Retention Period |
|
|---|---|
| Accident reports and claims (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 and 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) |
7 years |
| Contracts and leases still in effect |
Permanently |
| Correspondence (routine) with customers or vendors (non-email) |
1 year |
| Correspondence (general) (non-email) |
3 years |
| Correspondence (legal and important matters only) (non-email) |
Permanently |
| Deeds, mortgages, and bills of sale |
Permanently |
| Depreciation schedules |
Permanently |
| 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 |
| General and private ledgers (and end-of-year trial balances) |
Permanently |
| Insurance policies (expired) |
3 years |
| Insurance records, current accident reports, claims, policies, etc. |
Permanently |
| Intellectual property/trade secrets |
Permanently |
| Internal audit reports (in some situations, longer retention periods may be desirable) |
3 years |
| Internal reports (miscellaneous) |
3 years |
| Inventories of products, materials, and supplies |
7 years |
| Invoices to customers |
7 years |
| Invoices from vendors |
7 years |
| Journals |
Permanently |
| Legal documents |
Consult with |
| Marketing documents |
3 years |
| Minute books of directors and stockholders, including by-laws and charter |
Permanently |
| Notes receivable ledgers and schedules |
7 years |
| Option records (expired) |
7 years |
| Payroll records and summaries, including payments to pensioners |
7 years |
| Petty cash vouchers |
3 years |
| Physical inventory tags |
3 years |
| Plant cost ledgers |
7 years |
| Press releases and publicly filed documents |
Permanently |
| 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 (except purchasing department copy) |
1 year |
| Receiving sheets |
1 year |
| Requisitions |
1 year |
| Sales records |
7 years |
| Savings bond registration records of employees |
3 years |
| Scrap and salvage records (inventories, sales, etc.) |
7 years |
| Stenographer’s notebooks |
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 |
| Time books |
7 years |
| Trade mark registrations |
Permanently |
| Voucher register and schedules |
7 years |
| Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses) |
7 years |
Call us 302-737-6200 | Pay My Bill
