Note: The following document retention recommendations are general guidelines only, and are not intended to be relied upon solely for individuals or businesses, as statutory guidelines may change or vary depending on locale. Please contact us or your legal advisor to implement a retention plan that meets your personal or business needs.
TYPE OF RECORD
PERIOD
TYPE OF RECORD
PERIOD
Accident reports & claims
7 years
Accounts payable ledgers
7 years
Accounts receivable ledger
7 years
Audit reports
Permanent
Bank reconciliations
1 year
Bank statements
7 years
Canceled checks-important
Permanent
Canceled checks-other
7 years
Capital stock and bond records
Permanent
Cash books
Permanent
Charts of accounts
Permanent
Contracts & leases-expired
7 years
Contracts & leases in effect
Permanent
Correspondence- Customers & vendors
1 year
Correspondence-general
3 years
Correspondence-legal
Permanent
Deeds,mortgages and bills of sale
Permanent
Depreciation schedules
Permanent
Duplicate deposit slips
3 years
Employee personnel records after termination
3 years
Employee benefit plan records
7 years
Employment applications
3 years
Expense analysis & distribution schedules
7 years
Year end
Permanent
Financial statements-other
7 years
General ledgers & trial balances-year end
Permanent
Inherited property records & valuations
Permanent
Insurance policies-expired
3 years
Insurance records
Permanent
Insurance audit reports
Permanent
Internal reports
3 years
Inventory records
7 years
Invoices to customers
7 years
Invoices from vendors
7 years
Journals
Permanent
Low-income housing records
7 years
Minute books of directors & stockholders
Permanent
Notes rceivable ledgers
7 years
Option records
7 years
Payroll records
7 years
Petty cash vouchers
3 years
Physical inventory tags
3 years
Property appraisals
Permanent
Property records
Permanent
Purchase orders
7 years
Receiving sheets
3 years
Requisitions
1 year
Sales records
7 years
Savings bond records-employees
3 years
Scrap & salvage records
7 years
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