Record Retention List

Type of Records Retention Period
Accident reports and claims 7 years
Accounts payable ledgers and schedules 7 years
Account receivable ledgers and schedules 7 years
Audit reports of accountants Permanently
Bank reconciliation’s 1 year
Capital stock and bonds records (ledgers, transfer registers, stubs showing issues, interest coupon records, option) Permanently
Cash books Permanently
Charts of accounts Permanently
Checks (for important payments) canceled (taxes, property purchases, special contracts-filed with transaction papers) Permanently
Checks (for general payments) canceled 7 years
Contracts and leases (still in effect) Permanently
Contracts and leases (expired) 7 years
Correspondence – Legal, Important matters 3 years
Correspondence – General 3 years
Correspondence – with Customers, Vendors 1 year
Deeds, mortgages, and bills of sale Permanently
Depreciation schedules 1 year
Duplicate deposit slips 1 year
Employee personnel records (after termination) 3 years
Employment applications 3 years
Expense analyses and expense distribution schedules 7 years
Financial Statements (end-of year, other months optional) Permanently
Freight drafts, bills and claims 5 years
Garnishments (after termination) 3 years
General and private ledgers (and end-of – year trial balances Permanently
Insurance policies (expired) 3 years
Insurance records, current accident records Claims, policies, etc. Permanently
Internal audit reports 3 years
Internal reports (miscellaneous) 3 years
Inventory records (product, materials and supplies) Permanently
Internal audit reports 3 years
Internal reports (miscellaneous) 3 years
Journals Permanently
Labor records:
Daily Time reports 5 years
Disability claims 7 years
Earnings records 7 years
Employee service records 7 years
Pay checks 7 years
Personnel files 7 years
Salary and wage rate changes 7 years
Salary receipts 7 years
Time cards, tickets and clock records 5 years
Unemployment claims 7 years
Withholdings exemption certificates 7 years
Workers compensation reports 10 years
Leases 7 years
Ledgers and journals:
Customer journals 7 years
General Journals 10 years
Plant Ledger Permanently
Royalty journals 10 years
Licenses 1 year
Maintenance and repair records 7 years
Buildings 7 years
Machinery 5 years
Manufactured stock reports 7 years
Minute books Permanently
Mortgages 7 years
Notes receivable ledgers and schedules 7 years
Note registers Permanently
Options records (expired) 7 years
Patent records Permanently
Payroll records and summaries (including payments to pensioners) 7 years
Pension records Permanently
Petty cash records 3 years
Physical inventory tags 3 years
Plant acquisition records 7 years
Property appraisals (outside) Permanently
Property records (including costs) Permanently
Damage reports 7 years
Depreciation reserves, & end-of-year trial Balance 7 years
Depreciation schedules, blueprints and Plans 7 years