Record Retention Guidelines

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