Business – Record Retention Schedule

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.