| 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 |
