Accounting | Bank | Corporate | Employee | Real Property

ACCOUNTING RECORDS

RETENTION PERIOD


Accounts Payable ledgers and schedules			7 Years
Accounts Receivable ledgers and schedules			7 Years
Cash Books			Permanently
Charts of accounts			Permanently
Depreciation schedules			Permanently
Expense Analyses/Expense distribution schedules			7 Years
Financial statements (year-end, other optional)			Permanently
General/Private ledgers, year-end trial balance			Permanently
Internal audit reports (longer retention periods may be desirable)			3 Years
Inventories of products, materials, and supplies			7 Years
Invoices (to customers, from vendors)			7 Years
Journals			Permanently
Notes receivable ledgers and schedules			7 Years
Payroll records and summaries			7 Years
Petty cash vouchers			3 Years
Physical inventory tags			7 Years
Plant cost ledgers			7 Years
Purchase orders (except purchasing department copy)			1 Year
Purchase orders (purchasing department copy)			7 Years
Receiving sheets			1 Year
Retirement and pension records			Permanently
Scrap and salvage records (inventories, sales, etc.)			7 Years
Stenographers' notebooks			1 Year
Subsidary ledgers			7 Years
Tax returns and worksheets, revenue agents' reports and other documents relating to determination of income tax liability			Permanently
Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses)			7 Years
Witholding tax statements			7 Years

BANK RECORDS

RETENTION PERIOD


Bank reconciliation			2 Years
Bank statements			3 Years
Checks (canceled--see exception below)			7 Years
Check (canceled for important paments, i.e. taxes, purchass of property special contracts, etc. Check should be filed with the papers pertaining to the underlying transaction)			Permanently
Duplicate deposit slips			2 Years

CORPORATE RECORDS

RETENTION PERIOD


Accident reports/claims (settled cases)			7 Years
Capital stock andbond records: ledgers, transfer registers, stubs showing issues, records of interest coupons, option, etc.			Permanently
Contracts, mortgages, notes, and leases (expired)			7 Years
Contracts, mortgages, notes, and leases (still if effect)			Permanently
Correspondence (general)			2 Years
Correspondence (legal and important matters only)			Permanently
Correspondence (routine) with customers and/or vendors			2 Years
Insurance policies			3 Years
Insurance records, current accident reports, claims, policies, etc.			Permanently
Internal reports (miscellaneous)			3 Years
Magnetic tape and tab cards			1 Year
Minute books of directors, stockholders, bylaws, and charter			Permanently
Patents and related papers			Permanently
Requisitions			1 Year
Sales records			7 Years
Stock and bond certificates (canceled)			7 Years
Stockroom withdrawal forms			1 Year
Trademark registrations and copyrights			Permanently
Training manuals			Permanently

EMPLOYEE RECORDS

RETENTION PERIOD

REAL PROPERTY RECORDS

RETENTION PERIOD


Deeds, mortgages, and bills of sale			Permanently
Property appraisals by outside appraisers			Permanently
Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints, and plans			Permanently