Ullmann & Company, PC
Suggested Record Retention Guidelines

CORPORATE RECORDS
Articles of incorporation, amendments, by-laws - Permanent
Charter  - Permanent
Stock, stock transfers and stockholder records - Permanent
Minutes - Permanent
Property records - Permanent
Insurance policies, letters, correspondence - Permanent
Corporate annual reports - Permanent
Claims and litigation files - Permanent
Mortgages - 6 years (after settlement)
Cancelled notes - 6 years
Leases - 7 years (after expiration)
General contracts - 7 years (after expiration)
Government contracts - 7 years (after expiration)

CORRESPONDENCE
Internal memos and reports - 3 years
Business and general correspondence - 3 years
Sales correspondence - 3 years  

PERSONNEL RECORDS
Personnel files - 4 years (after termination)
Employment applications - 4 years (after termination)
Employee contracts - 6 years (after termination)
Accident reports - 4 years
Group insurance records - 4 years (after termination)  

ACCOUNTING RECORDS
Annual financial statements  - Permanent
Interim financial statements - 2 years
General ledger - Permanent
Budgets - 7 years
Bank statements and reconciliations - 7 years
Cancelled checks - 7 years
Payroll checks - 7 years
Cash disbursement records - 7 years
Cash receipts records - 7 years
Accounts receivable ledger - 4 years
Sales journal - 4 years
Depreciation records - Permanent
Property and equipment records - 3 years (after disposal)
Expense reports - 3 years
Inventory list - 7 years  

PAYROLL RECORDS
Employee earnings records - 7 years
W-2s and 1099 forms - 7 years
Payroll registers - 7 years
Payroll tax reports - 7 years
Time cards and time sheets - 4 years
Housing allowance forms - 7 years
Retirement and pension plan records - Permanent  

SALES RECORDS
Sales invoices - 7 years
Quotes - While current
Customer contracts - 3 years (after expiration)  

 PURCHASING RECORDS
Accounts payable invoices and credits - 7 years
Purchase orders - 3 years (after expiration)
Vendor contracts - 3 years (after expiration)  

SHIPPING AND RECEIVING RECORDS
Receiving reports - 4 years
Bills of lading - 4 years
Shipping records - 4 years  

MANUFACTURING RECORDS
Work orders - 4 years
Production reports - 4 years
Specification sheets - While current  

CREDIT AND COLLECTIONS
Credit applications and authorizations - While current
Collection file - While current
Uncollectible accounts - 4 years  

TAX RETURNS
Income tax returns - Permanent
Income tax return supporting workpapers - 7 years
Property tax returns - Permanent
Payroll tax returns - 7 years
Sales and use tax returns - 7 years



Business Tip of the Month
Financial Tip of the Month
Tax Tip of the Week
Fraud Alert
 

Offering:


Ullmann & Company, P.C.
4647 N. 32nd Street
Suite 220
Phoenix, AZ 85018
(602) 224-0166
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