| Item |
Retention
Period |
| Accident reports/claims (settled cases)
|
7 years |
| Accounts payable ledgers and schedules
|
7 years |
| Accounts receivable ledgers and schedules
|
7 years |
| Audit reports |
Permanently |
| Bank reconciliations |
2 years |
| Bank statements |
3 years |
| Capital stock and bond records: ledgers,
transfer registers, stubs showing issues, record of
interest coupons, options, etc. |
Permanently |
| Cash books |
Permanently |
| Charts of accounts |
Permanently |
| Checks (canceled - see exception below)
|
7 years |
| 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.) |
Permanently |
| Contracts, mortgages, notes, and leases
(expired) |
7 years |
| Contracts, mortgages, notes, and leases
(still in effect) |
Permanently |
| Correspondence (general) |
2 years |
| Correspondence (legal and important matters
only) |
Permanently |
| Correspondence (routine) with customers
and/or vendors |
2 years |
| Deeds, mortgages, and bills of sale |
Permanently |
| Depreciation schedules |
Permanently |
| Duplicate deposit slips |
2 years |
| Employment applications |
3 years |
| Expense analyses/expense distribution
schedules |
7 years |
| Financial statements (year-end, other,
optional) |
Permanently |
| Garnishments |
7 years |
| General/private ledgers, year-end trial
balance |
Permanently |
| Insurance policies (expired) |
3 years |
| Insurance records, current accident reports,
claims, policies, etc |
Permanently |
| Internal audit reports (longer retention
periods may be desirable) |
3 years |
| Internal reports (miscellaneous) |
3 years |
| Inventories of products, materials, and
supplies |
7 years |
| Invoices (to customers, from vendors)
|
7 years |
| Journals |
Permanently |
| Magnetic tape and tab cards |
1 year |
| Minute books of directors, stockholders,
bylaws, and charter |
Permanently |
| Notes receivable ledgers and schedules
|
7 years |
| Option records (expired) |
7 years |
| Patents and related papers |
Permanently |
| Payroll records and summaries |
7 years |
| Personnel files (terminated) |
7 years |
| Petty cash vouchers |
3 years |
| Physical inventory tags |
3 years |
| Plant cost ledgers |
7 years |
| Property appraisals by outside appraisers
|
Permanently |
| Property records, including costs, depreciation
reserves, year-end trial balances, depreciation schedules,
blueprints, and plans |
Permanently |
| Purchase orders (except purchasing department
copy) |
1 year |
| Purchase orders (purchasing department
copy) |
7 years |
| Receiving sheets |
1 year |
| Retirement and pension records |
Permanently |
| Requisitions |
1 year |
| Sales commission reports |
3 years |
| Sales records |
7 years |
| Scrap and salvage records (inventories,
safes, etc.) |
7 years |
| Stenographers’ notebooks |
1 year |
| Stock and bond certificates (canceled)
|
7 years |
| Stockroom withdrawal forms |
1 year |
| Subsidiary ledgers |
7 years |
| Tax returns and worksheets, revenue agents’
reports, and other documents relating to determination
of income tax liability |
Permanently |
| Time books/cards |
7 years |
| Trademark registrations and copyrights
|
Permanently |
| Training manuals |
Permanently |
| Union agreements |
Permanently |
| Voucher register and schedules |
7 years |
| Vouchers for payments to vendors, employees,
etc. (including allowances and reimbursement of employees,
officers, etc., for travel and entertainment expenses)
|
7 years |
| Withholding tax statements |
7 years |
