11/10/2013

SUGGESTED RECORD RETENTION GUIDELINES

ACCOUNTING

Auditor's reports/work papers ...............Permanent

Bank deposit slips ............... 3 years

Bank statements, reconcilations ...............7 years

Budgets...............2 years

Cancelled checks-generally...............7 years

Cash disbursements journal...............Permanent

Cash receipts journal...............Permanent

Depreciation records...............3 years*

Employee expense records...............3 years

Employee payroll records ...............4 years*
(W-2, W-4, annual earnings records, etc.)

Annual financial statements...............Permanent

Interim/internal financial statements...............3 years

General journal or ledger...............Permanent

Inventory lists............... 3 years

Invoices...............3 years

Payroll journal...............4 years

Petty cash vouchers ...............3 years

CORPORATE

Annual reports...............Permanent

Articles of Incorporation...............Permanent

Constitution and Bylaws...............Permanent

Qualifications to do business...............Permanent

Minutes (Board and Committees with Board Authority)...............Permanent

Minutes (Committees without Board Authority)...............3-5 years

Authorizations and appropriations for expenditures...............3 years

Contracts-generally...............10 years*

Contracts government...............4 years*

Contracts sales (UCC)...............4 years*

INSURANCE

Accident Reports...............6 years

Insurance claims...............6 years*

Insurance policies...............6 years*

LEGAL

Claims and litigation files...............10 years*

Copyright, trade name, trademark registration...............Permanent

PERSONNEL

Applications...............1 year

Employee earnings/payroll records...............6 years*

Employee files...............6 years*

Employment contracts...............10 years*

Garnishments...............5 years

Medical or exposure to toxic substances records...............30 years*

Pension, profit-sharing plans...............Permanent

Government reports...............6 years

Employee pension records-service, eligibility, personal information, pensions paid...............6 years*

Time cards/sheets...............4 years

REAL ESTATE

Leases...............10 years*

Purchases-title abstracts, opinions, insurance policies, sales agreements, mortgages, deeds...............20 years*

TAXES

Income tax returns and cancelled checks-federal, state, local...............Permanent

Payroll tax returns...............4 years

Property tax returns...............Permanent

Sales and use tax returns...............4 years

GENERAL

Supporting correspondence and notes-patents, copyrights,Licenses, agreements, bills of sale, permits, contracts, liabilities, etc................

These records should be keep for the life of the priniciple document which it supports.

* = The retention period begins after final payment, settlement, expiration, termination, sale, etc.