Need to know how long to hang onto that important document? Here is our list of documents and recommended retention periods.
 

 

 

 

 

 

 

 

Personal Records

 

 

3 Years:

  • Accident reports & claims

 

 

 

7 Years:

  • Bank Statements
  • Canceled checks- other

 

 

 

 

 

 

 

Permanent:

  • Stock and Bond Records
  • Canceled checks- important
  • Stock and bond records
  • Deeds, mortgages and bills of sale
  • Inherited property records & valuations
  • Insurance records
  • Property appraisals
  • Property records
  • Tax returns, worksheets & revenue agents' reports

Business Records

1 Year:

  • Bank reconciliations

  • Correspondence-Customers & vendors

3 Years:

  • Correspondence-general
  • Duplicate deposit slips
  • Employee personnel records after termination
  • Employment applications
  • Insurance policies-expired
  • Internal reports
  • Petty cash vouchers

7 Years:

  • Accounts payable ledgers
  • Accounts receivable ledger
  • Bank Statements
  • Canceled checks- other
  • Contracts & leases-expired
  • Employee benefit plan records
  • Expense analysis & distribution schedules
  • Financial statements-other
  • Inventory records
  • Invoices from vendors
  • Invoices from customers
  • Notes receivable ledgers
  • Payroll records
  • Sales records
  • Subsidiary ledgers
  • Time books
  • Voucher registers

Permanent:

  • Audit reports
  • Canceled checks- important
  • Stock and bond records
  • Cash books
  • Charts of accounts
  • Contracts & leases in effect
  • Correspondence-legal
  • Deeds, mortgages and bills of sale
  • Depreciation schedules
  • Financial statements-year end
  • General ledgers & trial balances-year end
  • Insurance audit reports
  • Insurance records
  • Journals
  • Minute books of directors & stockholders
  • Tax returns, worksheets & revenue agents' reports
  • Trademark registrations