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