|
FINANCIAL
REPORTS |
Retention
Period |
| |
|
|
Analysis
of gross and net fees by service classification |
7
years |
|
Audit
reports |
Permanently |
|
Bank
deposit slips |
4
years |
|
Bank
reconciliations |
4
years |
|
Bank
statements |
4 years
|
|
Canceled
checks (regular) |
7
years |
| Canceled
checks: important payments, taxes, purchases of property, special
contracts, etc. (file these with their related papers) |
Permanently |
|
Cash
books |
7 years
|
|
Cash
receipts and disbursements journals |
7 years
|
|
Charts
of accounts |
7 years
|
|
Daily
cash reports |
4 years
|
|
Financial
statements |
Permanently |
|
General
ledgers |
Permanently |
|
General/private
ledgers, year-end trail balance |
Permanently |
|
Interim
statements-consolidated |
7
years |
|
Internal
audit reports |
3
years (longer retention periods may be desirable) |
|
Journal
vouchers |
7 years
|
|
Journals |
7 years
|
|
Monthly
statements-operating offices |
7
years |
|
Payroll
records (W-2s, 940s, 941s, etc.) |
7 years
|
|
Payroll
records and summaries |
7
years |
|
Periodic
financial reports |
4 years
|
|
Petty
cash vouchers |
4 years
|
|
Subsidiary
ledgers |
7
years |
|
Tax
returns and worksheets, revenue agent's reports and other documents
relating to determination of income tax liability |
Permanently |
|
Work
papers (operating and consolidated) |
7 years
|
|
ASSETS |
Retention
Period |
| |
|
|
Changes
to clients' vouchers |
7
years |
|
Client
charges and billing reports |
7
years |
|
Contracts,
mortgages, notes and leases (expired) |
7
years |
|
Contracts,
mortgages, notes and leases (still in effect) |
Permanently |
|
Deeds,
mortgages and bills of sale |
Permanently |
|
Depreciation
schedules |
7 years
|
|
Equipment
records |
5
years after disposition |
|
Insurance
documents, including policy reports, claims and coverage information |
3-10
years after expiration or settlement |
|
Insurance
policies (expired) |
3
years |
|
Insurance
records, current accident reports, claims, policies, etc. |
Permanently |
|
Inventories
of products, materials and supplies |
7
years |
|
Notes
receivable ledgers and schedules |
7
years |
|
Physical
inventory tags |
3
years |
|
Property
appraisals by outside appraisers |
Permanently |
|
Property
records, including costs, depreciation reserves, year-end trial
balances, depreciation schedules, blueprints, plans and permits |
Permanently |
|
Scrap
and salvage records |
7
years |
|
Stockroom
withdrawal forms |
1
year |
|
Training
manuals |
Permanently |
| |
|
|
INCOME
AND EXPENSES |
Retention
Period |
| |
|
|
Expense
analyses/expense distribution schedules |
7
years |
|
Expense
reports |
7
years |
|
Sales
commission reports |
4 years
|
|
Sales
records |
7
years |
| |
|
|
PAYABLES
AND RECEIVABLES |
Retention
Period |
| |
|
|
Accounts
payable ledgers and schedules |
7
years |
|
Accounts
receivable ledgers and schedules |
7
years |
|
Invoices
(to customers, from vendors) |
7
years |
|
Purchase
orders (except purchasing department copy) |
1
year |
|
Purchase
orders (purchasing department) |
7
years |
|
Remittance
advice |
1
year |
|
Vendor
invoices |
7
years |
|
Vouchers
for payments to vendors and employees (includes allowances to
and reimbursement of employees, officers, etc., for travel and
entertainment expenses) |
7
years |
| |
|
|
CORPORATE
REPORTS |
Retention
Period |
| |
|
|
Capital
stock and bond records: ledgers, transfer registers, stubs showing
issues, record of interest coupons, options, etc. |
Permanently |
|
Minute
books of directors, stockholders, bylaws and charters |
Permanently |
|
Partnership
and corporate records, including:
-
local, state and federal licenses
- annual reports
- capital stock and bond ledger
- canceled stock and bond certificates
- articles of incorporation
- bylaws and minutes from partner meetings or stockholder
and director meetings
|
Permanently |
| |
|
|
HUMAN
RESOURCES |
Retention
Period |
| |
|
|
Accident
reports and injury claims (Worker's Compensation) |
11
years |
|
Affirmative
action compliance plans |
1
year following completion of contract |
| Age
work certification records for minors |
3
years after termination |
| Applications
(Non-hires) |
1
year |
|
Attendance
records/time cards/time reports |
4
years |
| COBRA
Records |
3
years |
|
Disability/sick
pay benefits |
4
years |
|
EEO-1
forms |
5
years |
|
Education/training
records |
3
years |
| Employee
Benefit Plans |
4 years following termination of plan |
| Employee
Medical Records and Analysis as required by OSHA |
The
duration of employment plus 30 years |
|
Employment
advertisements |
3
years |
|
Employment
contracts |
7
years after expiration date |
|
ERISA
benefit plan descriptions/modifications, annual reports, SPDs |
Indefinitely |
|
Garnishments |
7
years |
|
Grievance
records |
5
years |
| I-9
Forms |
3
years from date of hire or 1 year after termination, whichever
is longer |
|
Injury
reports (OSHA Logs) |
5
years |
|
Job
descriptions |
Until
superceded
|
| Labor
contracts |
Indefinitely |
| Material
Data Safety Sheets |
Duration
of employment plus 30 years |
| Medical
and exposure records relating to toxic substances |
40
years |
| OSHA
Training Documentation |
3
years |
| Paychecks |
8
years |
|
Pension
payments and records |
3
years after death |
|
Personnel
data and files (re: hiring, promotion/demotion, transfer, layoff,
termination, compensation, etc.) |
6
years after termination |
| Records
pertaining to unfair or discriminatory employment practices and
Americans with Disabilities Act |
Until
the final deposition of charge or action |
|
Retirement
and pension records (plan documents, claims, applications, etc.) |
Permanently |
|
Union
agreements |
3
years from last effective date |
|
Wage
rates and changes, deductions/additions to pay |
4
years |
|
Withholding
tax statements |
7
years |
|
Workers'
compensation records |
3
years |
| Since
situations vary, we suggest that you consult legal counsel before
you dispose of any important Human Resources records. |
|
| |
|
|
OTHER
DOCUMENTS |
Retention
Period |
| |
|
|
Bulletins
to clients, firm executives and staff |
7
years |
|
Client
coding form masters |
1
+ current |
|
Correspondence
(general) |
1
+ current |
|
Correspondence
(legal and important matters, including those pertaining to copyrights,
permits and bills of sale |
Permanently |
|
Data
transmittal (in central processing system) |
7
years |
|
Firm
meetings files (annual and special meetings) |
7
years |
|
Interoffice
client charges |
7
years |
|
Interoffice
correspondence |
7
years |
|
New
business reports |
7
years |
|
Option
records (expired) |
7
years |
|
Patents
and related papers |
Permanently |
|
Plant
cost ledgers |
7
years |
|
Receiving
sheets |
4 years
|
|
Requisitions |
4 years
|
|
Stenographers
notebooks |
4 years
|
|
Trademark
registration and copyrights |
Permanently |
|
Voucher
check copies |
4 years
|
