A guide to retention of business records
Keep Permanently
- Audit reports of accountants
- Canceled checks for important payments
- Current contracts and leases
- Correspondence on legal and other important matters
- Deeds
- Mortgages and bills of sale
- Depreciation schedules
- Year-end financial statements
- General and private ledgers
- Insurance records, current accident reports, claims, policies
- Minute books of directors' and stockholders' meetings
- Property appraisals by outside appraisers
- Property records
- Tax returns and worksheets, revenue agents' reports and other documents relating to determination of income tax liability
- Trademark registrations
Keep Seven Years
- Accounts payable ledgers and schedules
- Accounts receivable ledgers and schedules
- Canceled checks
- Expired contracts and leases
- Inventories of products, materials and supplies
- Invoices to customers
- Payroll records and summaries, including payments to pensioners
- Purchasing department copies of purchase orders
- Sales records
- Subsidiary ledgers
Keep Three Years
- General correspondence
- Employee personnel records (after termination)
- Employment applications
- Expired insurance policies
- Internal reports
- Physical inventory tags
Keep One Year
- Bank reconciliations
- Correspondence with customers or vendors
- Duplicate deposit slips
- Purchase orders (except purchasing department copies)
- Receiving sheets
- Requisitions
This is only a partial list, and should be used for informational purposes only. Baden, Gage & Schroeder is not liable for any oversight, omission or legal action resulting from the use of this list.
