Record Retention Guide: What You Need to Keep

September 16th, 2009 | Author: Linda Silva

What records do you need to keep and for how long? This matrix shows you.

Item	Retention Period	Item	Retention Period
Accident reports/claims (settled cases)	7 years	Journals	Permanently
Accounts payable ledgers and schedules	7 years	Minute books of directors, stockholders, bylaws, and charter	Permanently
Accounts receivable ledgers and schedules	7 years	Notes receivable ledges and schedules	7 years
Audit reports	Permanently	Option records-expired	7 years
Backup of computer data	1 year	Patents and related papers	Permanently
Bank reconciliations	3 years	Payroll records and summaries	7 years
Bank statements	3 years	Personnel files-former employees	7 years
Capital stock and bonds records; ledgers, transfer registers, stubs showing issues, records of interest coupons, options, etc.	Permanently	Petty cash vouchers	3 years
Cash books	Permanently	Physical inventory tags	3 years
Charts of accounts	Permanently	Plant cost ledgers	7 years
Checks-cancelled (see exception below)	7 years	Property appraisals by outside appraisers	Permanently
Checks-cancelled (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	Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules. Blueprints, and plans	Permanently
Contracts, mortgages, notes, and leases-expired	7 years	Purchase orders-except purchasing department copy	1 year
Contracts, mortgages, notes, and leases still in effect	While in effect	Purchase orders-purchasing department copy	7 years
Correspondence-general	2 years	Receiving sheets	1 year
Correspondence-legal and important matters only	Permanently	Retirement and pension records	Permanently
Correspondence-routine (customers and vendors)	2 years	Requisitions	1 year
Deeds, mortgages, and bills of sale	Permanently	Sales commission reports	3 years
Depreciation schedules	Permanently	Sales records	7 years
Duplicate deposit slips	2 years	Scrap and salvage records (inventories, sales, etc.)	7 years
Employee manuals	Permanently	Stock and bond certificates-cancelled	7 years
Employment applications	3 years	Stockroom withdrawal forms	1 year
Expense analyses/expense distribution schedules	7 years	Subsidiary ledgers	7 years
Financial statements-year-end	Permanently	Tax returns and worksheets, revenue agents’ reports, and other documents relating to determination of income tax liability	Permanently
Garnishments	7 years	Time cards/records	7 years
General/private ledgers, year-end trial balance	Permanently	Trademark registrations and copyrights	Permanently
Insurance policies-expired	3 years	Training manuals	Permanently
Insurance records, current accident reports, claims, policies, etc.	Permanently	Union agreements	Permanently
Internal audit reports (longer retention periods may be desirable)	3 years	Voucher register and schedules	7 years
Internal reports-miscellaneous	3 years	Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc. for travel and entertainment expenses)	7 years
Inventories of products, materials, and supplies	7 years	Withholding tax statements	7 years

Be Sociable, Share!

Tweet