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Record Retention Guide

Below is brief record retention guide that highlights how long one should retain business and personal records. If you have any specific questions, we welcome you to contact us.

Individual Records Retention Guide

Cancelled Checks: Three (3) years

Bank Deposit Slips: Three (3) years

Bank Statements: Six (6) years

Investment Account Statements – Non Retirement: Three (3) years after the sale

Investment Account Statements – Retirement: Three (3) years after the sale, rollover, or distribution

Supporting Documents for Tax Returns: Seven (7) years

Tax Returns: Permanently

Real Estate Records: Permanently

Expense Reports: Three (3) years

Divorce Decrees and Dependent Agreements: Three (3) years

Business Records Retention Guide

Accident Reports/Claims (Settled Cases): Seven (7) years

Accounts Payable Ledgers and Schedules: Seven (7) years

Accounts Receivable Ledgers and Schedules: Eight (8) years

Audit Reports: Permanently

Bank Statements: Three (3) years

Capital Stock and Bond Records:

Ledgers, Transfer Registers, Stubs Showing Issues, Record of Interest Coupons, Options, etc.: Permanently

Charts Of Accounts: Permanently

Checks (Cancelled Checks for Important Payments, Special Contracts, Purchase of Assets, Payment of Taxes, etc.): Checks Should Be Filed With The Papers Pertaining To The Underlying Transaction: Permanently

Checks (Cancelled Except Those Noted Above): Seven (7) years

Contracts and Leases (Expired): Seven (7) years

Contracts And Leases Still In Effect: Permanently

Correspondence, General And Schedules: Two (2) years

Correspondence, Legal And Important Letters: Permanently

Correspondence, Routine With Customers/Vendors: Two (2) years

Deeds, Mortgages And Bills Of Sale: Permanently

Depreciation Schedules: Permanently

Employee Personal Records (After Termination): Seven (7) years

Employment Applications: Three (3) years

Financial Statements (Year-end, Other Months Optional): Permanently

General Ledgers, Year-end Trial Balances: Permanently

Insurance Records, Policies, etc.: Permanently

Internal Audit Reports (Miscellaneous): 3 Years

Inventory Records: 7 Years

Invoices to Customers Or From Vendors: 7 Years

IRA And Keogh Plan Contributions, Rollovers, Transfers And Distribution: Permanently

Minute Books Of Directors, Stockholders, Bylaws & Charter: Permanently

Payroll Records, Summaries And Tax Returns: 7 Years

Petty Cash Vouchers: 3 Years

Property Records, Including Costs, Depreciation Reserves, Year-End Trial Balances, Depreciation Schedules, Blueprints, And Plans: Permanently

Purchase Orders: 3 Years

Receiving Sheets: 1 Year

Safety Records: 6 Years

Sales Records: 7 Years

Stock And Bond Certificates (Cancelled): 7 Years

Subsidiary Ledgers: 7 Years

Tax Returns, Revenue Agents’ Reports, and Other Documents Relating To Determination Of Income Tax Liability: Permanently

Time Cards And Daily Reports: 7 Years

Trademark Registrations, Patents, And Copyrights: Permanently

Voucher Register And Schedules: 7 Years

Vouchers For Payments To Vendors, Employees, etc. (Includes Allowances & Reimbursements Of Employees, Officers, etc., For Travel & Entertainment Expenses): 7 Years