Saturday, June 24, 2017 Search
 
 
Home
Contact
Services
Staff
Firm Profile
Tax Resources
Client Resources
> Records Retention Schedule
> Donation Value Guide
Sacramento River Cats





 


Records Retention Schedule

 

One of the responsibilities of running a business is the responsibility of maintaining and preserving records.  Records should be preserved only for as long as legal requirements are met unless they serve a useful purpose to the business.

 

Retention periods usually vary by type of records.  Below are suggested retention schedules for company (firm) and individual records.

 

 

 Accident reports/claims (settled cases)

 7 years

 Accounts payable ledgers and schedule

 7 years

 Accounts receivable ledgers and schedule

 7 years

 Audit reports

 Permanently

 Bank reconciliation

 2 years

 Bank statements

 4 years

 Capitol stock and bond records: ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc.  

 Permanently

 Cash books

 Permanently

 Charts of accounts

 Permanently

 Checks (canceled-see exception below)

  7 years

 Checks (canceled for important payments, i.e. taxes, purchases of property, special contracts, etc. Checks should be filed with the papers pertaining to the underlying transaction)

 Permanently

 Contracts, mortgages, notes and leases:

 

           Expired

 7 years

           Still in effect

 Permanently

 Correspondence (general)

 2 years

 Correspondence (legal and important matters only)

 Permanently

 Correspondence (routine) with customers and/or vendors

 2 years

 Deeds, mortgages, and bills of sale

 Permanently

 Depreciation schedules

 Permanently

 Duplicate deposit slips

 2 years

 Employment applications

 3 years

 Expense analysis/expense distribution schedules

 7 years

 Financial statements (year-end, other optional)

 Permanently

 Garnishments

 7 years

 General/private ledgers, year-end trial balance

 Permanently

 Insurance policies (expired)

 3 years

 Insurance records, current accident reports, claims, policies, etc.

 Permanently

 Internal audit reports (longer retention periods may be desirable)

 3 years

 Internal reports (miscellaneous)

 3 years

 Inventories of product, materials, and supplies

 7 years

 Invoices (to customers, from vendors)

 7 years

 Journals

 Permanently

 Magnetic tape and tab cards

 1 year

 Minute books of directors, stockholders, bylaws, and charter

 Permanently

 Notes receivable ledgers and schedules

 7 years

 Option records (expired)

 7 years

 Patents and related papers

 Permanently

 Payroll records and summaries

 7 years

 Personnel files (terminated)

 7 years

 Petty cash vouchers

 4 years

 Physical inventory tags

 4 years

 Plant cost ledgers

 7 years

 Property appraisals by outside appraisers

 Permanently

 Property records, including costs, depreciation reserves, year-end trail balances, depreciation schedules,

 Permanently

 Purchase orders (purchasing department copy)

 7 years

 Receiving sheets

 1 year

 Retirement and pension records

 Permanently

 Requisitions

 1 year

 Sales commission reports

 4 years

 Sales records

 7 years

 Scrap and salvage records (inventories, sales, etc.)

 7 years

 Stenographers notebooks

 1 year

 Stock and bond certificates (canceled)

 7 years

 Stockroom withdrawal forms

 1 year

 Subsidiary ledgers

 7 years

Tax returns and worksheets, revenue agents, reports, and other documents    relating to determination of income tax liability

 Permanently

Time books/cards

 7 years

Trademark registrations and copyrights

 Permanently

Training manuals

 Permanently

Union agreements

 Permanently

Voucher register and schedules

7 years

Voucher for payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses)

7 years