Business Records Retention Guidelines
Last Updated October 19, 2020
Accounting records
Accounts Payable Ledgers..................................7 yrs
Accounts Receivable Ledgers.............................7 yrs
Audit Reports.......................................................Perm
Bank Statements/Reconciliation.........................7 yrs
Cash Receipt & Disbursement Journals.............Perm
Chart of Accounts................................................Perm
Correspondence - General.................................Perm
Correspondence - Legal.....................................Perm
Deeds, Mortgage, Bill of Sales...........................Perm
Financial Statements...........................................Perm
Fixed Assets/Depreciation Schedules................Perm
General Ledger....................................................Perm
Inventory Listing..................................................7 yrs
Invoices - Sales....................................................7 yrs
Invoices - Purchases............................................7 yrs
Payroll Journal.....................................................7 yrs
Purchase Orders..................................................7 yrs
Sale Records........................................................7 yrs
Time Card Reports..............................................7 yrs
Trial Balance & Year-End.....................................7 yrs
tax records
Income Tax Returns............................................Perm IRS Correspondence..........................................Perm Payroll Tax Returns.............................................7 yrs Property Basis Records......................................Perm Sales and Use Tax Returns.................................Perm
Other records
Accident Reports & Claims (After Settlement)..10 yrs
Articles of Incorporation/Bylaws.........................Perm Cancelled Checks - General/Payroll...................7 yrs Cancelled Checks - Fixed Assets/Income Tax....Perm Corporate Minutes...............................................Perm Current Insurance Policies...................................7 yrs Duplicate Deposit Tickets...................................1 yr Employee Applications........................................2 yrs Employee Records (Terminated).........................7 yrs Insurance Policies (Expired).................................7 yrs Life Insurance Policies..........................................Perm Partnership Agreements......................................Perm Property Appraisals..............................................Perm