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.