FINANCIAL REPORTS

Retention Periods

   

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 Periods

   

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 Periods

   

Expense analyses/expense distribution schedules: 7 years

Expense reports: 7 years

Sales commission reports: 4 years

Sales records: 7 years

PAYABLES AND RECEIVABLES

Retention Periods

   

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 Periods

   

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 board meetings : Permanently

HUMAN RESOURCES

Retention Periods

 

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 Periods

   

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

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Rich, Wightman & Company, CPAs, LLC • 1301 South Jones Blvd • Las Vegas, Nevada 89146 • (702) 878-0959 info@richwightman.comType your paragraph here.

Record Retention