Record Retention List

Type of RecordsRetention Period
Accident reports and claims7 years
Accounts payable ledgers and schedules7 years
Account receivable ledgers and schedules7 years
Audit reports of accountantsPermanently
Bank reconciliation’s1 year
Capital stock and bonds records (ledgers, transfer registers, stubs showing issues, interest coupon records, option)Permanently
Cash booksPermanently
Charts of accountsPermanently
Checks (for important payments) canceled (taxes, property purchases, special contracts-filed with transaction papers)Permanently
Checks (for general payments) canceled7 years
Contracts and leases (still in effect)Permanently
Contracts and leases (expired)7 years
Correspondence – Legal, Important matters3 years
Correspondence – General3 years
Correspondence – with Customers, Vendors1 year
Deeds, mortgages, and bills of salePermanently
Depreciation schedules1 year
Duplicate deposit slips1 year
Employee personnel records (after termination)3 years
Employment applications3 years
Expense analyses and expense distribution schedules7 years
Financial Statements (end-of year, other months optional)Permanently
Freight drafts, bills and claims5 years
Garnishments (after termination)3 years
General and private ledgers (and end-of – year trial balancesPermanently
Income Tax Returns7 years
Insurance policies (expired)3 years
Insurance records, current accident records Claims, policies, etc.Permanently
Internal audit reports3 years
Internal reports (miscellaneous)3 years
Inventory records (product, materials and supplies)Permanently
Internal audit reports3 years
Internal reports (miscellaneous)3 years
Labor records: 
Daily Time reports5 years
Disability claims7 years
Earnings records7 years
Employee service records7 years
Pay checks7 years
Personnel files7 years
Salary and wage rate changes7 years
Salary receipts7 years
Time cards, tickets and clock records5 years
Unemployment claims7 years
Withholdings exemption certificates7 years
Workers compensation reports10 years
Leases7 years
Ledgers and journals: 
Customer journals7 years
General Journals10 years
Plant LedgerPermanently
Royalty journals10 years
Licenses1 year
Maintenance and repair records7 years
Buildings7 years
Machinery5 years
Manufactured stock reports7 years
Minute booksPermanently
Mortgages7 years
Notes receivable ledgers and schedules7 years
Note registersPermanently
Options records (expired)7 years
Patent recordsPermanently
Payroll records and summaries (including payments to pensioners)7 years
Pension recordsPermanently
Petty cash records3 years
Physical inventory tags3 years
Plant acquisition records7 years
Property appraisals (outside)Permanently
Property records (including costs)Permanently
Damage reports7 years
Depreciation reserves, & end-of-year trial Balance7 years
Depreciation schedules, blueprints and Plans7 years