Record Retention Schedule
| Area | Examples | Suggested Retention |
|---|---|---|
Accounting Records | Accounts Payable | 7 years |
Accounts Receivable | 7 years | |
Audit Reports | Permanent | |
Chart of Accounts | Permanent | |
Depreciation Schedules | Permanent | |
Expense Records | 7 years | |
Financial Statements (Annual) | Permanent | |
Fixed Asset Purchases | Permanent | |
General Ledger | Permanent | |
Inventory Records | Permanent | |
Loan Payment Schedules | 7 years | |
Purchase Orders (1 copy) | 7 years | |
Sales Records | 7 years | |
Tax Return | 7 years to Permanent | |
Administrative Communications | Budgets, scorecards, administrative records | 7 years |
Bank Records | Bank reconciliations | 2 years |
Bank Statements | 7 years | |
Canceled Checks | 7 years | |
Electronic Payment Records | 7 years | |
Capital & Asset Management | Fixed asset information, lease hold improvements, fixed asset system data | 3 years |
Corporate Records | Board Minutes | Permanent |
Bylaws | Permanent | |
Business Licenses | Permanent | |
Contracts – major | Life + 4 years | |
Contracts – minor | Life + 3 years | |
Insurance Policies | Permanent | |
Leases/Mortgages | Permanent | |
Patents/Trademarks | Permanent | |
Shareholder Records | Permanent | |
Stock Registers | Permanent | |
Stock Transactions | Permanent | |
Employee Records | Benefit Plan | Permanent |
Employee Files (ex-employees) | 7 years | |
Employment Applications | ||
Employment Taxes | 3 years | |
Payroll Records | 7 years | |
Pension/Profit Sharing Plans | 7 years to Permanent | |
Finance Accounts Payables | Client payments, A/R notes, deposits, bank statements | 7 years |
Finance Accounts Receivables | Final invoices, billing files, customer approvals | 7 years |
Finance General Ledger | Accounting information, journal entries, management reports | 10 years to permanent |
Finance Payroll | Payroll registers, multi-state payroll deductions, deduction balances, tax balances | Permanent |
Finance Time & Expense Processing | Time and expense processing, airline purchases, state specific tracking information | 7 years |
General & Administrative | Administrative materials, personal files, meeting agendas, project notes, proposals | 2 years |
Human Resources | Pre-employment evaluations, self-assessments, college transcripts, offer/acceptance | 7 years |
Legal Records | Contracts, leases, insurance documents, ethic compliance | 7 years |
Marketing Records | Marketing records | 5 years |
Quality & Risk Management | Client communications, change acceptance, independence and conflict checks Note: Industry specific or regulatory may require longer retention period, i.e., OSHA up to 30 years | 4 years |
Real Property Records | Construction Records | Permanent |
Leasehold Improvements | Permanent | |
Lease Payment Records | Life + 4 years | |
Real Estate Purchases | Permanent | |
Tax Reporting | Statutory tax filings, cash accruals, meal and entertainment analysis, tax returns | 10 years to permanent |
Treasury & Cash Management | Treasury daily reports, lockbox sweeps, market cap reports, bank account, credit & loan information | 7 years |
Workpapers & Reports | Permanent files, workpapers | 7 to 10 years |