Note:  The following document retention recommendations are general guidelines only, and are not intended to be relied upon solely for individuals or businesses, as statutory guidelines may change or vary depending on locale.  Please contact us or your legal advisor to implement a retention plan that meets your personal or business needs.

 

Type of Record	Retention Period	Type of Record	Retention Period
Accident reports & claims	7 years	Accounts payable ledgers	7 years
Accounts receivable ledger	7 years	Audit reports	Permanent
Bank reconciliations	1 year	Bank statements	7 years
Canceled checks-important	Permanent	Canceled checks-other	7 years
Capital stock and bond records	Permanent	Cash books	Permanent
Charts of accounts	Permanent	Contracts & leases-expired	7 years
Contracts & leases in effect	Permanent	Correspondence-
		Customers & vendors	1 year
Correspondence-general	3 years	Correspondence-legal	Permanent
Deeds,mortgages and bills of sale	Permanent	Depreciation schedules	Permanent
Duplicate deposit slips	3 years	Employee personnel records
		after termination	3 years
Employee benefit plan records	7 years	Employment applications	3 years
Expense analysis &
distribution schedules	7 years	year end	Permanent
Financial statements-other	7 years	General ledgers &
		trial balances-year end	Permanent
Inherited property records &
valuations	Permanent	Insurance policies-expired	3 years
Insurance records	Permanent	Insurance audit reports	Permanent
Internal reports	3 years	Inventory records	7 years
Invoices to customers	7 years	Invoices from vendors	7 years
Jouranals	Permanent	Low-income housing records	7 years
Minute books of directors &
stockholders	Permanent	Notes receivable ledgers	7 years
Option records	7 years	Payroll records	7 years
Petty cash vouchers	3 years	Physical inventory tags	3 years
Property appraisals	Permanent	Property records	Permanent
Purchase orders	7 years	Receiving sheets	3 years
Requistions	1 year	Sales records	7 years
Savings bond records-employees	3 years	Scrap & salvage records	7 years