Document Description

Retention Period

Document Description

Retention Period

Accident reports and claims (settled cases)

7 years

Minute books of directors and stockholders, including by-laws and charter

Permanently

Accounts payable ledgers and schedules

7 years

Notes receivable ledgers and schedules

7 years

Accounts receivable ledgers and schedules

7 years

Option records (expired)

7years

Audit reports of accountants

Permanently

Payroll records, summaries and returns including payments to pensioners

7 years

Bank reconciliations

3 years

Petty cash vouchers

3 years

Capital stock and bond records: ledgers, transfer registers, stubs showing issues, record of interest coupons, options etc.

Permanently

physical inventory tags

3 years

Cash books

Permanently

Plant cost ledgers

7 years

Chart of accounts

Permanently

Property appraisals by outside appraisers

Permanently

Checks (cancelled but see exception below)

7 years

Property records - including cost, depreciation reserves, end-of-year trial balances, depreciation schedules, blueprints, and plans

Permanently

Checks (cancelled for important payments, i.e. taxes, purchases of property, special contracts, etc. Checks should be filed with papers pertaining to the underlying transaction)

Permanently

Purchase orders (purchasing department copy)

7 years

Contracts and leases (expired)

7 years

Purchase orders (except purchasing department copy)

1 years

Contracts and leases still in effect

Permanently

Receiving sheets

1 year

Correspondence (routine) with customers or vendors

1 year

Requisitions

1 year

Correspondence (general)

3 years

Sales records

7 years

Correspondence (legal and important matters only)

Permanently

Sales tax returns

7 years

Deeds, mortgages, and bills of sale 

Permanently

Savings bond registration records, sales, etc.

7 years

Depreciation schedules

Permanently

Stenographer's notebooks

1 year

Duplicate deposit slips

3 years

Stock and bond certificates (cancelled)

7 years

Employee personnel records (after termination)

7 years

Stockroom withdrawal forms

1 year

Employee applications

3 years

Subsidiary ledgers

7 years

Expense analyses and expense distribution schedules

7 years

Tax returns and worksheets, revenue agents' reports and other documents relating to determination of income tax liability

Permanently

Financial statements (end-of-year, other months optional)

Permanently

Time books

7 years

General and private ledgers (and end-of-year balances)

Permanently

Trade mark registrations 

Permanently

Insurance policies (expired)

7 years

Voucher register and schedules

7 years

Insurance records, current accident reports, claims, policies, etc.

Permanently

Voucher for payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc. for travel and entertainment expenses)

7 years

Internal audit reports (in some situations, longer retention may be desirable)

3 years

Internal reports (miscellaneous)

3 years

The above are suggested record retention periods.  There is no absolute statute of limitations.  The retention period for each statute varies by the type of law and the state involved

Inventories of products, materials, and supplies

7 years

Invoices to customers

7 years

Invoices to vendors

7 years

Journals

Permanently