When to Shred - Retention Schedule

  
     

Accident reports/claims (settled cases) 7 years

Accounts payable ledgers & schedules 7 years

Accounts receivable ledgers & schedules 7 years

Audit reports Keep Permanently

Bank reconciliations 2 years

Bank statements 3 years

Capital stock & bond records: ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc. Keep Permanently

Cash books Keep Permanently

Charts of accounts Keep Permanently

Checks (canceled – see exception below) 7 years

Checks (Canceled for important payments – i.e., taxes, purchases of property, special contracts, etc. Checks should be filed with the papers pertaining to the underlying transaction.) Keep Permanently

Contracts, mortgages, notes, & leases (expired) 7 years

Contracts, mortgages, notes, & leases (still in effect) Keep Permanently

Correspondence (general) 2 years

Correspondence (legal & important matters only) Keep Permanently

Correspondence (routine) with customers and/or vendors 2 years

Deeds, mortgages, & bills of sale Keep Permanently

Depreciation schedules Keep Permanently

Duplicate deposit slips 2 years

Employment applications 3 years

Expense analyses/expense distribution schedules 7 years

Financial statements (year-end, other optional) Keep Permanently

Garnishments 7 years

General/private ledgers, year-end trial balance Keep Permanently

Insurance policies (expired) 3 years

Insurance records, current accident reports, claims, policies, etc Keep Permanently

Internal audit reports (longer retention periods may be desirable) 3 years

Internal reports (miscellaneous). 3 years

Inventories of products, materials, and supplies 7 years

Invoices (to customers, from vendors 7 years

Journals Keep Permanently

Minute books of directors, stockholders, bylaws, and charter Keep Permanently

Notes receivable ledgers & schedules 7 years

Option records (expired) 7 years

Patents & related papers Keep Permanently

Payroll records & summaries 7 years

Personnel files (terminated) 7 years

Petty cash vouchers 3 years

Physical inventory tags 3 years

Plant cost ledgers 7 years

Property appraisals by outside appraisers Keep Permanently

Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints, & plans Keep Permanently

Purchase orders (except purchasing department copy) 1 year

Purchase orders (purchasing department copy) 7 years

Receiving sheets 1 year

Retirement & pension records Keep Permanently

Requisitions 1 year

Sales commission reports 3 years

Sales records 7 years

Scrap & salvage records (inventories, sales, etc.) 7 years

Stenographers’ notebooks 1 year

Stocks & bonds certificates (canceled) 7 years

Stockroom withdrawal forms 1 year

Subsidiary ledgers 7 years

Tax returns & worksheets, revenue agents’ reports, and other documents relating to determination of income tax Keep Permanently

Time books/cards 7 years

Trademark registrations and copyrights Keep Permanently

Training manuals Keep Permanently

Union agreements Keep Permanently

Voucher register & schedules 7 years

Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses)7 years

Withholding tax statements 7 years