Permanent

  • Audit reports of accounts
  • Capital stock and bond records; ledgers, transfer registers, stubs showing issues, record of interest, coupons, options, etc.
  • Cancelled checks (cancelled for important payments, i.e., taxes, purchases of property, special contracts etc. (Checks should be filed with the papers pertaining to the underlying transaction)
  • Contracts and leases still in effect
  • Correspondence (legal and important matters only)
  • Deeds, mortgages, and bills of sale
  • Depreciation schedules
  • Financial statements (end-of-year, other months optional)
  • General and private ledgers (and end-of-year trial balances)
  • Insurance records, current accident reports, claims, polities, etc
  • IRA and Keogh plan contributions, rollovers, transfers and distributions
  • Minute books of directors and stockholders, including by-laws and charter
  • Property appraisals by outside appraisers
  • Property records – including costs, depreciation reserves, end of year trial balances, depreciation schedules, blueprints and plans
  • Tax returns and worksheet, reports and other documents relating to determination of income liability
  • Trade mark restrictions

One Year

  • Bank reconciliations
  • Correspondence (routine) with customers or vendors
  • Duplicate or printed deposits slips
  • Purchase orders (except purchasing department copy)
  • Requisitions
  • Stockroom withdrawal forms

Three Years

  • Correspondence (general)
  • Employee personnel records (after termination)
  • Employment applications
  • Insurance policies (expired)
  • Internal audit reports (in some situations, longer retention periods may be desirable)
  • Internal reports (Miscellaneous)
  • Petty cash vouchers
  • Physical inventory tags

Seven Years

  • Account reports and claims (settled cases)
  • Accounts receivable ledgers and schedules
  • Accounts payable ledgers and schedules