Record Management
The Information Listed Below Should Only Be Used As Guide to Document Retention.
Retention Schedules May Vary According To Laws Concerning Your Individual Business.
| Accident reports/claims (settled cases) |
7 years |
|
| Accounts payable: invoices, ledgers, and schedules |
4 years |
|
| Actuarial reports |
Permanently |
|
| Articles of incorporation |
Permanently |
|
| Audit reports |
Permanently |
|
| Bank reconciliations |
4 years |
|
| Bank statements |
4 years |
|
| Bills of lading |
3 years |
|
| Budgets – projections |
2 years |
|
| Bylaws |
Permanently |
|
| Capital stock and bond records: ledgers, transfer registers, stubs coupons, options, etc. |
Permanently |
|
| Cash books |
Permanently |
|
| Chart of accounts |
Permanently |
|
| Checks (canceled – see exception below) |
4 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, mortgages, notes and leases (expired) |
4 years |
|
| Copyrights/trademarks |
Permanently |
|
| Correspondence (general) |
2 years |
|
| Correspondence (legal and important matters only ) |
Permanently |
|
| Correspondence (routine) with customers and/or vendors |
2 years |
|
| Deeds, mortgages, and bills of sale |
Permanently |
|
| Depreciation schedules |
Permanently |
|
| Directives – exclusive |
Permanently |
|
| Duplicate deposit slips |
2 years |
|
| Employee expense records |
3 years |
|
| Employment applications |
2 years |
|
| Expense analysis/expense distribution schedules |
4 years |
|
| Expense reports |
4 years |
|
| Financial statements (year end) |
Permanently |
|
| Freight bills |
3 years |
|
| Garnishments |
7 years |
|
| General/private ledgers, year-end trial balance |
Permanently |
|
| IRS determination/ approval letters |
Permanently |
|
| Insurance policies (expired) |
3 years |
|
| Insurance records, current accident reports, claims, policies, etc. |
Permanently |
|
| Internal audit reports (longer retention periods may be desirable) |
3 years |
|
| Internal reports (miscellaneous) |
3 years |
|
| Inventories of products, materials and supplies |
4 years |
|
| Invoices for property |
Permanently |
|
| Journals – all types |
Permanently |
|
| Minute books of directors, stockholders, bylaws, and charter |
Permanently |
|
| Notes receivable ledgers and schedules |
4 years |
|
| Note register |
Permanently |
|
| Option records (expired) |
7 years |
|
| Patents and related papers |
Permanently |
|
| Payroll records and summaries |
7 years |
|
| Pension/profit sharing plan/ trust documents |
Permanently |
|
| Personnel files (terminated) |
7 years |
|
| Petty cash vouchers |
3 years |
|
| Plant cost ledgers |
4 years |
|
| Procedure records |
Permanently |
|
| Property appraisals by outside appraisers |
Permanently |
|
| Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints, and plans |
Permanently |
|
| Purchase invoices |
4 years |
|
| Purchase orders (except purchasing department copy) |
1 year |
|
| Purchase orders (purchasing department copy) |
4 years |
|
| Receiving sheets |
1 year |
|
| Retirement and pension records |
Permanently |
|
| Requisitions |
1 year |
|
| Sales Commission reports |
3 years |
|
| Sales invoices |
4 years |
|
| Sales records |
4 years |
|
| Scrap and salvage records (inventories, sales, etc.) |
4 years |
|
| Stenographers’ notebooks |
1 year |
|
| Stockroom withdrawal forms |
1 year |
|
Subsidiary ledgers  |
4 years |
|
| System records |
4 years |
|
| Tax returns and worksheets, revenue agents’ reports, and other documents relating to determination of income tax liability |
Permanently |
|
| Time books/cards |
7 years |
|
| Trademark registrations and copyrights |
Permanently |
|
| Training manuals |
Permanently |
|
| Union agreements |
Permanently |
|
| Voucher register and schedules |
4 years |
|
| Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursements) |
4 years |
|
| Withholding tax statements |
7 years |
