Business Records Document Retention Period

Accounts payable ledgers & schedule – 8 years

Accounts receivable ledgers & schedules – 8 years

Bank statements – 8 years

Capital stock records – Permanently

Checks (relating to tax payments, fixed asset purchases, etc.) – Permanently

Checks (except those noted above) – 8 years

Contracts & leases (expired) – Permanently

Deeds, mortgages, etc. – Permanently

Deposit slips – 3 years

Depreciation schedules – Permanently

Employee records (post termination) – 7 years

Employee applications – 3 years

Expense reports – 7 years

Financial statements (year-end) – Permanently

General ledgers – Permanently

Insurance policies – 10 years

Inventory records – Permanently

Invoices to customers or from vendors – 7 years

IRA/Keogh & retirement plan documentation – Permanently

Minute books of the corporation – Permanently

Payroll records – 7 years

Tax Returns – Permanently

Purchase orders – 7 years

Receiving records – 1 year

Safety records – 6 years

Sales records – Cash – 7 years

Sales records – Charge – 10 years

Subsidiary ledgers – Permanently

Tax returns, reports of government agencies – Permanently

Time cards – 7 years

Trademark registration, patents & copyrights – Permanently

W-2 Forms – Permanently

Please be aware that this is a general retention policy only. Many businesses are subject to additional regulatory requirements from professional organizations and state and federal agencies.

 

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