Estrella Tax Services
Document Retention Period
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For our business clients, we have compiled a records retention guide which you may view on-line or print for your files.  The documents are listed alphabetically in the following categories.

 

 Financial Reports

 Assets

 Income and Expenses

 Payables and Receivables

 Corporate Reports

 Human Resources

 Other Documents

     

FINANCIAL REPORTS

Retention Period

Analysis of gross and net fees by service classification

7 years

Audit reports

Permanently

Bank deposit slips

2 years

Bank reconciliations

2 years

Bank statements

3 years

Canceled checks (regular)

7 years

Canceled checks: important payments, taxes, purchases of property, special contracts, etc. (file these with their related papers)

Permanently

Cash books

Permanently

Cash receipts and disbursements journals

Permanently

Charts of accounts

Permanently

Daily cash reports

1 year

Financial statements

Permanently

General ledgers

Permanently

General/private ledgers, year-end trail balance

Permanently

Interim statements-consolidated

7 years

Internal audit reports

3 years (longer retention periods may be desirable)

Journal vouchers

Permanently

Journals

Permanently

Monthly statements-operating offices

7 years

Payroll records (W-2s, 940s, 941s, etc.)

Permanently

Payroll records and summaries

7 years

Periodic financial reports

3 years

Petty cash vouchers

3 years

Subsidiary ledgers

7 years

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

Permanently

Work papers (operating and consolidated)

Permanently

 

 

ASSETS

Retention Period

Changes to clients' vouchers

7 years

Client charges and billing reports

7 years

Contracts, mortgages, notes and leases (expired)

7 years

Contracts, mortgages, notes and leases (still in effect)

Permanently

Deeds, mortgages and bills of sale

Permanently

Depreciation schedules

Permanently

Equipment records

5 years after disposition

Insurance documents, including policy reports, claims and coverage information

3-10 years after expiration or settlement

Insurance policies (expired)

3 years

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

Permanently

Inventories of products, materials and supplies

7 years

Notes receivable ledgers and schedules

7 years

Physical inventory tags

3 years

Property appraisals by outside appraisers

Permanently

Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints, plans and permits

Permanently

Scrap and salvage records

7 years

Stockroom withdrawal forms

1 year

Training manuals

Permanently

 

 

 

 

INCOME AND EXPENSES

Retention Period

Expense analyses/expense distribution schedules

7 years

Expense reports

7 years

Sales commission reports

3 years

Sales records

7 years

 

 

 

 

PAYABLES AND RECEIVABLES

Retention Period

Accounts payable ledgers and schedules

7 years

Accounts receivable ledgers and schedules

7 years

Invoices (to customers, from vendors)

7 years

Purchase orders (except purchasing department copy)

1 year

Purchase orders (purchasing department)

7 years

Remittance advice

1 year

Vendor invoices

7 years

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

7 years

 

 

 

 

CORPORATE REPORTS

Retention Period

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

Permanently

Minute books of directors, stockholders, bylaws and charters

Permanently

Partnership and corporate records, including:

- local, state and federal licenses

- annual reports

- capital stock and bond ledger

- canceled stock and bond certificates

- articles of incorporation

- bylaws and minutes from partner meetings or stockholder and director meetings

Permanently