Record Retention Guidelines

Type of Record: Retain:
Accident reports and claims on settled cases 7 Years
Accounts payable ledgers and schedules 7 Years
Accounts receivable ledgers and schedules 7 Years
Audit reports of accountants Permanently
Bank reconciliations 1 Year
Capital stock issuance/transfer ledgers Permanently
Cash books Permanently
Chart of accounts Permanently
Checks (cancelled) – see exceptions 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) 7 Years
Contracts and leases still in effect Permanently
Correspondence (routine) with customers or vendor 1 Year
Correspondence (general) 3 Years
Correspondence (legal and important matters only) Permanently
Deeds, mortgages, and bills of sale Permanently
Deposit slips (duplicates) 1 Year
Depreciation schedules Permanently
Employee personnel records (after termination) 3 Years
Employment applications 3 Years
Expense analysis and distribution schedules 7 Years
Financial statements Permanently
General and private ledgers (and end-of-year trial balances) Permanently
Insurance policies (expired) 3 Years
Insurance records, policies and reports related to claims Permanently
Internal audit reports (in some situations, longer retention periods may be desirable) 3 Years
Inventory reports of products, materials and supplies 7 Years
Invoice to customers 7 Years
Invoice to vendors 7 Years
Minutes books of directors and stockholders including by-laws and charter Permanently
Notes receivable ledgers and schedules 7 Years
Payroll records, including pension payments 7 Years
Petty cash vouchers 3 Years
Physical inventory tags 3 Years
Property appraisals by outside appraisers Permanently
Property records including costs, depreciation reserves, end-of-year trial balances, depreciation schedules, blueprints and plans Permanently
Purchase orders (issued by purchasing dept) 7 Years
Receiving sheets 1 Year
Sales records 7 Years
Scraps and salvage records (inventories, sales, etc.) 7 Years
Stenographer’s notebook 1 Year
Stock and bond certificates (cancelled) 7 Years
Stockroom withdrawal forms 1 Year
Subsidiary ledgers 7 Years
Tax returns and worksheets, revenue agents’ reports and other documents relating to determination of income tax liability Permanently
Trade mark registrations Permanently
Voucher registers and vouchers for payments to vendors, employees, etc. (includes reimbursements to employees, officers, etc. for travel and entertainment expenses) 7 Years