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Record Retention
Generally accepted, reasonable time periods recommended for retaining business records
| Type of Document | How Long? |
|---|---|
| Accident reports and claims (settled cases) | 7 years |
| Accounts payable ledgers and schedules | 7 years |
| Accounts receivable ledgers and schedules | 7 years |
| Audit reports of accountants | Indefinitely |
| Bank reconciliations | 1 year |
| Bank statements | 7 years |
| Cash books | Indefinitely |
| Chart of accounts | Indefinitely |
| Checks (canceled, see exceptions below) | 7 years |
| Checks (canceled for important payments, taxes, purchase of property, special contracts) | Indefinitely |
| Construction documents | Indefinitely |
| Contracts and leases (expired) | 7 years |
| Contracts and leases still in effect | Expiration + 7 years |
| Correspondences (general) | 3 years |
| Correspondences (important) | Indefinitely |
| Deeds, mortgages, bills of sale, titles | Indefinitely |
| Depreciation schedules | Indefinitely |
| Duplicate deposit slips | 1 year |
| Electronic fund transfer documents | 7 years |
| Employee personnel records (after termination) | 7 years |
| Employment applications | 3 years |
| Expense analyses and expense distribution schedules | 7 years |
| Financial statements (end-of-year) | Indefinitely |
| General ledgers (and end-of-year trial balance) | Indefinitely |
| I-9 (after termination) | 1 year |
| Insurance policies (expired) | 3 years |
| Inventories of products, material, supplies | 7 years |
| Invoices to customers | 7 years |
| Invoices from vendors | 7 years |
| Leases | Indefinitely |
| Loan documents, notes | Indefinitely |
| Minute books of directors and stockholders, including by-laws and charter | Indefinitely |
| Notes receivable ledgers and schedules | 7 years |
| OSHA logs | 5 years |
| Payroll records and summaries, pensions, payroll taxes | 7 years |
| Petty cash vouchers | 3 years |
| Property appraisals by outside appraisers | Indefinitely |
| Property records including costs, depreciation schedules, blueprints & plans | Indefinitely |
| Purchase orders (purchasing department copy) | 7 years |
| Receiving sheets | 1 year |
| Sales records | 7 years |
| Scrap and salvage records (inventories, sales, etc) | 7 years |
| Subsidiary ledgers | 7 years |
| Tax returns and worksheets, agents’ reports, any documents re: income tax liability | Indefinitely |
| Time book/cards | 7 years |
| Trade mark registrations | Indefinitely |
| Voucher register and schedules | 7 years |
| Voucher for payments to vendors, employees, etc ( including allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses) | 7 years |
| W-4 forms | 4 years |
| Workers’ comp. documents | 11 years |