Record Retention Guidelines | RKL LLP
Posted on: September 4th, 2013

Record Retention Guidelines for Business

How Long Should I Keep Records?

While there are no absolute rules regarding record retention, these generally accepted guidelines apply to most businesses and situations. Download a PDF version.

Accident Reports 7 years
Accounts Payable/Receivable Ledgers 7-10 years
Audit Reports Permanent
Bank Reconciliations 1 year or as needed
Capital Stock and Bond Records Permanent
Cash Books Permanent
Chart of Accounts Permanent
Checks (canceled, routine) 7 years
Check (canceled, important) Permanent
Corporate Records (Stock, Board Minutes) Permanent
Contracts and Leases (expired) 3 years
Contracts and leases in effect 7 years
Correspondence (general) 3 years
Correspondence on legal matters Permanent
Deeds, Mortgages, Bills of Sale Permanent
Depreciation Schedules Permanent
Duplicate Deposit Slips 1 year
Employee Personnel Records (terminated) 7 years
Employment Applications 3 years
Expense Analyses and Distribution Schedules 7 years
Financial Statements Permanent
General and Private Ledgers Permanent
Insurance Policies (expired) 3 years
Insurance Records, Claims, Policies Permanent
Internal Audit Records 3 years
Inventories 7 years
Invoices 7 years
Journals Permanent
Notes Receivable Ledgers 7 years
Option Records (expired) 7 years
Payroll Record Summaries 7 years
Petty Cash Vouchers/Receipts 3 years
Physical Inventory Tags 3 years
Plant Cost Ledger 7 years
Property Appraisals Permanent
Property Records Permanent
Purchase Orders 1 year
Purchase Orders (Purchasing Dept. Copy) 7 years
Receiving Sheets 1 year
Requisitions 1 year
Sales Records 7 years
Savings Bond Records 3 years
Scrap and Salvage Records 7 years
Stenographer’s Notebooks 1 year
Stock and Bond Certificates (canceled) 7 years
Subsidiary Ledgers 7 years
Tax Returns (1 copy) and Worksheets Permanent
Time Books 7 years
Trade Mark Registrations Permanent
Voucher Register/Schedules 7 years
Vouchers for payments to vendors and employees 7 years

Have specific questions regarding record retention for your business? Contact your CPA at RKL for more information.

 

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