Records Retention Schedule Retention Period Record Type Retention Period Accident reports/claims (settled cases) 7 years Accounts payable ledgers & schedules 7 years Accounts receivable ledgers & schedules 7 years Audit reports Permanently Bank reconciliation's 2 years Bank statements 3 years Capital stock and bond records Permanently Cash Books Permanently Chart of account Permanently Chart of account Permanently Checks (cancelled – except below) 7 years 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 Record Type Retention Period Expense analyses/expense distribution schedules 7 years Financial statements 7 years Garnishments Permanently General/private ledgers, year-end trial balance 7 years Insurance policies (expired) Permanently Insurance records (current accidents, reports, claims, policies, etc.) 3 years Internal audits Permanently Internal reports (miscellaneous) 3 years Inventories of products, materials, and supplies 7 years Invoices (to customers, from vendors) 7 years Journals Permanently Magnetic tape & tab cards 1 year Minute books of directors, stockholders, bylaws & charter Permanently Notes receivable ledgers & schedules 7 years Option records (expired) 7 years Patents and related papers Permanently Payroll records and summaries 7 years Personnel files (terminated) 7 years Petty cash vouchers 3 years Physical inventory tags 3 years Plant cost ledgers 7 years Property appraisals by outside appraisers Permanently Property records Permanently Purchase orders (except purchasing department copy) 1 year Purchase orders (purchasing department copy) 7 years Receiving sheets 1 year Retirement and pension records Permanently Requisitions 1 year Sales commission reports 3 years Sales records 7 years Scrap and salvage records 7 years Stenographers' notebooks 1 year Stock and bond certificates (cancelled) 7 years Subsidiary ledgers 7 years Tax returns and worksheets Permanently Time books/cards 7 years Trademark registrations and copyrights Permanently Training manuals Permanently Union agreements Permanently Voucher register and schedules 7 years Vouchers for payments to vendors, employees, etc. 7 years Withholding tax statements 7 years Share this: X-twitter Instagram
