Using A Record Retention Schedule To Keep Paperwork OrganizedHow can a record retention schedule help you? The complaint that I hear the most often when dealing with paperwork is "I don't know how long to keep anything!" That is where a record retention schedule comes in handy. A schedule can help you purge through your files and paperwork in no time. Use the retention schedule below when you are figuring what to keep and what to toss. The chart below is a guideline only, please consult with your tax accountant and/or attorney about your paticular situation.
FILE TYPE/ RETENTION PERIOD - General Accident reports/claims (settled cases) - 7 years Accounts payable ledgers and schedules - 7 years Accounts receivable ledgers and schedules - 7 years Audit reports - Permanently Bank reconciliations - 2 years Bank statements - 3 years Capital stoc and bond records, stubs showing issues record of interest coupons, options, etc. - Permanently Cash books - Permanently Charts of accounts - Permanently Checks (cancelled - see exception) - 7 years Checks (cancelled - important payments such as taxes, property purchases, special contracts) - Permanently Contracts (mortgage, notes, leases still in effect) - 7 years Correspondence (general) - 2 years Correspondence (legal and important matters only)- Permanently Correspondence (customers and/or vendors)- 2 years Deeds, mortgages, bills of sale - Permanently Depreciation schedules - Permanently Duplicate deposit slips - 2 years Employment application - 3 years Expense analysis/expense distribution schedules - 7 years Financial statements (year-end) - Permanently Garnishments - 7 years General private ledgers, year-end trial balance - Permanently Insurance policies (expired) - 3 years Insurance records,accident reports,claims,policies -Permanently Internal reports (audits) - 3 years Internal reports (misc.) - 3 years Inventories or products, materials, supplies - 7 years Invoices - 7 years Journals - Permanently Magnetic tape and tab cards - 1 year Minute books of directors, stockholders, by-laws, charter- Permanently Notes receivable ledgers and schedules - 7 years Option records (expired) - 7 years Patents and related papers - Permanently Payroll records and summaries - 7 years Personnel files (terminated) - 7 years Petty cash vouchers - 3 years Physical inventory tags - 3 years Plant cost ledgers - 7 years Property appraisals - Permanently Property records (costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints, plans)- Permanently Purchase orders (purchasing dept) - 7 years Purchase orders (other) - 1 year Receiving sheets - 1 year Retirement and pension plans - Permanently Requisitions - 1 year Sales commission reports - 3 years Sales records - 7 years Scrap and salvage records (inventories, sales, etc) - 7 years Stenographers notebooks - 1 year Stock and bond certificate (canceled) - 7 years Stockroom withdrawal forms - 1 year Susidiary ledgers - 7 years Tax returns, worksheets, revenue agents' reports -Permanently Time books/cards - 7 years Trademark registrations and copyrights - Permanently Training manuals - Permanently Union agreements - Permanently Voucher register and schedules - 7 years Vouchers for payments to vendors, employees (for travel and entertainment expenses) - 7 years Withholding tax statements - 7 years This is just a brief listing of records and how long to keep them. Although most pertain to business you can use some of the guidelines for home filing as well. Example: Bank Statements. Here are some other resources for file retention guidelines. As always be sure to discuss with your attorney or tax consultant.
Security Shredders Record Retention Schedule Payroll Plus Retention Schedule
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