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.