Business Records Retention Schedule

                                                                                        Retention Period
Accident reports and claims (settling cases)……………..6 years
 
Accounts payable ledgers and schedules ………………..6 years
 
Accounts receivable ledgers and schedules ……………..6 years
 
Audit reports of accountants ………………………….Permanently
 
Bank Statements ……………………………………………..4 years
 
Capital stock and bond records: ledgers, transfer
 registers, stubs showing  issues, record of interest
 coupons, options, etc. …………………………………Permanently
 
Cash books ………………………………………………Permanently
 
Charts of accounts………………………………………Permanently
 
Checks (cancelled but see exception
  below) ………………………………………………………..4 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)..……………………..Permanently
 
Contracts and leases still in effect……………………Permanently
 
Correspondence (routine) with
customers or  vendors…………………………………..…..1 year
 
Correspondence (general ) ……………………………….3 years
 
Correspondence
(legal and important matters only)…………………Permanently
 
Deeds, mortgages, and bills of sale ……………….Permanently
 
Depreciation schedules ……………………………Permanently
 
Duplicate deposit slips ……………………………………..1 year
 
Employee personnel records (after termination)………3 years
 
Employment applications ………………. ..………………3 years
 
Financial statements (end-of-year other months
 optional) ……………………………………………….Permanently
 
General and private ledgers ( and end-of-year trial
 balances) ………….………………………………….Permanently
 
Insurance policies (expired)…………………………Permanently
 
Insurance records, current accident
 claims, policies, etc. ………….…………………….. Permanently
 
Internal reports (miscellaneous )……….………………..3 years
 
Inventories of products, materials, and supplies……….4 years
 
Invoices to customers ……….……………….…………….4 years
 
Invoices from vendors ……….…………..….……………..4 years
 ..
Journals ……………………………………………………..4 years
 
Legal correspondence …………..………………….Permanently

Minute books of directors and stockholders,
 including by-laws and charter………..….………….Permanently     
       
Payroll records, summaries and tax returns …………….4 years
 
Petty cash vouchers …………………………………………4 years
 
Property records – including costs depreciation
 schedules, blueprints and plans……………………Permanently
 
Purchase orders (except  purchasing
 department copy) …………………………………………….4 years

Receiving sheets ………………………………………………1 year
 
Safety records ……………………………………………….. 6 years
 
Sales records …………………………………………………4 years
 
Scrap and salvage records (inventories, sales, etc.)……..7 years
 
Stock and bond certificate (cancelled)……………………..7 years
 
Subsidiary ledgers ………………….………………………..6 years
 
Tax returns and worksheets, revenue agents’ reports
 and other documents relating to determination of income
 tax liability ………………………………………………..Permanently
 
Time cards and daily reports………………………………….4 years
 
Trade mark registrations, patents and copyrights….Permanently
 
Voucher Register and schedules……..……………………..6 years
 
Vouchers for payments to vendors, employees, etc,
 (includes allowances and reimbursement of employees,
 officers, etc., for travel and entertainment expenses)…….6 years