Record Retention
List

Record Retention

It is probably the most asked question that we get, "How long do I keep ......." Here is the answer: "It depends"! So see the following schedule for how long you need to keep those old tax returns and other information. RECORDS RETENTION SCHEDULE Type of Records Retention Period Accident reports and claims 7 years Accounts payable ledgers and schedules 7 years Account receivable ledgers and schedules 7 years Audit reports of accountants Permanently Bank reconciliation’s 1 year Capital stock and bonds records (ledgers, transfer registers, stubs showing issues, interest coupon records, option) Permanently   Cash books Permanently Charts of accounts Permanently Checks (for important payments) canceled (taxes, property purchases, special contracts-filed with transaction papers) Permanently Checks (for general payments) canceled 7 years Contracts and leases (still in effect) Permanently Contracts and leases (expired) 7 years Correspondence – Legal, Important matters 3 years Correspondence – General 3 years Correspondence – with Customers, Vendors 1 year Deeds, mortgages, and bills of sale Permanently Depreciation schedules 1 year Duplicate deposit slips 1 year Employee personnel records (after termination) 3 years Employment applications 3 years Expense analyses and expense distribution schedules 7 years Financial Statements (end-of year, other months optional) Permanently Freight drafts, bills and claims 5 years Garnishments (after termination) 3 years General and private ledgers (and end-of – year trial balances Permanently Insurance policies (expired) 3 years Insurance records, current accident records , Claims, policies, etc. Permanently Internal audit reports 3 years Internal reports (miscellaneous) 3 years Inventory records (product, materials and supplies) 7 years Invoices to customers 7 years Invoices from vendors 7 years Journals Permanently Labor records:     Daily Time reports 5 years Disability claims 7 years Earnings records 7 years Employee service records 7 years Pay checks 7 years Personnel files 7 years Salary and wage rate changes 7 years Salary receipts 7 years Time cards, tickets and clock records 5 years Unemployment claims 7 years Withholdings exemption certificates 7 years Workers compensation reports 10 years Leases 7 years Ledgers and journals:   Customer journals 7 years General Journals 10 years Plant Ledger Permanently Royalty journals 10 years Licenses 1 year