General Retention Schedule for Business RecordsAre you wondering how long you should retain business records. Below is a guide: Accident Reports/ Claims (Settled Cases) -- 7 Years Accounts Payable Ledgers and Schedules -- 7 Years Accounts Receivable Ledgers and Schedules -- 8 Years Audit Reports -- Permanently Bank Statements -- 7 Years Capital Stock and Bond Records -- Permanently Ledgers, Transfer Registers, Stubs Showing Issues, Charts of Accounts -- Permanently Checks (Cancelled Checks for Important Payments, Special Contracts, Purchase of Assets, Payment of Taxes, Etc.) Checks should be filed with the papers Pertaining to the underlying transaction -- Permanently Checks (Cancelled except those noted above) -- 7 Years Contracts and Leases (Expired) -- 7 Years Contracts and Leases Still In Effect -- Permanently Correspondence, General and Schedules -- 2 Years Correspondence, Legal and Important Letters -- Permanently Correspondence, Routine with Customers/Vendors -- 2 Years Deeds, Mortgages and Bills of Sale -- Permanently Depreciation Schedules -- Permanently Employee Personal Records (After Termination) -- 10 Years Employment Applications -- 3 Years Financial Statements (Year-end, Other months optional) -- Permanently General Ledgers, Year-end Trial Balances -- 7 Years Insurance Records, Policies, Etc. -- Permanently Internal Audit Reports -- 7 Years Inventory Records -- 7 Years Invoices to Customers or From Vendors -- 7 Years IRA and Keogh Plan Contributions, Rollovers, Transfers and Distribution -- Permanently Minute Books of Directors, Stockholders, Bylaws and Charter -- Permanently Payroll Records, Summaries and Tax Returns -- 7 Years Petty Cash Vouchers -- 7 Years Property Records, Including Cost, Depreciation Reserves, Year-end Trial Balances, Depreciation Schedules, Blueprints, and Plans -- Permanently Purchase Orders -- 7 Years Receivables Records -- 7 Years Safety Records -- 10 Years Sales Records -- 7 Years Stock and Bond Certificates (Cancelled) -- Permanently Subsidiary Ledgers -- 7 Years Tax Returns, Revenue Agents’ Reports, and Other Documents -- Permanently Time Cards and Daily Reports -- 7 Years Trademark Registrations, Patents, and Copyrights -- Permanently Voucher Register and Schedules -- 7 Years Vouchers for Payments to Ventors, Employees, etc. (Includes Allowances and Reimbursements of Employees, Officers, etc., for Travel and Entertainment Expenses -- 7 Years The information contained in the above schedule is merely a guide. You are urged to consult your company’s accounting and legal consultants to review and approve your final schedule. Document Service Company Phone: 419-422-3330 Document Service Company is a division of Findlay's Tall Timbers Distribution Center, Inc. |