Retention Guidelines
In business, good record keeping is essential not only for tax reporting purposes but also for the success of the company.
Below are some examples of records retention periods.
| Accident reports/claims (settled cases) | 7 years |
| Accounts payable ledgers and schedules | 7 years |
| Accounts receivable ledgers and schedules | 7 years |
| Audit reports | Permanent |
| Bank reconciliations | 2 years |
| Bank statements | 3 years |
| Capital stock and bond records, ledgers, transfer registers, stubs, etc. | Permanent |
| Cash books | Permanent |
| Charts of accounts | Permanent |
| Checks, cancelled (for important payments) taxes, purchases of property, special contracts, etc. | Permanent |
| Checks, cancelled | 7 years |
| Contracts, mortgages, notes, leases – expired | 7 years |
| Contracts, mortgages, notes, leases – active | Permanent |
| Correspondence – general | 2 years |
| Correspondence – legal and important | Permanent |
| Deeds, mortgages, bills of sale | Permanent |
| Depreciation schedules | Permanent |
| Deposit slips, duplicates | 2 years |
| Employment applications | 3 years |
| Expense analysis/expense distribution schedules | 7 years |
| Financial statements | Permanent |
| Garnishments | 7 years |
| General/private ledgers, year-end trial balance | Permanent |
| Insurance policies – expired | 3 years |
| Insurance records – current, accident reports, claims, policies | Permanent |
| Internal audit reports | 3 years |
| Internal reports – general | 3 years |
| Inventories | 7 years |
| Invoices | 7 years |
| Journals | Permanent |
| Magnetic tape and tab cards | 1 year |
| Minute books of directors, stockholders, bylaws, charter | Permanent |
| Notes receivable ledgers and schedules | 7 years |
| Option records – expired | 7 years |
| Patents and related papers | Permanent |
| Payroll records and summaries | 7 years |
| Personnel files – terminated | 7 years |
| Petty cash vouchers | 3 years |
| Physical inventory tags | 3 years |
| Plant cost ledgers | 7 years |
| Property appraisals by outside appraisers | Permanent |
| Property records (costs, depreciation reserves, year-end trial balances, blueprints, etc.) | Permanent |
| Purchase orders – except purchasing department copy | 1 year |
| Purchase orders – purchasing department copy | 7 years |
| Receiving sheets | 1 year |
| Requisitions | 1 year |
| Retirement and pension records | Permanent |
| Sales commission reports | 3 years |
| Sales records | 7 years |
| Scrap and salvage records | 7 years |
| Stenographers’ notebooks | 1 year |
| Stock and bond certificates – cancelled | 7 years |
| Subsidiary ledgers | 7 years |
| Tax returns and worksheets, revenue agents’ reports, etc. | Permanent |
| Time books/cards | 7 years |
| Trademark registrations and copyrights | Permanent |
| Training manuals | Permanent |
| Union agreements | Permanent |
| Vouchers for payments | 7 years |
| Withholding tax statements | 7 years |
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