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 |
|
|
