Record Retention Schedule

General Guidelines Retention Period
Accident reports claims (settled cases)
7 years
Accounts payable ledgers an schedules
7 years
Accounts receivable ledgers and schedules
7 years
Audit reports of accountants
Permanently
Bank statements
3 years
Capitol 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 (canceled but see exception below)
3 years
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 and leases (expired)
Permanently
Contracts and leases still in effect
Permanently
Correspondence (routine) with customers or vendors
1 year
Correspondence (general)
3 years
Correspondence (legal and important matters only)
Permanently
Deeds, mortgage and bills of sale
Permanently
Depreciation schedules
Permanently
Duplicate deposit slips
1 year
Employee personnel records (after termination)
3 years
Employment applications
3 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 yeas
Insurance records, current accident reports, claims, policies, etc.
Permanently
Internal repots (miscellaneous)
3 years
Inventories of products, materials and supplies
7 years
Invoices to customers
7 years
Invoices from vendors
7 years
Journals
Permanently
Legal correspondence
Permanently
Minute books of directors and stockholders, including bylaws and charter
Permanently
Payroll records, summaries and tax returns
7 years
Petty cash vouchers
3 years
Property records – including costs, depreciation schedules, blueprints and plans
Permanently
Purchase orders (except purchasing departments copy)
3 years
Receiving sheets
1year
Safety records
6 years
Sales records
7 years
Scrap and salvage records (inventories, sales, etc.)
7 years
Stock and bond certificates (canceled)
7 years
Subsidiary ledgers
7 years
Tax returns and worksheets, revenue agents reports and other documents relating to determination of income tax liability
Permanently
Time cards and daily reports
7 years
Trademark registration, patents and copyrights
Permanently
Voucher register and schedules
7 years
Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursements of employees, officers, etc., for travel and entertainment expenses)
7 years