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)