Records Retention Schedule
The retention of business records are often mandated by federal, state, or local governments or other related requirements. It is important to know the length of time records should be retained. The following table provides you with the minimum requirements for the more common types of records.
© 1994 Reznick, Fedder, and Silverman
- Account payable ledgers and schedules — 7 years
- Accounts receivable ledgers and schedules — 7 years
- Audit Reports — Permanently
- Bank reconciliations — 2 years
- Bank statements — 3 years
- Cash Books — Permanently
- Checks (canceled for importants payments, i.e. taxes, purchases of property, special contracts, etc. Check should be filed with the papers pertaining to the underlying transaction) — Permanently
- Contracts, mortgages, notes and leases (expired) — 7 years; (still in effect) — Permanently
- Depreciation schedules — Permanently
- Financial statements (year-end, others optional) — Permanently
- Insurance audit reports, current accident reports, claims, policies, etc. — Permanently
- Internal audit reports (longer retention periods may be desirable) — 3 years
- Minutes books or directors, stockholders, bylaws and charter — Permanently
- Payroll records and summaries — 7 years
- Personnel files (terminated) — 7 years
- Petty cash vouchers — 3 years
- Property records, including costs, depreciation reserve, year-end trial balances, depreciation schedules, blueprints and plans — Permanently
- Purchase orders (purchasing department copy) — 7 years
- Sales records — 7 years
- Tax returns and worksheets, revenue agent's reports, and other documents relating to determination of income tax liability — Permanently