RESOURCES

Record Keeping

 

 

Records Retention Guide:

 

Record

Retain

Accident report/claims (settled cases)

7 years

Accounts payable ledgers and schedules

7 years

Accounts receivables ledgers and schedules

7 years

Audit Reports

Permanently

Bank Reconciliations

2 years

Bank Statements

7 years

Cash Books

Permanently

Checks (canceled-see exception below)

7 years

Check (canceled for important payments, ie.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

7 Years

• Still in effect

Permanently

Correspondence (general)

2 years

Correspondence (legal and important matters only)

Permanently

Correspondence (routine with customers and/or vendors)

2 years

Deeds, mortgages, bills of sale

Permanently

Duplicate Deposit Slips

7 years

Expense Analysis/Expenses distribution schedules

7 years

Financial Statements (year-end, other optional)

Permanently

General/private ledgers, year-end trial balances)

Permanently

Insurance Policies (expired)

3 years

Insurance Records, current accident reports, claims,

policies, etc.

Permanently

Inventories of products, materials and supplies

At least 4 years

Invoices (to customer/from vendors)

7 years

Journals

Permanently

Notes receivables ledgers and schedules

7 years

Payroll records and summaries

At least 4 years

Personnel files (terminated)

7 years

Petty cash vouchers

3 years

Property Appraisals by outside appraisers

Permanently

Property records, including costs, depreciation schedules,

blueprints, plans)

Permanently

Purchase Orders

7 years

Receiving Sheets

1 year

Retirement records

Permanently

Tax Returns and worksheets, revenue agents reports, and other documents

relating to determination of income tax liability

7 years

Trademark Registrations & Copyrights

Permanently

Withholding tax Statements

7 years