I have compiled a record retention schedule to help guide my clients in determining when to dispose business records. Please note that this list serves only as a guide and special circumstances could alter any retention period given.
For more information on record retention check out our previous posts on record retention:
Record Retention in an Electronic World: Time to Clean House?
Developing a Record Retention Policy
Employment Record Retention/Destruction Policies: What not to do
PERMANENT RECORDS:
- Benefit, Pension & Profit Sharing Plan Documents
- Bills of Sale
- Bookkeeping/Financial Records
- Audit Reports
- Canceled Checks (major purchases/payments)
- Chart of Accounts
- Financial Statements (year end)
- Fixed Assets & Depreciation Records
- Business Licenses & Permits
- Business Organizational Documents
- Corporate Articles & Bylaws
- Corporate Minutes, Resolutions & Consents (Directors & Shareholders)
- Corporate Stocks & Shareholder Records
- Corporation Bureau Filings
- LLP Registration
- LLC Certificate of Organization
- Fictitious Name Registration
- Partnership Agreements
- Operating Agreements
- Contracts & Leases (current)
- Correspondence – Significant (e.g. Legal, Tax)
- Insurance Records & Policies (current/ in force)
- Loan Documents (current)
- Patent & Copyright Filings
- Personnel Files (active employees)
- Real Estate & Building Records
- Appraisals
- Blueprints Plans
- Building/Zoning/Occupancy Permits
- Deeds
- Mortgages
- Tax Records & Information
- EIN/TIN Applications
- Income Tax Return & Schedules
- Informational Returns & IRS Filings
- Subchapter “S” Elections Forms
- Tax Examination Reports
- W-2 Forms
- Trademark & Service Mark Registrations
7 YEAR RECORDS:
- Accounting Journals
- Accounts Payable & Receivable Ledgers
- Bank Statements
- Canceled Checks (general purchases/payments)
- Charitable Donation Information
- Contracts & Leases (canceled/terminated)
- Customer & Vendor Records
- Invoices
- Purchase Orders & Vouchers
- Detailed General Ledger
- Electronic Payment Records
- Employment Tax Returns
- Employee Records
- Expense Report
- Personnel Files (terminated employees)
- Safety Records
- Time Records & Payroll Summaries
- Wage Garnishment Reports
- Workers’ Compensation Reports
- Expense Documentation (e.g. Travel/Entertainment)
- Insurance Records & Policies (expired/settled claims)
- Inventory Records
- Loan Documents (canceled/paid off)
- Sales & Use Tax Returns
- Sales/Revenue Records
3 YEAR RECORDS:
- Employment Applications
- Correspondence – General
- Internal Audit Reports
- Petty Cash Records
1-2 YEAR RECORDS:
- Bank Reconciliations
- Business Notes & Memoranda
- Deposit Slips
- Shipping/Receiving Reports
- Material Purchase Records