RECORD RETENTION GUIDELINES2018-01-24T18:00:44+00:00

record retention guidelines

The record retention guidelines to the right provide general guidelines for the retention of many types of records. Specific retention periods should take into account industry requirements and contractual obligations. Please feel free to contact us with any specific records retention questions.

BUSINESS ACCOUNTING RECORDS

Accounts payable 7 years
Accounts receivable 7 years
Audit reports Permanent
Chart of accounts Permanent
Depreciation schedules Permanent
Expense records 7 years
Financial statements (annual Permanent
Fixed asset purchases Permanent
General ledger Permanent
Inventory records 7 years (permanent for LIFO system)
Loan payment schedules 7 years
Corporate Volunteer Council 7 years
Purchase orders 7 years
Sales records 7 years
Tax returns Permanent

BUSINESS BANK RECORDS

Bank reconciliations 2 years
Bank statements 2 years
Cancelled checks 7 years (Permanent for real estate)
Electronic payment records 7 years

BUSINESS CORPORATE RECORDS

Board minutes Permanent
Bank statements Permanent
Business licenses Permanent
Bylaws Permanent
Contracts – major Permanent
Contracts – minor Life + 4 years
Insurance policies Life + 3 years (verify with agent)
Leases Permanent
Mortgages Permanent
Patents Permanent
Shareholder records Permanent
Stock registers Permanent
Stock transactions Permanent
Trademarks Permanent

BUSINESS EMPLOYEE RECORDS

Benefit plans Permanent
Employee files (former employees) 7 years or state statute for lawsuit
Employment applications 3 years
Employment taxes 7 years
Payroll records 7 years

BUSINESS REAL PROPERTY RECORDS

Construction records Permanent
Lease payment records Life + 4 years
Leasehold improvements Permanent
Real estate purchases Permanent

INDIVIDUAL RECORDS

Divorce documents Permanent
Estate planning documents Permanent
Home improvement receipts Ownership period + 7 years
Home purchase documents Ownership period + 7 years
Income tax returns and all supporting documents 7 years
Insurance policies Life of policy + 3 years
Loan documents Term of loan + 7 years
Retirement plan annual reports Permanent

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