|
|
Retention
Period
|
|
Retention
Period
|
|
Accident reports & claims (settled cases)
|
7 yrs.
|
Invoices to customers
|
7 yrs
|
|
Accounts payable ledgers and schedules
|
7 yrs.
|
Invoices from vendors
|
7 yrs
|
|
Accounts receivable ledgers and schedules
|
7 yrs
|
Journals
|
Permanently
|
|
Audit reports of accountants
|
Permanently
|
Minute books of directors and stockholder, including by-laws and charter
|
Permanently
|
|
Bank reconciliation
|
1 yr.
|
Notes receivable ledgers and schedules
|
7 yrs
|
|
Capital stock and bond records; ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc.
|
Permanently
|
Option records (expired)
|
7 yrs
|
|
Cash books
|
Permanently
|
Payroll records and summaries, including payments to pensioners
|
7 yrs
|
|
Charts of accounts
|
Permanently
|
Petty cash vouchers
|
3 yrs.
|
|
Checks (canceled but see exception below)
|
7 yrs.
|
Physical inventory tags
|
3 yrs.
|
|
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
|
Plant cost ledgers
|
7 yrs
|
|
Contracts and leases (expired)
|
7 yrs.
|
property appraisals by outside appraisers
|
Permanently
|
|
Contracts and leases still in effect
|
Permanently
|
Property records -including costs, depreciations reserves, end-of-year trail balances, depreciation schedules, blueprints and plans
|
Permanently
|
|
Correspondence (routine) with customers or vendors
|
1 yr.
|
Purchase orders (except purchasing department copy)
|
1 yr.
|
|
Correspondence (general)
|
3 yrs.
|
Purchase orders (purchasing department copy)
|
7 yrs
|
|
Correspondence (legal and important matters only)
|
Permanently
|
Receiving sheets
|
1 yr.
|
|
Deeds, mortgages, and bills of sale
|
Permanently
|
Requisitions
|
1 yr.
|
|
Depreciation schedules
|
Permanently
|
Sales records
|
7 yrs
|
|
Duplicate deposit slips
|
1 yr.
|
Savings bond registration records of employees
|
3 yrs.
|
|
Employee personnel records (after termination)
|
3 yrs.
|
Scrap and salvage records (inventories, sales, etc.)
|
7 yrs.
|
|
Employment applications
|
3 yrs.
|
Stenographer's notebooks
|
1 yr.
|
|
Expense analyses and expense distribution schedules
|
7 yrs.
|
Stock and bond certificates (canceled)
|
7 yrs
|
|
Financial statements (end-of-year, other months optional)
|
Permanently
|
Stockroom withdrawal forms
|
1 yr.
|
|
General and private ledgers (and end-of-year trial balances)
|
Permanently
|
Subsidiary ledgers
|
7 yrs
|
|
Insurance policies (expired)
|
3 yrs.
|
Tax returns and worksheets, revenue agents' reports and other documents relating to determination of income tax liability
|
Permanently
|
|
Insurance records, current accident reports, claims, policies, etc.
|
Permanently
|
Time books
|
7 yrs
|
|
Internal audit reports (in some situations, longer retention periods may be desirable)
|
3 yrs.
|
Trade mark registrations
|
Permanently
|
|
Internal reports (miscellaneous)
|
3 yrs.
|
Voucher register and schedules
|
7 yrs
|
|
Inventories of products, materials and supplies
|
3 yrs.
|
Vouchers for payments to vendors employees, etc. (includes allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses)
|
7 yrs
|
