Record Retention Guidelines
Suggested Record Retention Guidelines
CORPORATE RECORDS
Articles of incorporation, amendments, by-laws – Permanent
Charter – Permanent
Stock, stock transfers and stockholder records – Permanent
Minutes – Permanent
Property records – Permanent
Insurance policies, letters, correspondence – Permanent
Corporate annual reports – Permanent
Claims and litigation files – Permanent
Mortgages – 6 years (after settlement)
Cancelled notes – 6 years
Leases – 7 years (after expiration)
General contracts – 7 years (after expiration)
Government contracts – 7 years (after expiration)
CORRESPONDENCE
Internal memos and reports – 3 years
Business and general correspondence – 3 years
Sales correspondence – 3 years
PERSONNEL RECORDS
Personnel files – 4 years (after termination)
Employment applications – 4 years (after termination)
Employee contracts – 6 years (after termination)
Accident reports – 4 years
Group insurance records – 4 years (after termination)
ACCOUNTING RECORDS
Annual financial statements – Permanent
Interim financial statements – 2 years
General ledger – Permanent
Budgets – 7 years
Bank statements and reconciliations – 7 years
Cancelled checks – 7 years
Payroll checks – 7 years
Cash disbursement records – 7 years
Cash receipts records – 7 years
Accounts receivable ledger – 4 years
Sales journal – 4 years
Depreciation records – Permanent
Property and equipment records – 3 years (after disposal)
Expense reports – 3 years
Inventory list – 7 years
PAYROLL RECORDS
Employee earnings records – 7 years
W-2s and 1099 forms – 7 years
Payroll registers – 7 years
Payroll tax reports – 7 years
Time cards and time sheets – 4 years
Housing allowance forms – 7 years
Retirement and pension plan records – Permanent
SALES RECORDS
Sales invoices – 7 years
Quotes – While current
Customer contracts – 3 years (after expiration)
PURCHASING RECORDS
Accounts payable invoices and credits – 7 years
Purchase orders – 3 years (after expiration)
Vendor contracts – 3 years (after expiration)
SHIPPING AND RECEIVING RECORDS
Receiving reports – 4 years
Bills of lading – 4 years
Shipping records – 4 years
MANUFACTURING RECORDS
Work orders – 4 years
Production reports – 4 years
Specification sheets – While current
CREDIT AND COLLECTIONS
Credit applications and authorizations – While current
Collection file – While current
Uncollectible accounts – 4 years
TAX RETURNS
Income tax returns – Permanent
Income tax return supporting workpapers – 7 years
Property tax returns – Permanent
Payroll tax returns – 7 years
Sales and use tax returns – 7 years