ACCOUNTING
Auditor's reports/work papers ...............Permanent
Bank deposit slips ............... 3 years
Bank statements, reconcilations ...............7 years
Budgets...............2 years
Cancelled checks-generally...............7 years
Cash disbursements journal...............Permanent
Cash receipts journal...............Permanent
Depreciation records...............3 years*
Employee expense records...............3 years
Employee payroll records ...............4 years*
(W-2, W-4, annual earnings records, etc.)
Annual financial statements...............Permanent
Interim/internal financial statements...............3 years
General journal or ledger...............Permanent
Inventory lists............... 3 years
Invoices...............3 years
Payroll journal...............4 years
Petty cash vouchers ...............3 years
CORPORATE
Annual reports...............Permanent
Articles of Incorporation...............Permanent
Constitution and Bylaws...............Permanent
Qualifications to do business...............Permanent
Minutes (Board and Committees with Board Authority)...............Permanent
Minutes (Committees without Board Authority)...............3-5 years
Authorizations and appropriations for expenditures...............3 years
Contracts-generally...............10 years*
Contracts government...............4 years*
Contracts sales (UCC)...............4 years*
INSURANCE
Accident Reports...............6 years
Insurance claims...............6 years*
Insurance policies...............6 years*
LEGAL
Claims and litigation files...............10 years*
Copyright, trade name, trademark registration...............Permanent
PERSONNEL
Applications...............1 year
Employee earnings/payroll records...............6 years*
Employee files...............6 years*
Employment contracts...............10 years*
Garnishments...............5 years
Medical or exposure to toxic substances records...............30 years*
Pension, profit-sharing plans...............Permanent
Government reports...............6 years
Employee pension records-service, eligibility, personal information, pensions paid...............6 years*
Time cards/sheets...............4 years
REAL ESTATE
Leases...............10 years*
Purchases-title abstracts, opinions, insurance policies, sales agreements, mortgages, deeds...............20 years*
TAXES
Income tax returns and cancelled checks-federal, state, local...............Permanent
Payroll tax returns...............4 years
Property tax returns...............Permanent
Sales and use tax returns...............4 years
GENERAL
Supporting correspondence and notes-patents, copyrights,Licenses, agreements, bills of sale, permits, contracts, liabilities, etc................
These records should be keep for the life of the priniciple document which it supports.
* = The retention period begins after final payment, settlement, expiration, termination, sale, etc.