The following types of records and retention periods are general guidelines, and may differ by industry.
| Accident Reports/Claims (settled cases) | 7 Years |
| Accounts Payable Ledgers and Schedules | 7 Years |
| Accounts Receivable Ledgers and Schedules | 8 Years |
| Audit Reports | Permanently |
| Bank Statements | 3 Years |
| Capital Stock and Bond Records (ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc.) | Permanently |
| Charts of Accounts | Permanently |
| Checks (Cancelled checks for important payments, special contracts, purchase of assets, payment of taxes, etc.) | Permanently |
| Checks (Cancelled except those noted above) | 7 Years |
| Contracts and Leases (Expired) | 7 Years |
| Contracts and Leases still in effect | Permanently |
| Correspondence (General) and schedules | 2 Years |
| Correspondence (Legal) and important letters | Permanently |
| Correspondence (Routine) with customers and vendors | 2 Years |
| Deeds, Mortgages and Bills of Sale | Permanently |
| Depreciation Schedules | Permanently |
| Employee Personal Records (Following termination) | 7 Years |
| Employee Applications | 3 Years |
| Financial Statements (Year-end - other months are optional) | Permanently |
| General Ledgers and Year-end Trial Balances | Permanently |
| Insurance Records and Policies | Permanently |
| Internal Audit Reports | 3 Years |
| Inventory Records | 7 Years |
| Invoices (To customers or from vendors) | 7 Years |
| IRA and Keogh Plan Contributions, Rollovers, Transfers and Distribution | Permanently |
| Minute Books of Directors, Stockholders, Bylaws and Charter | Permanently |
| Payroll Records, Summaries and Tax Returns | 7 Years |
| Petty Cash Vouchers | 3 Years |
| Property Records (Including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints and plans) | Permanently |
| Purchase Orders | 3 Years |
| Receiving Sheets | 1 Year |
| Safety Records | 6 Years |
| Sales Records | 7 Years |
| Stock and Bond Certificates (Cancelled) | 7 Years |
| Subsidiary Ledgers | 7 Years |
| Tax Returns, Revenue Agent Reports, other documents relating to determination of tax liability | Permanently |
| Time Cards and Daily Reports | 7 Years |
| Trademark Registrations, Patents and Copyrights | Permanently |
| Voucher Registers and Schedules | 7 Years |
| Vouchers of Payment (To vendors, employees, etc. - Includes allowances and reimbursements of employees, officers, etc. for travel and entertainment expenses) | 7 Years |
The normal statute of limitations for federal tax returns is three years, but it can be expanded to six years under some circumstances. The statute of limitations remains open if a return is not filed or if fraud is involved. The Internal Revenue Service can audit a tax return at any time for three years. Since an individual state's statute of limitations can exceed the federal statute, the number of retention years should be the longer of the two periods.
In deciding upon a record retention schedule, consider keeping indefinitely those records which cannot be recreated by any other office, institution or governmental unit.
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