Records Retention Guidelines
How long should you retain your records before shredding or recylcing?
The information presented below represents a partial list and is for informational purposes only. If there is any uncertainty about a particular document or data, please consult your attorney and/or accounting professional. Vangel is not liable for any omission, oversight or legal action resulting from the use of this list.
Retain One Year
- Bank reconciliation
- Duplicate deposit slips
- Purchase orders (except Purchasing Dept. copies)
- Receiving Sheets
- Requisitions
- Vendor & client correspondence
Retain Three Years
- Employment applications
- Expired insurance policies
- General correspondence
- Internal audit reports
- Petty cash vouchers
- Sales commission reports
Retain Seven Years
- Accident reports/claims (settled cases)
- Accounts payable ledgers & schedules
- Accounts receivable ledgers & schedules
- Bank statements
- Canceled checks
- Contracts, mortgages, notes & leases (expired)
- Employee personnel records (after termination)
- Expense reports
- Garnishments
- Inventories of products, materials & supplies
- Invoices to customers
- Notes receivable ledgers & schedules
- Option records (expired)
- Plant cost ledgers
- Purchase orders (Purchasing Dept. copies)
- Sales records
- Scrap & salvage records
- Stock & bond certificates (canceled)
- Subsidiary ledgers
- Time books/cards
- Voucher register & schedules
Retain Permanently
- Audit reports
- Capital stock & bond records, ledgers, etc.
- Cash books
- Chart of Accounts
- Canceled checks for important payments (e.g. taxes) & property purchases
- Certificates of Destruction
- Contracts & leases still in effect
- Deeds
- Depreciation schedules
- Financial statements (year-end)
- General & private ledgers & end-of-year trial balances
- Insurance records, current accident reports, claims, policies
- Journals
- Legal correspondence
- Minute books of directors & stockholders
- Mortgages & bills of sale
- Partnership or corporate records
- Patents/Trademark registration
- Payroll records & summaries, including payment to pensioners
- Property records
- Retirement & pension records
- Tax returns & worksheets, revenue agents’ reports, other documents relating to determination of tax liability