To guide you in minimizing your risks, here's
a list of generally accepted, reasonable time periods recommended for retaining
business records which you may print out for future reference:
Accident reports and claims (settled cases) |
7 years |
Accounts payable ledgers and schedules |
7 years |
Accounts receivable ledgers and schedules |
7 years |
Audit reports of accountants |
Indefinitely |
Bank reconciliations |
1 year |
Bank statements |
7 years |
Cash books |
Indefinitely |
Charts of accounts |
Indefinitely |
Checks (canceled, see exceptions below) |
7 years |
Checks (canceled for important payments, i.e., taxes, purchases of
property, special contracts, etc.) |
Indefinitely |
Construction documents |
Indefinitely |
Contracts and leases (expired) |
7 years |
Contracts and leases still in effect |
Expiration + 7 years |
Correspondence (general) |
3 years |
Correspondence (important) |
Indefinitely |
Deeds, mortgages, bills of sale, titles |
Indefinitely |
Depreciation schedules |
Indefinitely |
Duplicate deposit slips |
1 year |
Electronic fund transfer documents |
7 years |
Employee personnel records (after termination) |
7 years |
Employment applications |
3 years |
Expense analyses and expense distribution schedules |
7 years |
Financial statements (end-of-year, other months optional) |
Indefinitely |
General and private ledgers (and end-of-year trial balance) |
Indefinitely |
I-9s (after termination) |
1 year |
Insurance policies (expired) |
3 years |
Inventories of products, materials, supplies |
7 years |
Invoices to customers |
7 years |
Invoices from vendors |
7 years |
Journals |
Indefinitely |
Leases |
see Contracts |
Licenses |
Indefinitely |
Loan documents, notes |
Indefinitely |
Minute books of directors and stockholders, including by-laws and
charter |
Indefinitely |
Notes receivable ledgers and schedules |
7 years |
OSHA logs |
5 years |
Payroll records and summaries, pensions, payroll taxes |
7 years |
Petty cash vouchers |
3 years |
Property appraisals by outside appraisers |
Indefinitely |
Property records including costs, depreciation reserves, end-of-year
trial balances, depreciation schedules, blueprints and plans |
Indefinitely |
Purchase orders (purchasing department copy) |
7 years |
Receiving sheets |
1 year |
Sales records |
7 years |
Scrap and salvage records (inventories, sales, etc.) |
7 years |
Subsidiary ledgers |
7 years |
Tax returns and worksheets, agents' reports, any documents relating
to income tax liability |
Indefinitely |
Time books/cards |
7 years |
Trade mark registrations |
Indefinitely |
Voucher register and schedules |
7 years |
Vouchers for payments to vendors, employees, etc. (including
allowances and reimbursement of employees officers, etc., for travel and
entertainment expenses) |
7 years |
W-4 forms |
4 years |
Workmans' comp. documents |
11 years |