Records Retention

Organizing, filing and retaining old records is a burden for many businesses and households. The table at right shows general guidelines for retention periods and should be tempered by your own business and investment concerns.

Calling on us only at tax time isn't enough.
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objectivity of any of your partners.
We see your business through the lens
of our rigorous continuing professional
education and our experience with
a variety of other businesses.

Let us take a serious look at
your business on a timely, regular basis.

DON'T MAKE THE MISTAKE OF USING
YOUR ACCOUNTANT ONLY AT TAX TIME.

Speed has become an
important element of strategy.
- Regis McKenna

There is a slightly odd notion
in business today
that things are moving so fast that
strategy becomes an obsolete idea.
This is a mistake.
If you do not develop a strategy
of your own,
you become part of
someone else's strategy.
- Alfred Toffler

Accident reports/claims (settled)	7 years
Accounts payable ledgers/schedules	7 years
Accounts receivable ledgers/schedules	7 years
Audit reports of accountants	Permanent
Bank deposit slips	3 years
Bank statements	7 years
Cancelled checks	7 years
Cancelled checks for taxes or property	Permanent
Capital expenditures/improvements	3 years past year of property disposal
Capital stock and bond records	Permanent
Charts of accounts	Permanent
Closing papers on properties	3 years past year property was sold
Contracts & leases (expired)	7 years
Contracts & leases (still in effect)	Permanent
Corporate stock records	Permanent
Correspondence (legal & important matters)	Permanent
Correspondence (general)	3 years
Credit card slips/statements	7 years
Deeds, mortgages, bills of sale	Permanent
Depreciation schedules	Life of business + 3 years
Duplicate deposit slips	1 year
Employee records	Period of employment + 3 years
Employment applications	3 years
Expense analysis & distribution schedules	7 years
Expense reports	7 years
Financial statements	Permanent
Financial/insurance contracts	Final year of contract + 6 years
Insurance policies (expired)	3 years
Insurance records, claims, accident reports	Permanent
Inventory Records	7 years
Invoices from vendors	7 years
Invoices to customers	7 years
Journal & general ledger	Life of business + 3 years
Minute books, by-laws, charter	Permanent
Minutes of meetings	Life of business + 3 years
Payroll records	7 years
Property appraisals	Permanent
Real estate records	Permanent
Retirement account information	Permanent
Sales records	7 years
Security sales/purchase slips	3 years past year asset was sold
Stock & bond certificates (cancelled)	7 years
Subsidiary ledgers	7 years
Tax returns	Permanent
Time books	7 years
Trademark registrations	Permanent
Voucher register & schedules	7 years
Vouchers for pay to vendors & employees	7 years
W-2, 1099, 1098	7 years