
Withholding tax statements 7 years
Work In Process reports 5 years