| Accounting Records |
Retention Period |
| Accounts payable |
7 years |
| Accounts recievable |
7 years |
| Audit Reports |
Permanent |
| Chart of accounts |
Permanent |
| Depreciation schedules |
Permanent |
| Expense records |
7 years |
| Financial statements (annual) |
Permanent |
| Fixed asset purchases |
Permanent 1 |
| General Ledger |
Permanent |
| Inventory records |
7 years 2 |
| Loan payment schedules |
7 years |
| Purchase orders (1 copy) |
7 years |
| Sales records |
7 years |
| Tax returns |
Permanent |
|
| Bank Records |
Retention Period |
| Bank reconciliations |
2 years |
| Bank statements |
7 years |
| Cancelled checks |
7 years |
| Electronic payment records |
7 years |
Corporate Records |
Retention Period |
| Board minutes |
Permanent |
| Bylaws |
Permanent |
| Business Licenses |
Permanent |
| Contracts - major |
Permanent |
| Contracts - minor |
Life + 4 years |
| Insurance policies |
Life + 3 years 3 |
| Leases/mortgages |
Permanent |
| Patents/trademarks |
Permanent |
| Shareholder records |
Permanent |
| Stock registers |
Permanent |
| Stock transations |
Permanent |
|
| Employee Records |
Retention Period |
| Benefit plans |
Permanent |
| Employee files (ex-employees) |
7 years 4 |
| Employment applications |
3 years |
| Payroll records |
7 years |
| Pension/profit sharing plans |
Permanent |
|
| Real Property Records |
Retention Period |
| Construction records |
Permanent |
| Leashold improvements |
Permanent |
| Lease payment records |
Life + 4 years |
| Real estate purchases |
Permanent |
|
| 1 - Permanent for real estate
purchases. |
| 2 - Permanent for LIFO system. |
| 3 - Check with your agent. Liability
for prior years can vary |
| 4 - Or statute of limitations
for employee lawsuits |
