Record Retention Guide

Accounting Records
Accounts Payable 7 years
Accounts Receivable 7 years
Audit Reports Permanent
Chart of Accounts Permanent
Depreciation Schedules Permanent
Expense Records 7 years
Financial Statements (Annual) Permanent
Fixed Asset purchases Permanent
General Ledger Permanent
Inventory Records 7 years
Loan Payment Schedules 7 years
Purchase Orders (1 copy) 7 years
Sales Records 7 years
Tax Return Permanent
Corporate Records
Board minutes Permanent
Bylaws Permanent
Business licenses Permanent
Contracts - major Life + 4 years
Contracts - minor Life + 4 years
Insurance policies Permanent
Leases/mortgages Permanent
Patents/trademarks Permanent
Shareholder records Permanent
Stock registers Permanent
Stock transactions Permanent
Bank Records
Bank reconciliations 2 years
Bank statements 7 years
Canceled checks 7 years
Electronic payment records 7 years
Real Property Records
Construction records Permanent
Leasehold improvements Permanent
Lease payment records Life + 4 years
Real estate purchases Permanent
Employee Records
Benefit plans Permanent
Employee files (exemployees) 7 years
Employment applications 3 years
Employment taxes 7 years
Payroll records 7 years
Pension/profit sharing plans Permanent