File Retention Guide
Here's a list of what documents to keep and how long to keep them. Can't find it on the list? Keep the documents until you have discussed it with your CPA. When in doubt, don't throw it out.
Accident reports and claims (settled cases).................... 7 yrs
Accounts payable ledgers and schedules........................7 yrs
Accounts receivable ledgers and schedules....................7 yrs
Audit reports of accountants...................................Permanently
Bank reconciliations............................................................... 1 yr
Capital stock and bond records
(ledgers, transfer registers, stubs showing issues,
record of interest coupons, options, etc.)..............Permanently
Cash books...............................................................Permanently
Charts of accounts....................................................Permanently
Checks (cancelled but see exception below)................... 7 yrs
Checks
(cancelled for important payments, i.e., taxes, purchases
of property, special contracts, etc. – checks should be
filed with the papers pertaining to the underlying
transaction)..................................................................Permanently
Contracts and leases (expired)............................................7 yrs
Contracts and leases (still in effect)......................Permanently
Correspondence (routine)
with customers or vendors......................................................1 yr
Correspondence (general)................................................... 3 yrs
Correspondence
(legal and important matters only).........................Permanently
Deeds, mortgages, and
bills of sale..................................................................Permanently
Depreciation schedules...........................................Permanently
Duplicate deposit slips...........................................................7 yrs
Employee personnel records (after termination)..............3 yrs
Employment applications......................................................3 yrs
Expense analyses and expense
distribution schedules............................................................7 yrs
Financial statements (end of year, other
months are optional).................................................Permanently
General and private ledgers (end of year
trial balances)............................................................Permanently
Insurance policies (expired).................................................3 yrs
Insurance records, current accident reports, claims,
policies, etc.................................................................Permanently
Internal audit reports (certain situations may
require longer retention).........................................................3 yrs
Internal reports (miscellaneous)...........................................3 yrs
Inventories of products, materials,
and supplies.............................................................................7 yrs
Invoices to customers.............................................................7 yrs
Invoices from vendors.............................................................7 yrs
Journals .......................................................................Permanently
Minute books for directors and stockholders
(includes by-laws and charters)...............................Permanently
Notes receivable ledgers and schedules............................7 yrs
Option records (expired)..........................................................7 yrs
Payroll records and summaries (includes
payments to pensioners).........................................................7 yrs
Petty cash vouchers .................................................................3 yrs
Physical inventory tags.............................................................3 yrs
Plant cost ledgers.....................................................................7 yrs
Property appraisals by outside appraisers……....Permanently
Property records (includes costs, depreciation reserves,
end of year trial balances, depreciation schedules,
blueprints and plans)..................................................Permanently
Purchase orders
(except purchasing department copy).....................................1 yr
Purchase orders
(purchasing department copy).................................................7 yrs
Receiving sheets.........................................................................1 yr
Requisitions.................................................................................1 yr
Sales records.............................................................................7 yrs
Savings bond registration records
of employees..............................................................................3 yrs
Scrap and salvage
records (inventories, sales, etc.).............................................7 yrs
Stenographer’s notebooks.......................................................1 yr
Stock and bond
certificates (cancelled)............................................ Permanently
Stockroom withdrawal forms....................................................1 yr
Subsidiary ledgers....................................................................7 yrs
Tax returns and worksheets (includes revenue
agents’ reports and other documents relating to
determination of income tax liability).......................Permanently
Time books .................................................................................7 yrs
Trademark registrations..............................................Permanently
Voucher register and schedules...............................................7 yrs
Vouchers for payments to vendors, employees, etc.
(includes allowances and reimbursement of employees,
officers, for travel and entertaining expense)..........................7 yrs