Record Retention
Business Documents To Keep For One Year
Correspondence with Customers and Vendors
Duplicate Deposit Slips
Purchase Orders (other than Purchasing Department copy)
Receiving Sheets
Requisitions
Stenographer's Notebooks
Stockroom Withdrawal Forms
Business Documents To Keep For Three Years
Employee Personnel Records (after termination)
Employment Applications
Expired Insurance Policies
Form I-9 (Employment Eligibility Verification)
General Correspondence
Internal Audit Reports
Internal Reports
Petty Cash Vouchers
Physical Inventory Tags
Savings Bond Registration Records of Employees
Time Cards For Hourly Employees
Business Documents To Keep For Six Years
Accounts Receivable Ledgers and Schedules
Accounts Payable Ledgers and Schedules
Accident Reports, Claims
Auto Mileage Logs
Bank Statements and Reconciliations
Cancelled Checks
Cancelled Stock and Bond Certificates
Employment Tax Records
Expense Analysis and Expense Distribution Schedules
Expired Contracts, Leases
Expired Option Records
Inventories of Products, Materials, Supplies
Invoices to Customers
Notes Receivable Ledgers, Schedules
Payroll Records and Summaries, including payment to pensioners
Plant Cost Ledgers
Purchasing Department Copies of Purchase Orders
Sales Records
Subsidiary Ledgers
Time Books
Travel and Entertainment Records
Vouchers for Payments to Vendors, Employees, etc.
Voucher Register, Schedules
Business Records To Keep Permanently
Audit Reports from CPAs/Accountants
Annual Financial Statements
Cancelled Checks for Important Payments (especially tax payments)
Cash Books, Charts of Accounts
Contracts, Leases Currently in Effect
Corporate Documents (incorporation, charter, by-laws, etc.)
Documents substantiating fixed asset additions
Deeds
Depreciation Schedules
General and Private Ledgers, Year End Trial Balances
Insurance Records, Current Accident Reports, Claims, Policies
Investment Trade Confirmations
IRS Revenue Agents' Reports
Journals
Legal Records, Correspondence and Other Important Matters
Minute Books of Directors and Stockholders
Mortgages, Bills of Sale
Real and Personal Property Appraisals by Outside Appraisers
Property Records
Retirement and Pension Records
Trademark and Patent Registrations
Tax Returns and Worksheets - While federal guidelines do not require you to keep tax records "forever," there will be other reasons you'll want to retain these documents permanently.
Personal Documents To Keep For Three Years
Credit Card Statements
Expired Insurance Policies
Medical Bills (in case of insurance disputes)
Utility Records
Personal Documents To Keep For Six Years
Accident Reports and Claims
Medical Bills (if tax-related)
Other Tax-Related Bills
Property Records and Improvement Receipts
Sales Receipts
Tax Returns Supporting Documents
Wage Garnishments
Personal Records To Keep Permanently
CPA Audit Reports
Gift Tax Returns
Income Tax Payment Checks
Important Correspondence
Income Tax Returns
Investment Trade Confirmations
Legal Records
Pension and Retirement Records
Other Documents and Special Circumstances
Credit Card Receipts (verify on your statement)
Car Records (keep until the car is sold)
Credit Card Receipts (verify on your statement)
Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)
Insurance Policies (keep for the life of the policy)
Monthly and quarterly mutual fund and retirement information statements (reconcile with year-end statement)
Other Bills (keep until payment is verified)
Pay Stubs (keep until reconciled with your W-2)
Real Property records and Improvement Receipts (keep six years beyond the property sale)
Sales Receipts (keep for life of the warranty)
Stock and Bond Records (keep for 6 years beyond selling)
Remember that it is very important to create a backup set of records and store them electronically. Keeping a backup set of records (your bank statements, tax returns, insurance policies, etc.) is easy and crucial. More importantly, keep off-site backups of all important computer files and update those frequently to avoid a disaster if your computer is damaged.
If you have questions about record retention, please do not hesitate to contact us.