| Type of Record | Retention Period (# of Years) |
|---|---|
| Accounting | |
| Credit memo | 3 |
| Option records (expired) | 4 |
| Note receivable documentation | 4 or life of the receivable, whichever is longer |
| Journals | permanent |
| Auditor's reports | permanent |
| Bills of lading | 3 |
| Subsidiary ledgers | 4 |
| Purchase orders | 4 |
| Requisitions | 1 |
| Freight bills | 3 |
| Sales records | 4 |
| Vouchers for payment | 4 |
| Budgets | 2 |
| Physical inventory tags | 4 |
| Inventory lists | 7 |
| Depreciation schedule | permanent |
| Chart of accounts | permanent |
| Contracts and Leases | |
| Contract/Lease-Expired | 7 |
| Contract/Lease-Still in effect | permanent |
| Correspondence | |
| Correspondence- customers/vendors | 1 |
| Correspondence-general | 1 |
| Correspondence-legal | permanent |
| HR | |
| Timecards | 4 |
| Employee expense reports | 7 |
| Employee personnel records-after termination | 3 |
| Employee applications | 3 |
| Financial statements | |
| Annual financial statements | permanent |
| Interim financial statements | 3 |
| General ledger & journal | permanent |
| Internal audit reports | 4 |
| Internal reports | 4 |
| Invoices | |
| Customer billings invoices | 7 |
| Sales register tapes | 4 |
| Purchase invoices | 4 |
| Pension & profit sharing | permanent |
| Cash | |
| Duplicate deposit slips | 1 |
| Bank deposit slips | 3 |
| Bank reconciliations | 3 |
| Cancelled checks-general | 7 |
| Cancelled checks-payroll | 7 |
| Cancelled checks-payroll taxes | 7 |
| Cancelled checks-income taxes | permanent |
| Cash projections | 2 |
| Petty cash vouchers | 4 |
| Permanent Records | |
| Articles of incorporation | permanent |
| Bylaws | permanent |
| Capital stock & bond records | permanent |
| Charter | permanent |
| Property records | permanent |
| Property appraisals | permanent |
| Deeds, mortgage & bills of sale | permanent |
| Business & tax registrations | permanent |
© 2015 Willis & Jurasek, P.C.