GO HOME     

 

       RECORD RETENTION SCHEDULE

 

 

The table below shows a recommended retention schedule for some of the more common business records.

                                                                                                                                Retention period = current year plus

Accounting Records:

Accounts Payable.………………………………………          10 Years (3 in office, 7 in storage)

Vendors’ invoices and petty cash slips……………………….             7 Years

Voucher Check copies…………………………………………...             7 Years

Accounts Receivable……………………………………          10 Years (3 in office, 7 in storage)

Bill Drafts………………………………………………………….             7 Years

Customer/Client Invoices………………………………………..             7 Years

Interoffice Customer/Client Charges……………………………            7 Years

Other Charges to Clients’ voucher……………………………..             7 Years

Analysis of Billing Adjustments……………………………….              7 Years

Daily cash reports and remittance advices……………………              1 Year

Billed Accounts Receivable Aged Trail Balance……………..              7 Years

Unbilled Receivable Ledgers……………………………………             7 Years

Customer/Vendor/Client data entry forms……………………..             1 Year

Audit Reports……………………………………………………..             Indefinitely

Chart of Accounts.………………………………………………..            Indefinitely

Depreciation Schedules.…………………………………………..           Indefinitely

Data Transmittal (in central processing system)……………….           7 Years

Expense Records.…………………………………………………            7 Years

Financial Statements and work papers (annual).………………            Indefinitely

Financial Statements and work papers (monthly/interim)…….            7 Years

Fixed Asset Purchases.……………………………..……………            Indefinitely

General Ledger.……………………………………………………            Indefinitely

Cash Receipts and Disbursements Journals……………………           Indefinitely

Journal Vouchers………………………………………………….            Indefinitely

Inventory Records.………………………………………         7 Years (Indefinitely for LIFO system)

Equipment Records………………………………………………..           5 Years (after disposition)

Loan Payment Schedules.…………………………………………          7 Years

Purchase Orders (1 copy)…………………………………………           7 Years

Sales Records………………………………………………………           7 Years

Correspondence…………………………………………………...           1 Year

Tax Returns.……………………………………………………….            Indefinitely

 

Bank Records:'.

Bank Statements.…………………………………………………..           7 Years

Canceled Checks, Bank Statements, Deposit Slips…..          10 Years (3 in office, 7 in storage)

   (Indefinitely for R E Purchases)

Loan Records…………………………………………….          7 Years (From date of last payment)

Electronic Payment Records……………………………………….         7 Years

 

Corporate Records:

Board Minutes.…………………………………………………….            Indefinitely

Bylaws.…………………………………………………………….             Indefinitely

Business Licenses.…………………………………………………          Indefinitely

Contracts - Major.…………………………………………………            Indefinitely

Contracts - Minor.…………………………………………………            Life + 4 Years

Insurance Policies.…………………………………………………           Life + 3 Years

Accident Reports and Claims…………………………….       6 Years (after accident or settlement)

Leases / Mortgages………………………………………………..           Indefinitely

Patents / Trademarks………………………………………………           Indefinitely

Shareholder Records………………………………………………           Indefinitely

Stock Registers……………………………………………………             Indefinitely

Stock Transactions………………………………………………..            Indefinitely

 

Employee Records:

Employment Applications (for personnel not hired)…………..            3 Years

Employment Taxes.………………………………………………..            7 Years

Employee Time Reports and attendance records……..……….            7 Years

Employee Time Analyses…………………………………………           7 Years

Payroll data and authorization……………………………………           7 Years

Payroll Records (journals, ledgers, W-2, 940’s, 942’s, etc.) .….           Indefinitely

Pension / Profit Sharing Plans…………………………………….          Indefinitely

Benefit Plans.……………………………………………………..              Indefinitely

Employee Files (ex-employees).………………         7 Years /Employee lawsuits statute of limitations

Pre-Employment applications, resumes, tests, advertisements..          7 Years (after termination)

Salary rates and changes…………………………………………            3 Years (after termination)

Performance reviews………………………………………………           7 years (after termination)

Promotion, demotion, layoff, discharge…………………………           7 Years (after completion)

Counseling records………………………………………………..           7 Years (after termination)

Disability benefits…………………………………………………            6 Years (after expiration/settlement)

Discrimination charges……………………………………………           4 Years (after settlement)

Education, training and CPE records…………………………….           7 Years (after termination)

Employee contracts……………………………………………….            7 Years (after termination)

Employee medical history………………………………………..             6 Years (after termination)

INS I-9 forms (per Immigration Reform & Control Act)……….            3 Years from date of filing

                                                                                                                          or 1 Year after termination

                                                                                                                          whichever is longer

 

Real Property Records:

Construction Records.…………………………………………..…          Indefinitely

Leasehold Improvements.…………………………………………           Indefinitely

Lease Payment Records.…………………………………………..           Life + 4 Years

Real Estate Purchases……………………………………………..           Indefinitely

Other Property Records (blueprints, appraisals, permits)……..            Indefinitely

 

Other Administrative Records:

Legal Correspondence……………………………………………            Indefinitely

Warranties and service agreements……………………………..            1 Year (after expiration)

Users Manuals…………………………………………………….            Until disposition of equipment

Interoffice correspondence………………………………………            7 Years

New business reports…………………………………………….            7 Years

Bulletins to customers/clients, executives and staff…………..            7 Years

Company/firm publications, brochures, newsletters…………..            7 Years

 

 

Sources:  

            SWARTZ RETSON, a Professional Corporation  --------------------  February 9, 1996

Any questions?  Please call (219) 769-3616 or email to rswartz@pla-net.net

            Practicing CPA  ------------------------------------------------------  March 1995
            as edited by Precision Payroll of Illinois, LLC -- 630-887-9090

 

GO HOME