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…...………...  Indefinately

Special Contracts………………………………………………….  Indefinately

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 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)