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Business Record Retention

Permanent

  • 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

7 Years

  • 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

  • Correspondence-general
  • Employee personnel records (after termination)
  • Employment applications
  • Insurance policies (expired)
  • Internal audit reports
  • Petty cash vouchers
  • Physical inventory tags
  • Savings bond registration records of employees

1 Year

  • Bank reconciliations
  • Duplicate deposit slips
  • Receiving sheets
  • Requisitions
  • Stockroom withdrawal form