Posted by: Garcia & Cuadra, PA | July 23, 2012

Record Retention Schedule

The timeframes included in the schedule are estimates, and the actual amount of time can vary according to the content of specific documents or the nature of the business with which they are associated. 

A

Accident reports & claims(settled cases) 7 years
Accounts payable ledgers & schedules 7 years
Accounts receivable ledgers & schedule 7 years
Articles of Incorporation Permanently
Appointment books 3 years
Audit reports of accountants Permanently

B

Bank statements 7 years
Brokerage statements 7 years
Bylaws Permanently

C

Capital stock & bond records: ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc. Permanently
Cash books Permanently
Charts of accounts Permanently
Checks (cancelled but see exception below) 7 years
Checks (cancelled 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 and leases (expired) Permanently
Contracts and leases still in effect Permanently
Copyright registration Permanently
Correspondence (routine) with customers or vendors 1 years
Correspondence (general) 3 years
Correspondence (legal & important) Permanently

D

Deeds, mortgages, and bills of sale Permanently
Depreciation schedules Permanently
Duplicate deposit slips 1 years

E

Employee expense reports 7 years
Employee payroll records 7 years
Employee personnel records (after termination) 3 years
Employment applications 3 years

F

Financial statements (end-of-year, other months optional) Permanently

G

General and private ledgers (and end-of-year trial balances) Permanently

I

Insurance policies (expired) 3 years
Insurance records, current accident reports, claims, policies, etc. Permanently
Internal audit reports Permanently
Internal reports (miscellaneoous) 3 years
Inventories of products, materials, and supplies 7 years
Invoices to customers 5 years
Invoices from vendors 5 years

J

Journals Permanently

L

Legal correspondence Permanently

M

Minute books of directors & stockholders, including bylaws and charter Permanently

N

Notes receivable ledgers & schedules 5 years

P

Patents & related papers Permanently
Payroll records, summaries and tax returns 7 years
Pension/Profit sharing retirement plan tax information, returns, & coorespondence Permanently
Petty cash vouchers 3 years
Property appraisals Permanently
Property records-including costs, depreciation schedules, blueprints and plans Permanently
Purchase orders: Purchasing Department copy 5 years
Other copies 1 years

R

Receiving sheets 1 years

S

Safety records 6 years
Sales records 7 years
Savings bond registration Permanently
Scrap & salvage records (inventories, sales, etc.) 7 years
Stenographers Notebooks 1 years
Stock and bond certificates (cancelled) 7 years
Subsidiary ledgers 7 years

T

Tax returns and worksheets, revenue agents’ reports and other documents relating to determination of income tax liability Permanently
Time cards & daily reports 7 years
Trademark registrations, patents, and copyrights Permanently
Training manuals Permanently

U

Union agreements Permanently

V

Voucher register & schedules 7 years
Voucher for payments to vendors, employees, etc. (includes allowancesand reimbersements of employees, officers, etc., for travel and entertainment expenses) 7 years

We recommend a consultation with a tax professional or financial advisor to help you if you have any question and to make an accurate determination about retaining specific records.

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