DOCUMENT |
RETENTION PERIOD |
| Accident reports/claims (settled cases) |
7 years |
| Accounts payable ledgers & schedules |
Permanently |
| Accounts receivable ledgers & schedules |
8 years |
| Audit reports |
Permanently |
| Bank statements |
10 years |
| Capital stock & bond records |
Permanently |
| Cash books |
Permanently |
| Charts of accounts |
Permanently |
| Checks (canceled checks for important payments, special contracts, purchase of assets, payment of taxes, etc. Checks should be filed with the papers pertaining to the underlying transaction |
Permanently |
| Checks (canceled except those noted above) |
10 years |
| Contracts & leases (expired) |
Permanently |
| Correspondence, general |
Permanently |
| Correspondence (legal and tax related) |
Permanently |
| Deeds, mortgages & bills of sale |
Permanently |
| Deposit slips |
3 years |
| Depreciation schedules |
Permanently |
| Employee personnel records (after termination) |
7 years |
| Employee applications |
3 years |
| Expense reports |
7 years |
| Financial statements (year-end) |
Permanently |
| General ledgers, year-end trial balance |
Permanently |
| Insurance policies (expired) |
10 years |
| Insurance records, accident reports, claims, policies, etc. |
Permanently |
| Internal audit reports (miscellaneous) |
3 years |
| Inventory records |
Permanently |
| Invoices to customers or from vendors |
7 years |
| IRA/Keogh plan contributions, rollovers, transfers & distributions |
Permanently |
| Minute books of directors, stockholders, bylaws & charter |
Permanently |
| Payroll records & summaries |
7 years |
| Tax Returns |
Permanently |
| Petty cash vouchers |
7 years |
| Purchase orders |
7 years |
| Receiving sheets |
1 year |
| Retirement plan records |
Permanently |
| Safety records |
6 years |
| Sales records - Cash |
7 years |
| Sales records - Charge |
10 years |
| Subsidiary ledgers |
Permanently |
| Tax returns, revenue agents' reports & other documents relating to determination of income tax liability |
Permanently |
| Time cards and daily reports |
7 years |
| Trademark registration, patents & copyrights |
Permanently |
| Trial balances (monthly) |
3 years |
| W-2 Forms |
Permanently |
