LCS&Z, CPA & Consulting Firm : HOW LONG SHOULD I KEEP ALL THESE RECORDS?

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RECORD KEEPING

This record retention schedule provides general guidelines for you to use. You should speak with your attorney before destroying any records.

Document Retention Period

Accident reports and claims (settled cases) 7 yrs.

Accounts payable ledgers and schedules 7 yrs.

Accounts receivable ledgers and schedules 7 yrs.

Affirmative Action Documents Not specified (at least 3 years recommended)

Application for Employment 1 yr.

Audit report of accountants Permanently

Bank reconciliations 1 yr.

Benefit plan records 6 yrs.

Capital stock and bond records, ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc. Permanently

Cash books Permanently

Charts of accounts Permanently

Checks (cancelled but see exemption below) 7 yrs.

Checks (cancelled 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

Contracts and leases (expired) 7 yrs.

Contracts and leases still in effect Permanently

Correspondence (routine) with customers or vendors 1 yr.

Correspondence (general) 3 yrs.

Correspondence (legal and important matters only) Permanently

Deeds, mortgages and bills of sale Permanently

Depreciation schedules Permanently

Duplicate deposit slips 1 yr.

Employee personnel records (after termination) 3 yrs.

Employer's Report of Injury (C-2) 18 yrs.

Employment applications 3 yrs.

Expense analyses and expense distribution schedules 7 yrs.

Financial statements (end-of-year, other months optional) Permanently

FMLA leave information 3 yrs.

General and private ledgers (and end-of-year trial balances) Permanently

I-9 Forms 3 years after worker is hired or 1 year after termination, whichever is longer

Insurance policies (expired) 3 yrs.

Insurance records, current accident reports, claims, policies, etc. Permanently

Internal audit reports (in some situations, longer retention periods may be desirable) 3 yrs.

Internal reports (miscellaneous) 3 yrs.

Inventories of products, materials, and supplies 7 yrs.

Invoices to customers 7 yrs.

Job Advertisements 1 yr.

Job Orders to Employment Agencies 1 yr.

Journals Permanently

Minute books for directors and stockholders, including bylaws and charter Permanently

Notes receivable ledgers and schedules 7 yrs.

On-the job Injury Records 5 yrs.

Option records (expired) 7 yrs.

Payroll Records 6 yrs.

Payroll records and summaries, including payments to pensioners 7 yrs.

Petty cash vouchers 3 yrs.

Physical exams 1 yr.

Physical inventory tags 3 yrs.

Plant cost ledgers 7 yrs.

Property appraisals by outside appraisers Permanently

Property records-including costs, depeciation reserves, end-of-year trial balances, depreciation schedules, blueprints and plans Permanently

Purchase orders (except purchasing department copy) 1 yr.

Purchase orders (purchasing department copy) 7 yrs.

Receiving sheets 1 yr.

Records of Employee Exposure to Toxic Substances 30 yrs.

Records of Employees who Handle Toxic Substances 40 yrs.

Requisitions 1 yr.

Resumes and Job Inquiries 1 yr.

Sales records 7 yrs.

Savings bond registration records of employees 3 yrs.

Scrap and salvage records (inventories, sales, etc.) 7 yrs.

Stenographer's notebooks 1 yr.

Stock and bond certificates (cancelled) 7 yrs.

Stockroom withdrawal forms 1 yr.

Subsidiary ledgers 7 yrs.

Tax returns and worksheets, revenue agents' reports and other documents relating to determination of incometax liability Permanently

Terminated Employee Files 3 yrs.

Tests, employment & Aptitude 1 yr.

Time books 7 yrs.

Time Cards / Time Sheets 3 yrs.

Trade mark registrations Permanently

Voucher register and schedules 7 yrs.

Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursements of employees, officers, etc. for travel and entertainment expenses) 7 yrs.