Record Retention

Suggested record retention schedule:

Accident reports/claims 7 years
Accounts payable ledgers and schedules 7 years
Accident reports/claims 7 years
Accounts receivable ledgers and schedules 7 years
Audit reports Permanently
Bank reconciliations 2 years
Bank statements 7 years
Capital stock and bond records Permanently
Cash books Permanently
Chart of accounts Permanently
Cancelled checks Permanently
Contracts, mortgages, notes and leases (expired) 7 years
Correspondence (general) 3 years
Correspondence (legal and important matters) Permanently
Depreciation schedules Permanently
Duplicate deposit slips 2 years
Employment applications 3 years
Expense analyses/expense distribution schedules 7 years
Financial statements (year-end) Permanently
Garnishments 7 years
General/private ledgers, year-end trial balance Permanently
Insurance policies (expired) 3 years
Insurance records, current accident reports, claims, policies, etc. Permanently
Internal audit reports 3 years
Internal reports (miscellaneous) 3 years
Inventories of products, materials and supplies 7 years
Invoices (to customers, from vendors) 7 years
Journals Permanently
Minute books of directors, stockholders, bylaws, and charter Permanently
Notes receivable ledgers and schedules 7 years
Payroll records and summaries 7 years
Personnel files (terminated) 7 years
Physical inventory tags 3 years
Property appraisals by outside appraisers Permanently
Property records Permanently
Purchase orders 7 years
Retirement and pension records Permanently
Sales commission reports 3 years
Sales records 7 years
Scrap and salvage records 7 years
Stock and bond certificates (canceled) 7 years
Subsidiary ledgers 7 years
Tax returns and worksheets Permanently
Time books/cards 7 years
Trademark registrations and copyrights Permanently
Training manuals Permanently
Voucher register and schedules 7 years
Vouchers for payments 7 years
Withholding tax statements 7 years