Suggested Schedule For Retention Of Business Records

4/30/2013 by CompleteMarkets Editor

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SUGGESTED SCHEDULE FOR RETENTION OF BUSINESS RECORDS

KEY: 'P' means that the records should be retained permanently. Figures represent the number of years for retaining records. 'AT' means after termination and 'AD' means after disposal of the underlying asset.

TYPE OF RECORD	SUGGESTED RETENTION PERIOD (in years)
Accident reports (settled)	7
Annual financial reports	P
Articles of Incorporation	P
Audit Reports	P
Bank deposit slips	3
Bank reconciliations	3
Bank statements	7
Bills of lading	5
Bonds (records of issuance)	P
Budgets	3
Capital stock:
Applications for authorizations and issuance	P
Certificates (canceled)	P
Ledger	P
Transfer records	P
Sales slips (cash and charge)	7
Check register	10
*Checks (paid and canceled)	7 AD
Commission reports	6
Contracts:
Corporate	20 AT
Employee	7 AT
Vendor	7
Correspondence:
Accounting	5
Credit and collection	7
General	3
Personnel	7 AT
Cost accounting records	5
Deeds	P
Delivery receipts	3
Deposit slip copies	3
Dividend register	P
Depreciation schedules	7 AD
Equip. leases (after expiration)	6
Equipment repair records	3
Expense reports:
Departmental	5
Employee	5
Fidelity bonds	3 AT
Financial reports:
Audited	P
Annual	P
Interim	3
Fire damage reports	6
Fixed asset records	7 AD
Franchise agreements	10 AT
Freight drafts, bills and claims	5
Garnishments	3 AT
Insurance pol. (after expiration)	3
Inventory records	7 AD
Invoices (issued or received)	7
Invoices-fixed assets	7 AD
Labor Records:
Applications (employees)	7 AT
Contracts	7 AT
Daily time reports	5
Disability claim	7 AT
Earnings records	7
Employee service records	7 AT
Pay checks	7
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