Record Retention Guide

Business Records

Business Documents To Keep For One Year

• Correspondence with Customers and Vendors

• Duplicate Deposit Slips

• Purchase Orders (other than Purchasing Department copy)

• Receiving Sheets

• Requisitions

• Stenographer's Notebooks

• Stockroom Withdrawal Forms

Business Documents To Keep For Three Years

• Employee Personnel Records (after termination)

• Employment Applications

• Expired Insurance Policies

• General Correspondence

• Internal Audit Reports

• Internal Reports

• Petty Cash Vouchers

• Physical Inventory Tags

• Savings Bond Registration Records of Employees

• Time Cards For Hourly Employees

Business Documents To Keep For Six Years

• Accident Reports, Claims

• Accounts Payable Ledgers and Schedules

• Accounts Receivable Ledgers and Schedules

• Bank Statements and Reconciliations

• Cancelled Checks

• Cancelled Stock and Bond Certificates

• Employment Tax Records

• Expense Analysis and Expense Distribution Schedules

• Expired Contracts, Leases

• Expired Option Records

• Inventories of Products, Materials, Supplies

• Invoices to Customers

• Notes Receivable Ledgers, Schedules

• Payroll Records and Summaries, including payment to pensioners

• Plant Cost Ledgers

• Purchasing Department Copies of Purchase Orders

• Sales Records

• Subsidiary Ledgers

• Time Books

• Travel and Entertainment Records

• Vouchers for Payments to Vendors, Employees, etc.

• Voucher Register, Schedules

Business Records To Keep Forever

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While federal guidelines do not require you to keep tax records "forever," in many cases there will be other reasons you'll want to retain these documents indefinitely.

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• Audit Reports from CPAs/Accountants

• Cancelled Checks for Important Payments (especially tax payments)

• Cash Books, Charts of Accounts

• Contracts, Leases Currently in Effect

• Corporate Documents (incorporation, charter, by-laws, etc.)

• Documents substantiating fixed asset additions

• Deeds

• Depreciation Schedules

• Financial Statements (Year End)

• General and Private Ledgers, Year End Trial Balances

• Insurance Records, Current Accident Reports, Claims, Policies

• Investment Trade Confirmations

• IRS Revenue Agents' Reports

• Journals

• Legal Records, Correspondence and Other Important Matters

• Minute Books of Directors and Stockholders

• Mortgages, Bills of Sale

• Property Appraisals by Outside Appraisers

• Property Records

• Retirement and Pension Records

• Tax Returns and Worksheets

• Trademark and Patent Registrations