Records Retention Guidelines
This handy list provides guidelines on how long to keep important files.
RecordType Retention Period
Accident reports/claims (settled cases) 7 years
Accounts payable ledgers and schedules 7 years
Accounts receivable ledgers and schedules 7 years
Audit reports Permanently
Bank reconciliations 2 years
Bank statements 3 years
Capital stock and bond records;ledgers, transfer
registers, stubs showing issues, record of interest
coupons, options, etc. Permanently
Bankruptcy petition and discharge Permanently
Cash books Permanently
Chart of accounts Permanently
Checks (canceled-see exemption below) 7 years
Checks (canceled for important payments, I.e. taxes,
purchases of property, special contracts, etc. Checks
should be filled with the papers pertaining to the
underlying (transactions) Permanently
Contracts, mortgages, notes, and leases (expired) 7 years
Contracts, mortgages, notes, and leases (still in effect) Permanently
Correspondence (general) 2 years
Correspondence (legal and important matters only) Permanently
Correspondence (routine) with customers and/or
vendors 2 years
Deeds, mortgages, and bills of sale Permanently
Depreciation schedules Permanently
Duplicate deposit slips 2 years
Employment applications 3 years
Expense analysis / expense distribution schedules 7 years
Final account statements Permanently
Financial statements (year-end, other optional) Permanently
Garnishments 7 years
General/private ledgers, year-end trail balance Permanently
Home improvement receipts Until sale of home
Insurance policies (expired) 3 years
Insurance records, current accident reports, claims,
policies, etc. Permanently
Internal audit reports (longer retention periods may be desirable)3 years
Internal reports (miscellaneous) 3 years
Inventories of products, materials, and supplies 7 years
Invoices (to customers, from vendors) 7 years
Journals Permanently
Magnetic tape and tab cards 1 year
New-car sticker, original paperwork and repair receiptsLife of the car
Notes receivable ledgers, and schedules 7 years
Option records (expired)7 years
Patents and related papersPermanently
Payroll records and summaries7 years
Personnel files (terminated)7 years
Petty cash vouchers3 years
Physical inventory tags3 years
Plant cost ledgers7 years
Property appraisals by outside appraisersPermanently
Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints, and plansPermanently
Purchase orders (except purchasing department copy)1 year
Purchase orders (purchasing department copy)7 years
Receiving sheets1 year
Retirement and pension recordsPermanently
Requisitions1 year
Sales commission reports3 years
Sales records7 years
Scrap and salvage records (inventories, sales, etc.)7 years
Stenographer’s notebooks1 year
Stock and bond certificates (canceled)7 years
Stockroom withdrawal forms1 year
Subsidiary ledgers7 years
Tax returns and worksheets, revenue agents’ reports, and other documents relating to determination of income tax liabilityPermanently
Tax return supporting documents7 years
Time books/cards7 years
Trademark and copyrights registrationsPermanently
Training manualsPermanently
Union agreementsPermanently
Vouchers register and schedules7 years
Vouchers for payment to vendors, employees, etc. (including allowances and reimbursement of employees, officers,etc., for travel and entertainment expenses)7 years
Withholding tax statements7 years
Take Charge! Organize. does not represent the accuracy or reliability of the information provided. Consult with your attorney or accountant to determine what is appropriate for you. You acknowledge and agree that any reliance upon the information contained in this document shall be at your sole risk.