Provided by: Brian Flynn, President
Flynn Accounting Resources, Inc.
| Accident Reports / Claims (settled cases) | 7 Years |
| Accounts Payable Ledgers & Schedules | 7 Years |
| Accounts Receivable Ledgers & Schedules | 7 Years |
| Audit Reports | Permanent |
| Bank Reconciliations | 2 Years |
| Bank Statements | 3 Years |
| Capital Stock & Bond Records Ledgers, Transfer Registers, Stubs showing issues, Record of Interest Coupons, Options, etc. |
Permanent |
| Cash Books | Permanent |
| Charts of Accounts | Permanent |
| Checks (canceled – see exception below) | 7 Years |
| Checks (canceled) for important payments (i.e. Taxes, Purchases of Property, Special Contracts, etc.) ***Checks should be filed with the papers pertaining to the underlying transaction. |
Permanent |
| Contracts, Mortgages, Notes & Leases (expired) | 7 Years |
| Contracts, Mortgages, Notes & Leases (still in effect) | Permanent |
| Correspondence (general) | 2 Years |
| Correspondence (legal & important matters only) | Permanent |
| Correspondence (routine – with customers and/or vendors) | 2 Years |
| Deeds, Mortgages & Bills of Sale | Permanent |
| Depreciation Schedules | Permanent |
| Duplicate Deposit Slips | 2 Years |
| Employment Applications | 3 Years |
| Expense Analyses / Expense Distribution Schedules | 7 Years |
| Financial Statements (year end, other optional) | Permanent |
| Garnishments | 7 Years |
| Insurance Policies (expired) | Permanent |
| Insurance Records (current accident reports, claims, policies, etc.) | Permanent |
| Internal Audit Reports (longer retention periods may be desirable) | 3 Years |
| Inventories of Products, Materials & Supplies | 7 Years |
| Invoices (to customers, from vendors) | 7 Years |
| Journals | Permanent |
| Magnetic Tape & Tab Cards | 1 Year |
| Minute Books of Directors, Stockholders, Bylaws, & Charter | Permanent |
| Notes Receivable Ledgers & Schedules | 7 Years |
| Option Records (expired) | 7 Years |
| Patents & Related Papers | Permanent |
| Payroll Records & 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) | Permanent |
| Property Records (including costs, depreciation reserves, year end trial balances, depreciation schedules, blueprints & plans) | Permanent |
| Purchase Orders (except purchasing department copy) | 1 Year |
| Purchase Orders (purchasing department copy) | 7 Years |
| Receiving Sheets | 1 Year |
| Retirement & Pension Records | Permanent |
| Requisitions | 1 Year |
| Sales Commission Reports | 3 Years |
| Sales Records | 7 Years |
| Scrap & Salvage Records (inventory sales, etc.) | 7 Years |
| Stenographers Notebooks | 1 Year |
| Stock & Bond Certificates (canceled) | 7 Years |
| Stockroom Withdrawal Forms | 1 Year |
| Subsidiary Ledgers | 7 Years |
| Tax Returns (worksheets, revenue agents reports & other documents relating to determination of income tax liability) | 7 Years |
| Time Books / Cards | 7 Years |
| Trademark Registration & Copyrights | Permanent |
| Training Manuals | Permanent |
| Union Agreements | Permanent |
| Voucher Register & Schedules | 7 Years |
| Vouchers for Payments to Vendors, Employees, etc. (includes allowances & reimbursements of employees, officers, etc., for travel & entertainment expense) | 7 Years |
| Withholding Tax Statements | 7 Years |
(originally published in November 2012 eNewsletter)
Flynn Accounting Resources, Inc., is located in Colorado Springs and provides financial statement compilation, business consultation, tax planning and preparation and payroll services to a wide range of clients in a variety of industries. You may contact Brian Flynn at brian@flynnaccounting.com.