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 |
|
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|
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 |
|
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|
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 |
|
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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 |
|
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|
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 |
|
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|
HUMAN RESOURCES |
Retention Period |
|
Accident reports and injury claims (Worker's Compensation) |
11 years |
|
Affirmative action compliance plans |
1 year following completion of contract |
|
Age work certification records for minors |
3 years after termination |
|
Applications
(Non-hires) |
1 year |
|
Attendance records/time cards/time reports |
4 years |
|
COBRA Records |
3 years |
|
Disability/sick pay benefits |
4 years |
|
EEO-1 forms |
5 years |
|
Education/training records |
3 years |
|
Employee Benefit Plans |
2 years following
termination of plan |
|
Employee
Medical Records and Analysis as required by OSHA |
The duration of employment plus 30 years |
|
Employment advertisements |
3 years |
|
Employment contracts |
7 years after expiration date |
|
ERISA benefit plan descriptions/modifications, annual reports, SPDs |
Indefinitely |
|
Garnishments |
7 years |
|
Grievance records |
5 years |
|
I-9 Forms |
3 years from date of hire or 1 year after termination,
whichever is longer |
|
Injury reports (OSHA Logs) |
5 years |
|
Job descriptions |
Until superseded |
|
Labor contracts |
Indefinitely |
|
Material
Data Safety Sheets |
Duration of employment plus 30 years |
|
Medical and
exposure records relating to toxic substances |
40 years |
|
OSHA Training
Documentation |
3 years |
|
Paychecks |
8 years |
|
Pension payments and records |
3 years after death |
|
Personnel data and files (re: hiring, promotion/demotion, transfer, layoff, termination,
compensation, etc.) |
6 years after termination |
|
Records pertaining
to unfair or discriminatory employment practices and Americans with Disabilities Act |
Until the final deposition of charge or action |
|
Retirement and pension records (plan documents, claims, applications, etc.) |
Permanently |
|
Union agreements |
3 years from last effective date |
|
Wage rates and changes, deductions/additions to pay |
4 years |
|
Withholding tax statements |
7 years |
|
Workers' compensation records |
3 years |
|
Since situations vary, we suggest that you consult legal counsel before you dispose
of any important Human Resources records. |
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OTHER DOCUMENTS |
Retention Period |
|
Bulletins to clients, firm executives and staff |
7 years |
|
Client coding form masters |
1 + current |
|
Correspondence (general) |
1 + current |
|
Correspondence (legal and important matters, including those pertaining to copyrights,
permits and bills of sale |
Permanently |
|
Data transmittal (in central processing system) |
7 years |
|
Firm meetings files (annual and special meetings) |
7 years |
|
Interoffice client charges |
7 years |
|
Interoffice correspondence |
7 years |
|
New business reports |
7 years |
|
Option records (expired) |
7 years |
|
Patents and related papers |
Permanently |
|
Plant cost ledgers |
7 years |
|
Receiving sheets |
1 year |
|
Requisitions |
1 year |
|
Stenographers notebooks |
1 year |
|
Trademark registration and copyrights |
Permanently |
|
Voucher check copies |
7 years |
