Business Records To Keep For One Year

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• Correspondence with Customers and Vendors

• Duplicate Deposit Slips

• Purchase Orders (other than Purchasing Department copy)

• Receiving Sheets

• Requisitions

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Business Records To Keep For Three Years

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• Employee Personnel Records (after termination)

• Employment Applications

• Expired Insurance Policies

• General Correspondence

• Internal Audit Reports

• Internal Reports

• Petty Cash Vouchers

• Physical Inventory Tags

• Time Cards For Hourly Employees

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Business Records To Keep For Seven Years

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• Accident Reports, Claims

• Accounts Payable Ledgers and Schedules

• Accounts Receivable Ledgers and Schedules

• Bank Statements, Reconciliations, Deposit Slips

• Cancelled Checks

• Cancelled Stock and Bond Certificates

• Electronic Payment Records

• Employee Expense Reports

• Employment Tax Records

• Employment Agreements

• Expense Analysis and Expense Distribution Schedules

• Expired Contracts, Leases

• Expired Option Records

• Inventories of Products, Materials, Supplies

• Invoices to Customers

• Notes Receivable Ledgers, Schedules

• Payroll Records and Summaries, including payment to pensioners

• Plant Cost Ledgers

• Purchasing Department Copies of Purchase Orders

• Sales Records

• Subsidiary Ledgers

• Travel and Entertainment Records

• Vouchers for Payments to Vendors, Employees, etc.

• Voucher Register, Schedules

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Business Records To Keep Forever

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While federal guidelines do not require you to keep tax records “forever,” in many cases there will be other reasons you’ll want to retain these records indefinitely.

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• Audit Reports from CPA/Accountant

• Cancelled Checks for Income Taxes

• Cash Books, Charts of Accounts

• Contracts, Leases Currently in Effect

• Corporate Documents (incorporation, charter, by-laws, etc.)

• Deeds, Mortgages, Bills of Sale

• Depreciation Schedules

• Financial Statements (Year End)

• Fixed Asset Records - Invoices and Cancelled Checks

• General Ledgers, Journals, Year End Trial Balances

• Insurance Records, Current Accident Reports, Claims, Policies

• Investment Trade Confirmations

• IRS Revenue Agents’ Reports

• Legal Records, Correspondence and Other Important Matters

• Minutes Books of Directors and Stockholders

• Partnership Agreements

• Patent/Trademark and related papers

• Property Appraisals by Outside Appraisers

• Property Records

• Retirement and Pension Records

• Stock Certificates, Ledgers

• Tax Returns and Worksheets

• Trademark and Patent Registrations

• Training Manuals

 

 

 

Please note this table should only be used as a guide.  You should consult with your attorney and insurance carrier when establishing a record retention policy.  It is also recommended reviewing your record retention policy annually and updating it as necessary considering governmental changes and professional requirements.