Business Record Retention


7 Years

  • Audit reports of accountants
  • Capital stock and bond records
  • Cash books
  • Chart of accounts
  • Checks (canceled, for important payments, i.e. taxes, purchases of property, special contracts, etc., checks should be filed with the papers pertaining to the underlying transaction)
  • Contracts and leases still in effect
  • Correspondence (legal and important matters only)
  • Deeds, mortgages and bills of sale
  • Depreciation schedules
  • Financial statements (end-of-year trial balances)
  • General ledgers (end-of-year trial balances)
  • Insurance records, current accident reports, claims, policies, etc.
  • Journals
  • Minute books of directors and stockholders, including by-laws and charter
  • Property records-including costs, depreciation reserves, depreciation schedules, blueprints and plans
  • Property Appraisals
  • Tax returns and worksheets, revenue agents’ reports and other documents
  • Trademark registrations
  • Accident reports/claims (settled cases)
  • Accounts payable/Accounts receivable records
  • Checks (canceled)
  • Contracts and leases (expired)
  • Expense analyses/distribution schedules
  • Inventories of products, materials and supplies
  • Invoices to customers
  • Invoices from vendors
  • Notes receivable ledgers and schedules
  • Option records (expired)
  • Payroll records and summaries
  • Plant cost ledgers
  • Purchase orders (purchasing dept. copy)
  • Sales records
  • Scrap and salvage records
  • Stock and bond certificates (canceled)
  • Subsidiary ledgers
  • Time books
  • Voucher registers and schedules

3 Years

1 Year

  • Correspondence-general
  • Employee personnel records (after termination)
  • Employment applicationsInsurance policies (expired)
  • Internal audit reports
  • Petty cash vouchers
  • Physical inventory tags
  • Savings bond registration records of employees
  • Bank reconciliations
  • Duplicate deposit slips
  • Receiving sheets
  • Requisitions
  • Stockroom withdrawal form

To contribute to the growth and development of the economy by providing management, technical and other assistance and information to the region’s small business community.

Learn More

Contact Us

  • SBDC of Hampton Roads, Inc., World Trade Center
  • 101 W. Main Street, Suite 800, Norfolk, VA 23570
  • (757) 664-2595
  • Find Your Location