|
| |
Record Retention Policy
|
ACCOUNTING |
| Type of record |
Retention period (yrs) |
| Auditor’s reports |
Permanent |
| Bank deposit slips |
6* |
| Bank statements |
6* |
| Bills of lading |
3 |
| Budgets |
2 |
| Cancelled checks |
|
| · General |
3* |
| · Payroll |
3* |
| · Taxes (payroll
related) |
4* |
| Cash projections |
2 |
| Contracts – purchase & sales |
3† |
| Credit memos |
3 |
| Daily sales records |
3* |
| Depreciation records |
Life of asset plus 3 yrs |
| Employee expense reports |
6* |
| Employee payroll records |
4† |
| (W-2, W-4, annual earnings, etc.) |
|
| Employee time cards |
3* |
| Entertainment records |
6* |
| Financial statements |
|
| · Annual |
Permanent |
| · Interim |
3 |
| Freight bills |
3 |
| General journal |
Permanent |
| General ledger |
Permanent |
| Internal work orders |
3 |
| Inventory lists |
3* |
| Invoices |
|
| · Sales & cash
register tapes |
3 |
| · Purchases
(merchandise) |
3* |
| · Purchases (permanent
assets) |
3† |
| Loss reports |
5* |
| Payroll journal |
4 |
| Pension/profit sharing |
|
| · Plan & trust
agreement |
Permanent |
| · Financial statements |
Permanent |
| · Actuarial reports |
Permanent |
| IRS approval letter |
Permanent |
| Associated ledgers & journals |
Permanent |
| Petty cash vouchers |
3 |
| Production & sales reports |
3 |
| Subsidiary ledgers (a/r, a/p, etc.) |
6 |
| Time cards & daily time reports |
3 |
|
* From tax return due date or filing date,
plus any amended returns, whichever is later. |
|
† Retention periods begin after termination, expiration,
disposal, etc. |
|
CORPORATE RECORDS |
| Type of record |
Retention period (yrs) |
| Articles of incorporation |
Permanent |
| Bylaws |
Permanent |
| Capital stock & bond records |
Permanent |
|
Contracts & agreements
(Government construction,
partnership, employment, labor, etc.)
|
Permanent |
| Copyrights & trademark registration |
Permanent |
| Legal correspondence |
Permanent |
| Minutes |
Life of Company |
| Mortgages & note agreements |
6† |
| Patents |
Permanent |
| Personnel Files |
3† |
| Real Estate Records |
Permanent |
| |
|
INSURANCE |
| Type of records |
Retention Period (yrs) |
| Accident reports |
6 |
| Certificate of insurance |
Period of coverage plus 3 yrs |
| Fire inspection reports |
6 |
| Group disability records |
6 |
| Insurance claims |
3-5 yrs after settlement |
| Insurance policies |
Permanent |
| Safety records |
6 |
| Settled insurance claims |
3† |
| |
|
|
TAXES |
| Type of records |
Retention Period (yrs) |
| Payroll tax returns |
4 |
| Pension/profit-sharing information returns |
Permanent |
| Sales and use tax returns |
Permanent |
| Tax returns & cancelled checks |
Permanent |
| (Federal, state, and local) |
|
| Tax and legal correspondence |
Permanent |
|
The information on this page is condensed from PPC’s
Controllership Guide, Exhibit 17-7 and The Business Owner October 1981 |
|
Unless otherwise noted, all retention periods begin with
filing the tax return to which the document applies. If the statute of
limitation concerning a tax is extended, retention should be extended
accordingly. |
|
