Records Retention Guide
Know how long to keep your important documents.
Making decisions on retaining files is not always a simple task. To assist you,
the professionals at SVA are providing you with the recommended guidelines for retaining
paper and electronic records.
Accounting |
Bank | Documentation
| Employee |
Insurance
Inventory | Stock | Misc | Computerized
Accounting
|
Accounts payable ledgers and schedules
|
7 years
|
|
Accounts receivable ledgers and schedules
|
7 years
|
|
Audit reports of accountants
|
Indefinitely
|
|
Budgets
|
3 years
|
|
Balance sheets
|
Indefinitely
|
|
Cash receipts records
|
7 years
|
|
Charts of accounts
|
Indefinitely
|
|
Check register and cash books
|
Indefinitely
|
|
Depreciation schedules
|
Indefinitely
|
|
Expense analyses and distribution schedules
|
7 years
|
|
Financial statements (end-of-year)
|
Indefinitely
|
|
General and private ledgers (end-of-year trial balances)
|
Indefinitely
|
|
Internal audit reports
|
5 years
|
|
Internal reports (miscellaneous)
|
3 years
|
|
Invoices from vendors
|
7 years
|
|
Invoices to customers
|
7 years
|
|
Journals
|
Indefinitely
|
|
Low-income housing records
|
7 years
|
|
Notes receivable ledger and schedules
|
7 years
|
|
Petty cash vouchers
|
3 years
|
|
Plant cost ledgers
|
7 years
|
|
Purchase orders (except purchasing department copy)
|
1 year
|
|
Purchase orders (purchasing department copy)
|
7 years
|
|
Requisitions
|
1 year
|
|
Sales records
|
7 years
|
|
Sales tax returns
|
7 years
|
|
Subsidiary ledgers
|
7 years
|
|
Tax returns, work papers and revenue agents' reports
|
Indefinitely
|
|
Voucher register and schedule
|
7 years
|
|
Vouchers for payments to vendors
|
7 years
|
Bank
|
Bank deposits
|
4 years
|
|
Bank reconciliations
|
2 years
|
|
Bank statements
|
7 years
|
|
Canceled checks (daily payments)
|
7 years
|
|
Canceled checks (major payments)
|
Indefinitely
|
|
Duplicate deposit slips
|
2 years
|
Documentation
|
Contracts and leases (expired)
|
7 years
|
|
Contracts and leases (still in effect)
|
Indefinitely
|
|
Deeds, mortgages and bills of sale
|
Indefinitely
|
|
Inherited property valuations
|
Indefinitely
|
|
Partnership agreements
|
Indefinitely
|
|
Property appraisals
|
Indefinitely
|
|
Property records
|
Indefinitely
|
|
Real estate records
|
Indefinitely
|
|
Trademark registrations
|
Indefinitely
|
Employee
|
Employee benefit plan records
|
7 years
|
|
Employee personnel records (after termination)
|
7 years
|
|
Employment applications
|
3 years
|
|
Payroll and payroll tax records
|
Indefinitely
|
|
Retirement and pension records
|
Indefinitely
|
|
Savings bond registrations records of employees
|
Indefinitely
|
|
Time records
|
7 years
|
|
Vouchers for payments to employees
|
7 years
|
Insurance
|
Accident reports and claims (completed)
|
7 years
|
|
Insurance policies (expired)
|
3 years or more
|
|
Insurance records, claims, open or unresolved
|
Indefinitely
|
Inventory
|
Inventories of products, materials and supplies
|
7 years
|
|
LIFO inventory detail information
|
Indefinitely
|
|
Physical inventory tags
|
3 years
|
|
Receiving sheets
|
1 year
|
|
Scrap and salvage records
|
7 years
|
|
Stockroom withdrawal forms
|
1 year
|
Stock
|
Capital stock and bond records
|
Indefinitely
|
|
Minute books of directors and stockholders
|
Indefinitely
|
|
Option records (expired)
|
7 years
|
|
Stock and bond certificates (canceled)
|
Indefinitely
|
Miscellaneous
|
Correspondence (general)
|
3 years
|
|
Correspondence on legal, tax and major matters
|
Indefinitely
|
|
Expense reports
|
7 years
|
|
Articles of incorporation
|
Indefinitely
|
|
Licenses and permits
|
Indefinitely
|
|
Auto logs
|
7 years
|
Computerized Records
Records must be maintained in a retrievable format according to these time guidelines.
Additionally, documentation that describes the application, procedures and controls
utilized as well as detailed information for the records must be available.
*This information should be used as a guideline only. The final responsibility for
deciding how long to keep records is up to you or the company.
Stay Informed
Use our helpful tax tools, tax tips and FAQ's.