How much space do your files take up? Is there any reason to keep them anymore? Take a look at AccuShred's Record Retention Schedule, and make the call yourself.
Record Retention Schedule
Two Years
Budgets
Purchase orders (except purchasing department copy which should be retained for 7 years)
Stenographers' notebooks
Stockroom withdrawals
Three Years
Accounting trial balances and internal audit reports
Bank deposit slips, reconciliations, statements
Daily sales records
Employment applications of applicants that were not hired
Entertainment records
Expired insurance policies (except for environmental or other insurance coverage which may provide coverage for claims discovered at some time in the future should be retained permanently)
General correspondence
Personnel files on former employees
Petty cash vouchers
Four Years
Credit memos
Financial statements
Freight bills
Six Years
Mortgages/note agreements (after termination,expircy,disposal)
Fire inspection reports
Group disability reports
Safety records
Seven Years
Accident report claims-settled cases
Accounts payable ledgers
Account receivable ledgers
Automobile expense logs
Bank debt deduction
Bills of lading
Business facility cost records
Canceled checks
Cash books
Commission records
Contracts and leases that expired seven years previous
Employee disability benefit records
Employee personnel records should be retained at least 7 years after terminating employment
Employee time cards/daily time reports
Employment tax reports/returns
Expense reports/employee expense reports
Inventory records
Invoices to customers and from vendors
Invoices-sales/cash receipts, merchadise purchase
Invoices-purchases (permanent assets)
Payroll records and summaries, including payments to pensioners, W-2, W-4, annual earnings records, journals
Personal property tax returns
Purchase/sales orders
Sales tax, state and local business tax returns
Settled insurance claims
Worthless securities
Permanently
Articles of Incorporation, minutes and bylaws
Audit reports or financial reports prepared by outside accountant
Canceled checks for important payments including but not limited to taxes, property acquisition, capital purchases, etc.
Capital stock and bond registers/Corporate stock records
Contracts and leases still in force
Copyrights
Copy of W-2
Correspondence (legal and tax matters)
Depreciation records/schedule (life od assest, plus 3 years)
Expired insurance policies covering envirnomenal or other insurance coverage which may provide coverage for claims discovered at some time in the future should be retained permanently
Financial statements (year-end minimum)
General ledgers and journals
IRA contribution and distribution records (3 years after final distribution)
Licenses and permits
LIFO inventory record
Patents
Property appraisals by ouside independent appraiser
Property records-costs, blueprints and plants, inspection reports, etc
Real estate records
Tax returns and worksheets, revenue agents' reports and other documents relating to the determination of tax liability
Trademark registrations
Disclaimer Notice: The preceding information is only a recommendation and is taken from various sources that recommend the length of time to keep various records. This is not an all inclusive list as there are many other types of records that you are required to retain for specific purposes. In many cases, there are no laws requiring how long to keep specific records. The reader is advised to use his/her best judgment as to how long to keep various records as the reader may become liable for taxes or other costs if necessary records are not available. The reader must only use the following as a point of information in making his/her decision. The reader is advised to consult with his/her accountant and/or attorney for further information or advice regarding document retention.
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Should you have any questions or comments about the preceding list - or if you have files that have eclipsed their retention date that need to be destroyed - please send an email tojgreen@accushred.net or give us a call at 800-747-3341 to set up an appointment.
