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.
