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Records Retention Schedule Guidelines
Accident reports/claims (settled cases) 7 years   Notes receivable ledgers and schedules 7 years
Accounts payable ledgers and schedules 7 years   Option records (expired) 7 years
Accounts receivable ledgers and schedules 7 years   Patents and related papers Permanently
Audit reports Permanently   Payroll records and summaries 7 years
Bank reconciliations 2 years   Personnel files (terminated) 7 years
Bank statements

3 years

   Petty cash vouchers 3 years
Capital stock and bond records: ledgers,
transfer registers, stubs showing issues,
records of interest coupons, options, etc.		 Permanently   Physical inventory tags 3 years
Cash books Permanently   Plant cost ledgers 7 years
Chart of accounts Permanently   Property appraisals by outside appraisers Permanently
Checks (canceled-see exception below) 7 years   Property records, including costs,
depreciation reserves, year-end trial
balances, depreciation schedules,
blueprints, and plans		 Permanently
Checks (canceled for important payments,
i.e. taxes, purchases of property, special
contracts, etc. Checks should be filed with
the papers pertaining to the underlying
transaction)		 Permanently   Purchase orders (except purchasing
department copy)		 1 year
Contracts, mortgages, notes, and leases
(expired)
(still in effect)


7 years
Permanently

   Purchase orders (purchasing department
copy)		 7 years
Correspondence (general) 2 years   Receiving sheets 1 year
Correspondence (legal and important
matters only)		 Permanently   Retirement and pension records Permanently
Correspondence (routine) with customers
and/or vendors		 2 years   Requisitions 1 year
Deeds, mortgages, and bills of sale Permanently   Sales commission reports 3 years
Depreciation schedules Permanently   Sales records 7 years
Duplicate deposit slips 2 years   Scrap and salvage records (inventories,
sales, etc.)		 7 years
Employment applications 3 years   Stenographers’ notebooks 1 year
Expense analyses/expense distribution
schedules		 7 years   Stock and bond certificates (canceled) 7 years
Financial statements (year-end, other
optional)		 Permanently   Stockroom withdrawal forms 1 year
Garnishments 7 years   Subsidiary ledgers 7 years
General/private ledgers, year-end trial
balance		 Permanently   Tax returns and worksheets, revenue
agents’ reports, and other documents
relating to determination of income tax
liability		 Permanently
Insurance policies (expired) 3 years   Time books/cards 7 years
Insurance records, current accident reports,
claims, policies, etc.		 Permanently   Trademark registrations and copyrights Permanently
Internal audit reports (longer retention
periods may be desirable)		 3 years   Training manuals Permanently
Internal reports (miscellaneous) 3 years   Union agreements Permanently
Inventories of products, materials, and
supplies		 7 years   Voucher register and schedules 7 years
Invoices (to customers, from vendors)

7 years

   Vouchers for payments to vendors,
employees, etc. (includes allowances and
reimbursement of employees, officers, etc.
for travel and entertainment expenses)		 7 years
Journals Permanently   Withholding tax statements 7 years
Minute books of directors, stockholders,
bylaws, and charter

Permanently

      

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