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Suggested Records Retention Timetable
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Learning which documentation needs to be retained for your business and for how long can be mind-numbing research. DocuLock, LLC® has put together a thorough list of records and retention guidelines to follow. Our compliment from our organization to yours!
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Note: These are suggested retention schedules based on current information. Please consult your attorney or accountant for laws applicable to your situation.
| Document Type | Retention Period | Document Type | Retention Period | |
|---|---|---|---|---|
| Accident reports and claims (settled cases) | 7 yrs. | General and private ledgers (and end-of-year trial balances) | Permanently | |
| Accounts payable ledgers and schedules | 7 yrs. | Insurance policies (expired) | 3 yrs. | |
| Accounts receivable ledgers and schedules | 7 yrs. | Insurance records, current accident reports, claims, policies, etc. | Permanently | |
| Audit reports of accountants | Permanently | Minute books of directors and stockholders, including by-laws and charter | Permanently | |
| Bank reconciliations | 1 yr. | Internal reports (miscellaneous) | 3 yrs. | |
| Capital stock and bond records; ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc. | Permanently | Inventories of products, materials, and supplies | 7 yrs. | |
| Charts of accounts | Permanently | Invoices to customers | 7 yrs. | |
| Cash books | Permanently | Invoices from vendors | 7 yrs. | |
| Checks, cancelled (see exception below) | 7 yrs. | Journals | Permanently | |
| 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 | Internal audit reports (in some situations, longer retention periods may be desirable) | 3 yrs. | |
| Contracts and leases still in effect | Permanently | Notes receivable ledgers and schedules | 7 yrs. | |
| Contracts and leases (expired) | 7 yrs. | Option records (expired) | 7 yrs. | |
| Correspondence (general) | 3 yrs. | Payroll records and summaries, including payments to pensioners | 7 yrs. | |
| Correspondence (routine) with customers or vendors | 1 yr. | Petty cash vouchers | 3 yrs. | |
| Correspondence (legal and important matters only) | Permanently | Physical inventory tags | 3 yrs. | |
| Deeds, mortgages, and bills of sale | Permanently | Plant cost ledgers | 7 yrs. | |
| Duplicate deposit slips | 1 yr. | Property appraisals by outside appraisers | Permanently | |
| Depreciation schedules | Permanently | Property records - including costs, depreciation reserves, end-of-year trial balances, depreciation schedules, blueprints and plans | Permanently | |
| Employee personnel records (after termination) | 3 yrs. | Purchase orders (except purchasing department copy) | 1 yr. | |
| Employment applications | 3 yrs. | Purchase orders (purchasing department copy) | 7 yrs. | |
| Expense analyses and expense distribution schedules | 7 yrs. | Receiving sheets | 1 yr. | |
| Financial statements, end-of-year (other months optional) | Permanently | Requisitions | 1 yr. |