Business Records Retention Schedule

Keep Permanently

• Audit reports

• Cash books

• Chart of accounts

• Cancelled checks for important payments (taxes, property purchases)

• Contracts still in effect

• Deeds

• Depreciation schedules

• Financial statements (year end)

• General ledgers and year end trial balances

• Insurance records, claims, policies

• Journals

• Leases still in effect

• Legal correspondence

• Minute books of directors and stockholders

• Property appraisals

• Tax returns, worksheets, revenue agents’ reports

• Trademark registrations and copyrights

• Training manuals

• Workers’ compensation reports and claims

Keep Seven Years

• Accident reports and claims (settled)

• Accounts payable ledgers and schedules

• Accounts receivable ledgers and schedules

• Cancelled checks

• Expense analysis and expense distribution schedules

• Garnishments

• Inventories of products and materials

• Invoices to customers

• Notes receivable ledgers and schedules

• Option records (expired)

• Payroll records

• Purchase orders

• Sales records

• Stock and bond certificates (cancelled)

• Subsidiary ledgers

• Time records

• Voucher register

• Voucher for payments

• Withholding Tax statements

Keep Three Years

• Bank statements and bank reconciliations

• Employment applications

• General correspondence

• Insurance policies (expired)

• Internal reports

• Petty cash vouchers

• Physical inventory tags

• Sales commission reports

• Time cards

Keep Two Years

• Correspondence with customers and vendors

• Duplicate deposit slips

Keep One Year

• Purchase orders (not purchasing department)

• Receiving sheets

• Requisitions

• Stenography notebooks

• Stockroom withdrawal forms

Disclaimer: To be used for guideline purposes only.  Please consult your accountant, tax advisor or legal counsel for additional information.