Records Retention Schedules

Accident reports/claims (settled cases) - 7 yrs.

Accounts payable ledgers & schedules - 7 yrs.

Accounts receivable ledgers & schedules - 7 yrs.

Audit reports -  Permanently

Bank reconciliations - 2 yrs.

Bank statements - 3 yrs.

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 (canceled – see exception below) - 7 yrs.

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, & leases (expired) - 7 yrs.

Contracts, mortgages, notes, & leases (still in effect) - Permanently

Correspondence (general) - 2 yrs.

Correspondence (legal & important matters only) - Permanently

Correspondence (routine) with customers and/or vendors - 2 yrs.

Deeds, mortgages, & bills of sale - Permanently

Depreciation schedules - Permanently

Duplicate deposit slips - 2 yrs.

Employment applications - 3 yrs.

Expense analyses/expense distribution schedules - 7 yrs.

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

Garnishments - 7 yrs.

General/private ledgers, year-end trial balance - Permanently

Insurance policies (expired) - 3 yrs.

Insurance records, current accident reports, claims, policies, etc - Permanently

Internal audit reports (longer retention periods may be desirable) - 3 yrs.

Internal reports (miscellaneous) - 3 yrs.

Inventories of products, materials, and supplies - 7 yrs.

Invoices (to customers, from vendors) - 7 yrs.

Journals - .Permanently

Minute books of directors, stockholders, bylaws, and Charter - Permanently

Notes receivable ledgers & schedules - 7 yrs.

Option records (expired) - 7 yrs.

Patents & related papers - Permanently

Payroll records & summaries - 7 yrs.

Personnel files (terminated) - 7 yrs.

Petty cash vouchers - 3 yrs.

Physical inventory tags - 3yrs.

Plant cost ledgers - 7 yrs.

Property appraisals by outside appraisers - Permanently

Property records, including costs, depreciation reserves, 
year-end trial balances, depreciation schedules, blueprints, & plans - Permanently

Purchase orders (except purchasing department copy) - 1 yr.

Purchase orders (purchasing department copy) - 7 yrs.

Receiving sheets - 1 yr.

Retirement & pension records - Permanently

Requisitions - 1 yr.

Sales commission reports - 3 yrs.

Sales records - 7 yrs.

Scrap & salvage records (inventories, sales, etc.) - 7 yrs.

Stenographers’ notebooks - 1 yr.

Stocks & bonds certificates (canceled) - 7 yrs.

Stockroom withdrawal forms - 1 yr.

Subsidiary ledgers - 7 yrs.

Tax returns & worksheets, revenue agents’ reports,

and other documents relating to determination of income tax liability - Permanently

Time books/cards - 7 yrs.

Trademark registrations and copyrights - Permanently

Training manuals - Permanently

Union agreements - Permanently

Voucher register & schedules - 7 yrs.

Vouchers for payments to vendors, employees, etc.

(includes allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses) - 7 yrs.

Withholding tax statements - 7 yrs.

The retention period is the number of years from the date the tax  

return was filed. All material presented is for general information  

only and should not be acted upon without professional assistance.