| Document/Record |
Retention Period |
| 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 |
1 yr. |
| Employee personnel records (after termination) |
7 yrs. |
| Employment applications |
3 yrs. |
| Expense analyses and expense distribution schedules |
7 yrs. |
| Financial statements (end-of-year, other months optional) |
Permanently |
| General and private ledgers (and end-of-year trial balances) |
Permanently |
| Insurance policies (expired) |
3 yrs. |
| Insurance records, current accident reports, claims, policies, etc. |
Permanently |
| Internal audit reports (in some situations, longer retention periods may be desirable) |
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, including by-laws and charters |
Permanently |
| Notes receivable ledgers and schedules |
7 yrs. |
| Option records (expired) |
7 yrs. |
| Payroll records and summaries, including 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–including 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, revenue agents’ reports
and other documents relating to determination of income tax liability |
Permanently |
| Time books |
7 yrs. |
| Trade mark registrations |
Permanently |
| Voucher register and schedules |
7 yrs. |
Vouchers for payments to vendors, employees, etc.
(includes allowances and reimbursement of employees,
officers, etc. for travel and entertainment expenses) |
7 yrs. |