Records

This list is a basic recommendation for the retention of your records and is an adaptation of guidelines compiled by the American Institute of CPAs. Individual states and industry guidelines may mandate the retention of additional records. Legal questions should be directed to your legal counsel.

Accounts payable ledgers and schedules	7 years
Accounts receivable ledgers and schedules	7 years
Audit reports	Permanently
Bank reconciliation	2 years
Bank statements	3 years
Capital stock and bond records	Permanently
Cash books	Permanently
Chart of accounts	Permanently
Checks (canceled-see exception below)	7 years
Checks (canceled for important payments, i.e. taxes)	Permanently
Contracts, mortgages, notes and leases:
Expired	7 years
Still in effect	Permanently
Correspondence (general)	2 years
Correspondence (legal and important matters)	Permanently
Correspondence (with customers and vendors)	2 years
Deeds, mortgages and bills of sale	Permanently
Deposit slips	2 years
Depreciation schedules	Permanently
Employment Applications	3 years
Expense analysis	7 years
Financial statements year-end (others optional)	Permanently
Garnishments	7 years
General ledgers, year-end trial balances	Permanently
Insurance policies (expired)	3 years
Insurance records (accident reports, claims, etc)	Permanently
Internal reports (miscellaneous)	3 years
Inventories of products, materials and supplies	7 years
Invoices (to customers or from vendors)	7 years
Journals	Permanently
Magnetic tape	1 year
Minute books of directors, stockholders and bylaws	Permanently
Notes receivable ledgers and schedules	7 years
Option records	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
Purchase orders	7 years
Receiving sheets	1 year
Retirement and pension records	Permanently
Sales commission reports	3 years
Sales records	7 years
Scrap and salvage records (inventories, sales, etc)	7 years
Stockroom withdrawal forms	1 year
Subsidiary ledgers	7 years
Tax returns, 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 registers and schedules	7 years
Vouchers for payments to vendors, employees etc. (includes allowances and reimbursement of employees, officers, etc. for travel and entertainment expenses)	7 years
Withholding tax statements	7 years