Need to know how long to keep your records?
Record | Retention Period |
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 | Permanently |
Cash books | Permanently |
Charts of accounts | Permanently |
Checks (canceled-see exception below) | 7 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 (expired) | 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 analyses/expense distribution schedules | 7 years |
Financial statements | Permanently |
Garnishments | 7 years |
General/private ledgers, year-end trial balances | 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 |
Inventories of products, materials, and supplies | 7 years |
Invoice (to customers, from vendors) | Permanently |
Journals | 7 years |
Magnetic tape and tab cards | 7 years |
Minute books of directors, stockholders bylaws and charter | Permanently |
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 | 7 years |
Receiving sheets | 1 year |
Retirement and pension records | Permanently |
Requisitions | 1 year |
Sales commission reports | 3 years |
Sales records | 7 years |
Sales Invoices | 7 years |
Scrap and salvage records (inventories, sales, etc) | 7 years |
Stenographers’ notebook | 7 years |
Stock and bond certificates (canceled) | 7 years |
Stockroom withdrawal forms | 7 years |
Subsidiary ledgers | 7 years |
Tax returns and worksheets, revenue agents’ reports, and other documents relating to determination of income tax liability | 7 years |
Time books/cards | 7 years |
Trademark registrations and copyrights | 7 years |
Training manuals | 7 years |
Union agreements | 7 years |
Voucher register and schedules | 7 years |
Vouchers for payments to vendors, employees etc. (includes allowances and reimbursement of employees, officers, etc. for travel and entertainment expenses) | 7 years |
Withholding tax statements | 7 years |