SUGGESTED SCHEDULE FOR RETENTION OF BUSINESS RECORDS
SUGGESTED SCHEDULE FOR RETENTION OF BUSINESS RECORDS
KEY: "P" retain records permanently. "AT" = after termination
"AD" after disposal of the underlying asset.
Figures represent the number of years records should be retained.
Accident reports (settled) 7
Annual financial reports P
Articles of incorporation P
Audit reports P
Bank deposit slips 3
Bank reconciliations 3
Bank statements 7
Bills of lading 5
Bonds (records of issuance) P
Budgets 3
Capital stock:
Applications for authorization and
Issuance P
Certificates (cancelled) P
Ledger P
Transfer records P
Sales slips (cash and charge) 7
Check register 10
Commission reports 6
Contracts:
Corporate 20 AT
Employee 7AT
Vendor 7
Correspondence:
Accounting 5
Credit and collection 7
General 3
Personnel 7AT
Cost accounting records 5
Deeds P
Delivery receipts 3
Deposit slip copies 3
Dividend register P
Depreciation schedules 7 AD
Equipment leases (after expiration) 6
Equipment repair records 3
Expense reports:
Departmental 5
Employee 5
Fidelity bonds 3 AT
Financial reports:
Audited P
Annual P
Interim 3
Fire damage reports 6
Fixed asset records 7 AD
Franchise agreements 10 AT
Freight drafts, bills and claims 5
Garnishments 3 AT
Insurance policies
(After expiration) 3
Inventory records 7 AD
Invoices (issued or received) 7
Invoices-Fixed assets 7 AD
Labor Records:
Applications (employees) 7 AT
Contracts 7 AT
Daily time reports 5
Disability claims 7 AT
Earnings records 7
Employee service record 7 AT
Pay checks 7
Personnel files 7 AT
Salary and wage rate Changes 7 AT
Salary receipts 7 AT
Time cards, tickets & clock records 5
Unemployment claims 7 AT
Withholding exemption certificates 7 AT
Worker’s compensation Reports 10
Leases 7 AT
Ledgers and journals:
Accounts payable ledger 7
Accounts receivable ledger 7
Cash journal 10
Customer ledger 7
General journal 10
General ledger P
Journal entries-year end P
Ledgers and journals (cont’d):
Payroll journal 10
Plant ledger P
Purchases journals 10
Royalty journal 10
Sales journal 10
Stock ledger P
Voucher journal 10
Licenses 1 AT
Maintenance and repair records
Buildings 7
Machinery 5
Manufactured stock records 7
Minute books P
Mortgages 7 AT
Notes (cancelled) 7
Note register P
Options 7 AT
Patent records P
Pension records P
Petty cash records 3
Plant acquisition records 7 AD
Property records:
Account ledgers P
Appraisals P
Damage reports 7
Deeds and titles P
Depreciation 7 AD
Plan and specifications P
Purchases P
Sales P
Taxes 10
Purchase order copies 3
Purchase invoices 7
Receiving reports 3
Remittance statements 3
Requisitions 3
Sales invoices 7
Salesmen commission reports 6
Securities (brokerage slips) 7 AD
Shipping tickets 5
Stockholder records:
list of minutes, proxies,
reports to stockholders P
Surety bonds 3 AT
Tax records:
Worksheets, bills, Statements,
Agents report 10
Tax returns (copies):
Estate P
Gift P
Income P
Payroll 7
Personal property 10
Sales and use 10
Social Security 7
Title papers P
Trademark records P
Travel records (employees) 3
Uncollectible accounts records 7
Vouchers (copies) 7
Voucher register 10
Wage rate records 7
Withholding Certificates 7 AT
W-2 Forms 7
*Relating to acquisition of investments, property, and other important items.