Record Retention

RECORD RETENTION SCHEDULE


The table below shows a recommended retention schedule for some of the more common business records.

Accounting Records:

Retention period = current year plus


Accounts Payable.…………………………………………………10 Years (3 in office, 7 in storage)

Vendors’ invoices and petty cash slips…………………………… 7 Years

Voucher Check copies…………………………………………...... 7 Years

Accounts Receivable…………………………………………...… 10 Years (3 in office, 7 in storage)

Bill Drafts………………………………………………………....…. 7 Years

Customer/Client Invoices……………………………………….…. 7 Years

Interoffice Customer/Client Charges……………………………… 7 Years

Other Charges to Clients’ voucher……………………………….... 7 Years

Analysis of Billing Adjustments……………………………..……... 7 Years

Daily cash reports and remittance advices…………………..…... 1 Year

Billed Accounts Receivable Aged Trail Balance………………… 7 Years

Unbilled Receivable Ledgers………………………………..…….. 7 Years

Customer/Vendor/Client data entry forms……………………….... 1 Year

Audit Reports……………………………………………….…….. Indefinitely

Chart of Accounts.……………………………………………….. Indefinitely

Depreciation Schedules.…………………………………..…….. Indefinitely

Data Transmittal (in central processing system)………………..… 7 Years

Expense Records.…………………………………………..……… 7 Years

Financial Statements and work papers (annual).…………....… Indefinitely

Financial Statements and work papers (monthly/interim)……….... 7 Years

Fixed Asset Purchases.……………………………..………….. Indefinitely

General Ledger.……………………………………………..…… Indefinitely

Cash Receipts and Disbursements Journals………………..… Indefinitely

Journal Vouchers………………………………………..………. Indefinitely

Inventory Records.………………………………….............………… 7 Years (Indefinitely for LIFO system)

Equipment Records………………………………...……………….. 5 Years (after disposition)

Loan Payment Schedules.……………………….……………….… 7 Years

Purchase Orders (1 copy)…………………………..………………. 7 Years

Sales Records……………………………………...………………… 7 Years

Correspondence…………………………………..……………….... 1 Year

Tax Returns.………………………………………………………. Indefinitely


Bank Records:

Bank Statements.…………………………………………..……….. 7 Years

Canceled Checks, Bank Statements, Deposit Slips…….……… 10 Years (3 in office, 7 in storage)

(Indefinitely for R E Purchases)

Loan Records………………………………………………....…...... 7 Years (From date of last payment)

Electronic Payment Records………………………………………. 7 Years

Corporate

Records:

Board Minutes.……………………………………………...……. Indefinitely

Firm meeting files(annual and special meetings)………………. 7 Years

Bylaws.……………………………………………………………. Indefinitely

Business Licenses.………………………………………..……… Indefinitely

Contracts - Major.………………………………………………… Indefinitely

Contracts - Minor.………………………………………………… Life + 4 Years

Insurance Policies.………………………………………...……… Life + 3 Years

Accident Reports and Claims…………………………….....……. 6 Years (after accident or settlement)

Leases / Mortgages……………………………………………….. Indefinitely

Partnership Agreements or Corporate Documents…...………... Indefinitely

Special Contracts…………………………………………………. Indefinitely

Patents / Trademarks……………………………………………… Indefinitely

Shareholder Records……………………………………………… Indefinitely

Stock Registers…………………………………………………… Indefinitely

Stock Transactions……………………………………………….. Indefinitely

Employee

Records:

Employment Applications (for personnel not hired)……………… 3 Years

Personal Data, Applications, Contracts (present employees)….. Indefinitely

Personal Data, Applications, Contracts (former employees)….. 7 Years (after termination)

Employment Taxes.…………………………………………….….. 7 Years

Employee Time Reports and attendance records……..…………7 Years

Employee Time Analyses…………………………………………. 7 Years

Payroll data and authorization……………………………………. 7 Years

Payroll Records (journals, ledgers, W-2, 940’s, 942’s, etc.) .…. Indefinitely

Pension / Profit Sharing Plans…………………………………. Indefinitely

Benefit Plans.……………………………………………………... Indefinitely

Employee Files (ex-employees).……………………………..….. 7 Years /Employee lawsuits statute of limitations

Pre-Employment applications, resumes, tests, advertisements…7 Years (after termination)

Attendance records……………………………………………….. 7 Years (after termination)

Salary rates and changes……………………………………….... 3 Years (after termination)

Performance reviews……………………………………………… 7 years (after termination)

Promotion, demotion, layoff, discharge………………………...... 7 Years (after completion)

Counseling records……………………………………………….. 7 Years (after termination)

Disability benefits……………………………………………..…… 6 Years (after expiration/settlement)

Discrimination charges………………………………………….… 4 Years (after settlement)

Education, training and CPE records………………….…….….. 7 Years (after termination)

Employee contracts………………………………………….……. 7 Years (after termination)

Employee medical history………………………………………… 6 Years (after termination)

INS I-9 forms (per Immigration Reform & Control Act)………...… 3 Years from date of filing

or 1 Year after termination

whichever is longer

Real Estate Property

Records:

Construction Records.…………………………………………..… Indefinitely

Leasehold Improvements.………………………………...……… Indefinitely

Lease Payment Records.……………………………….……….. Life + 4 Years

Real Estate Purchases…………………………………..……….. Indefinitely

Other Property Records (blueprints, appraisals, permits)……… Indefinitely

Other

Administrative Records:

Legal Correspondence………………………………………..… Indefinitely

Warranties and service agreements……………………..……… 1 Year (after expiration)

Users Manuals……………………………………………………. Until disposition of equipment

Interoffice correspondence……………………………….……… 7 Years

New business reports………………………………………..……. 7 Years

Bulletins to customers/clients, executives and staff……...…….. 7 Years

Company/firm publications, brochures, newsletters………...…. 7 Years

Insurance documents, policies, reports, claims, coverage info…. 3-10 Years (after expiration or settlement)