Record Retention Guidelines
This blog post is a general guideline for the retention of many types of records. Specific retention periods should take into account industry requirements and contractual obligations.
Record Retention Guidelines for Businesses
- Accident reports and claims (settled cases): 7 YEARS
- Accounts payable ledgers and schedules: 7 YEARS
- Accounts receivable ledgers and schedules, deposit books and slips, credit files, authorization, collection file: 7 YEARS
- Acquisition documents (after disposition): 7 YEARS
- Audit reports of accountants: PERMANENTLY
- Bank statements: 7 YEARS
- Bank reconciliations: 1 YEAR
- Capital stock and bond records, ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc.: 7 YEARS
- Cash books: PERMANENTLY
- Charts of accounts: PERMANENTLY
- Checks (cancelled, but see exception below): 7 YEARS
- Checks (cancelled, for important payments, i.e., taxes, purchases of property, special contracts, etc. (checks should be filed with the papers pertaining to the underlying transaction)): PERMANENTLY
- Contracts and leases (after expiration): 7 YEARS
- Corporate charter, by-laws, minute books: PERMANENTLY
- Correspondence (general): 3 YEARS
- Correspondence (legal and important matters only): PERMANENTLY
- Deeds, mortgages, and bills of sale: PERMANENTLY
- Depreciation schedules: PERMANENTLY
- Deposit slips, duplicate deposit slips: 7 YEARS
- Employment applications (if individual becomes an employee, this becomes a part of employee’s permanent record): 3 YEARS
- Expense analyses and expense distribution schedules: 7 YEARS
- Expense reports: 7 YEARS
- Financial statements (end-of-year, other months optional): PERMANENTLY
- General and private ledgers (and end-of-year trial balances): PERMANENTLY
- Insurance policies (after expiration): 10 YEARS
- Insurance records, current accident reports, fire inspection reports, safety reports, etc.: 7 YEARS
- Internal audit reports (in some situations, longer retention periods may be desirable): 3 YEARS
- Internal reports (miscellaneous): 3 YEARS
- Inventories of products, materials, and supplies: 7 YEARS
- Invoices to customers: 7 YEARS
- Invoices from vendors: 7 YEARS
- Journals: PERMANENTLY
- Minute books for directors and stockholders, including by-laws and charters: PERMANENTLY
- Notes receivable ledgers and schedules 7 YEARS
- Option records (expired) 7 YEARS
- Personnel records: payroll, time reports, benefits, withholding tax records, contracts, insurance, disability and sick benefits, payments to pensioners, etc. (after termination) 7 YEARS
- Petty cash vouchers 3 YEARS
- Physical inventory tags 3 YEARS
- Property appraisals by outside appraisers PERMANENTLY
- Property records–including costs, depreciation reserves, end-of-year trial balances, depreciation schedules, blueprints and plans PERMANENTLY
- Purchase orders & purchase requisitions, quotations, acknowledgements (except purchasing department copy) 3 YEARS
- Purchase orders (purchasing department copy) 7 YEARS
- Receiving sheets 3 YEARS
- Requisitions 3 YEARS
- Sales records and reports, customer correspondence, customer orders 7 YEARS
- Savings bond registration records of employees 3 YEARS
- Scrap and salvage records (inventories, sales, etc.) c
- Shipping reports, bills of lading, receiving reports, inspection reports 3 YEARS
- Stenographer’s notebooks 7 YEARS
- Stock and bond certificates (cancelled) PERMANENTLY
- Stockroom withdrawal forms 1 YEAR
- Subsidiary ledgers (including A/P and A/R ledgers) 7 YEARS
- Tax returns and worksheets, revenue agents’ reports and other documents relating to determination of income tax liability PERMANENTLY
- Trade mark registrations and copyrights PERMANENTLY
- Voucher register and schedules 7 YEARS
- Vouchers for payments to vendors, employees, etc., (includes allowances and reimbursement of employees, officers, etc. for travel and entertainment expenses) 7 YEARS
Record Retention Guidelines for Individuals
- Accident reports and claims (settled cases) 7 YEARS
- Audit reports of accountants PERMANENTLY
- Bank statements 7 YEARS
- Bank deposit slips 1 YEAR
- Bank reconciliations 1 YEAR
- Checks (cancelled, but see exception below) 7 YEARS
- Checks (cancelled, for important payments, i.e., taxes, purchases of property, special contracts, etc. (checks should be filed with the papers pertaining to the underlying transaction)) PERMANENTLY
- Contracts and leases (expired) 7 YEARS
- Correspondence (legal and important matters only) PERMANENTLY
- Deeds, mortgages, and bills of sale PERMANENTLY
- Insurance policies (expired) 10 YEARS
- Insurance records (title insurance policies ), current accident reports, claims, policies, etc. PERMANENTLY
- Investment account statements PERMANENTLY
- Property appraisals by outside appraisers PERMANENTLY
- Property records (settlement statements), blueprints and plans, deeds (warranty deeds), mortgages, remodeling/renovation records PERMANENTLY
- Safety deposit box record storage, include documents such as birth, marriage and death certificates, wills, stock certificates, advanced medical directives, deeds, passport, (check with your accountant and attorney if you have questions) PERMANENTLY
- Sales receipts for major purchases (car, appliances, furniture, etc.) after disposition of the asset 7 YEARS
- Savings bond registration records 3 YEARS
- Stock and bond certificates (cancelled) PERMANENTLY
- Stock and bond certificates (current) PERMANENTLY
- Tax returns and worksheets, revenue agents’ reports and other documents relating to determination of income tax liability, including W-2s, 1099s, estimated payment vouchers, K-1s, charitable giving receipts PERMANENTLY
- Utility bill receipts (save permanently with tax returns if you take a deduction for home office) 1 YEAR
Compliments of Sonja Belfiore, Broker Associate/Partner – Sears Real Estate