Record Retention Schedule

Before destroying any records, it is advisable to confer with your CPA or tax advisor.
The retention schedule is intended as a general guideline only.

• Accident reports/claims (settled cases) = 7 years

• Accounts payable: invoices, ledgers, and schedules = 4 years

• Actuarial reports = Permanently

• Articles of incorporation = Permanently

• Audit reports = Permanently

• Bank reconciliations = 4 years

• Bank statements = 4 years

• Bills of lading = 3 years

• Budgets - projections = 2 years

• Bylaws = Permanently

• Capital stock and bond records: ledgers, transfer registers, stubs coupons, options... = Permanently

• Cash books = Permanently

• Chart of accounts = Permanently

• Checks (canceled - see exception below) = 4 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) = 4 years

• Copyrights/trademarks = 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

• Directives - exclusive = Permanently

• Duplicate deposit slips = 2 years

• Employee expense records = 3 years

• Employment applications = 2 years

• Expense analysis/expense distribution schedules = 4 years

• Expense reports = 4 years

• Financial statements (year end) = Permanently

• Freight bills = 3 years

• Garnishments = 7 years

• General/private ledgers, year-end trial balance = Permanently

• IRS determination/ approval letters = 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 = 4 years

• Invoices for property = Permanently

• Journals - all types = Permanently

• Minute books of directors, stockholders, bylaws, and charter = Permanently

• Notes receivable ledgers and schedules = 4 years

• Note register = Permanently

• Option records (expired) = 7 years

• Patents and related papers = Permanently

• Payroll records and summaries = 7 years

• Pension/profit sharing plan/ trust documents = Permanently

• Personnel files (terminated) = 7 years

• Petty cash vouchers = 3 years

• Plant cost ledgers = 4 years

• Procedure records = Permanently

• Property appraisals by outside appraisers = Permanently

• Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints, and plans = Permanently

• Purchase invoices = 4 years

• Purchase orders (except purchasing department copy) = 1 year

• Purchase orders (purchasing department copy) = 4 years

• Receiving sheets = 1 year

• Retirement and pension records = Permanently

• Requisitions = 1 year

• Sales Commission reports = 3 years

• Sales invoices = 4 years

• Sales records = 4 years

• Scrap and salvage records (inventories, sales, etc.) = 4 years

• Stenographers’ notebooks = 1 year

• Stockroom withdrawal forms = 1 year

• Subsidiary ledgers = 4 years

• System records = 4 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 = 4 years

• Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursements) = 4 years

• Withholding tax statements = 7 years

Before destroying any records, it is advisable to confer with your CPA or tax advisor. The retention schedule is intended as a general guideline only.