|
Accounting Records |
Retention Period |
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 |
7 years |
|
Loan payment schedules |
7 years |
|
Purchase orders (1 copy) |
7 years |
|
Sales records |
7 years |
|
Tax returns |
Permanent |
|
|
|
Bank Records |
|
Bank reconciliations |
2 years |
|
Bank statements |
7 years |
|
Canceled checks |
7 years |
|
Electronic payment records |
7 years |
|
|
|
Corporate Records |
|
Board minutes |
Permanent |
|
Bylaws |
Permanent |
|
Business licenses |
Permanent |
|
Contracts - major |
Permanent |
|
Contracts - minor |
Life + 4 years |
|
Insurance policies |
Life + 3 years |
|
Leases/mortgages |
Permanent |
|
Patents/trademarks |
Permanent |
|
Shareholder records |
Permanent |
|
Stock registers |
Permanent |
|
Stock transactions |
Permanent |
|
|
|
Employee Records |
|
Benefit plans |
Permanent |
|
Employee files (ex-employees) |
7 years |
|
Employment applications |
3 years |
|
Employment taxes |
7 years |
|
Payroll records |
7 years |
|
Pension/profit sharing plans |
Permanent |
|
|
|
Real Property Records |
|
Construction records |
Permanent |
|
Leasehold improvements |
Permanent |
|
Lease payment records |
Life + 4 years |
|
Real estate purchases |
Permanent |
|
1.) Permanent for LIFO system
2.) Permanent for real estate purchases
3.) Check with your agent. Liability for prior years can vary.
4.) Or statute of limitations for employee lawsuits.
|
