|
Accounting
Records
|
Retention
Period
|
|
Accounts
payable
|
7
years
|
|
Accounts
receivable
|
7
years
|
|
Audit
reports
|
Permanent
|
|
Chart
of accounts
|
Permanent
|
|
Depreciation
schedules
|
Permanent
|
|
Expense
records
|
7
years
|
|
Financial
statements (annual)
|
Permanent
|
|
Fixed
asset purchases
|
Permanent
|
|
General
ledger
|
Permanent
|
|
Inventory
records
|
7
years
(Permanent for LIFO system)
|
|
Loan
payment schedules
|
7
years
|
|
Purchase
orders (1 copy)
|
7
years
|
|
Sales
records
|
7
years
|
|
Tax
returns
|
Permanent
|
|
Back
to Top |
|
Bank
Records
|
Retention
Period
|
|
Bank
reconciliations
|
2
years
|
|
Bank
statements
|
7
years
|
|
Cancelled
checks
|
7
years
(Permanent for real estate purchases)
|
|
Electronic
payment records
|
7
years
|
|
Back
to Top |
|
Corporate
Records
|
Retention
Period
|
|
Board
minutes
|
Permanent
|
|
Bylaws
|
Permanent
|
|
Business
licenses
|
Permanent
|
|
Contracts
– major
|
Permanent
|
|
Contracts
– minor
|
Life
+ 4 years
|
|
Insurance
policies
|
Life
+ 3 years
(Check with your agent. Liability for prior years can vary.)
|
|
Leases/mortgages
|
Permanent
|
|
Patents/trademarks
|
Permanent
|
|
Shareholder
records
|
Permanent
|
|
Stock
registers
|
Permanent
|
|
Stock
transactions
|
Permanent
|
|
Back
to Top |
|
Employee
Records
|
Retention
Period
|
|
Benefit
plans
|
Permanent
|
|
Employee
files (ex-employees)
|
7
years
(Or statute of limitations for employee lawsuits.)
|
|
Employment
applications
|
3
years
|
|
Employment
taxes
|
7
years
|
|
Payroll
records
|
7
years
|
|
Pension/profit
sharing plans
|
Permanent
|
|
Back
to Top |
|
Real
Property Records
|
Retention
Period
|
|
Construction
records
|
Permanent
|
|
Leasehold
improvements
|
Permanent
|
|
Lease
payment records
|
Life
+ 4 years
|
|
Real
estate purchases
|
Permanent
|
|
Back
to Top |
