 |
| FINANCIAL REPORTS |
Retention
Period
|
|
Analysis of gross and net fees by service classification
|
7
years
|
|
Audit reports
|
Permanently
|
|
Bank deposit slips
|
2
years
|
|
Bank reconciliations
|
2
years
|
|
Bank statements
|
3
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
|
Permanently
|
|
Cash receipts and disbursements journals
|
Permanently
|
|
Charts of accounts
|
Permanently
|
|
Daily cash reports
|
1
year
|
|
Financial statements
|
Permanently
|
|
General ledgers
|
Permanently
|
|
General/private ledgers, year-end trial balance
|
Permanently
|
|
Interim statements - consolidated
|
7
years
|
|
Internal audit reports
|
3
years or longer
|
|
Journal vouchers
|
Permanently
|
|
Journals
|
Permanently
|
|
Monthly statements - operating offices
|
7
years
|
|
Payroll records (W-2s, 940s, 941s, etc.)
|
Permanently
|
|
Payroll records and summaries
|
7
years
|
|
Periodic financial reports
|
3
years
|
|
Petty cash vouchers
|
3
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)
|
Permanently
|
|
| 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
|
Permanently
|
|
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
|
3
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 copy)
|
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:
|
Permanently
|
|
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
|
|
| 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 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
|
2
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
|
The
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
|
|
| HUMAN RESOURCES |
Retention
Period
|
|
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
|
|
| 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
|
1
year
|
|
Requisitions
|
1
year
|
|
Stenographers notebooks
|
1
year
|
|
Trademark registration and copyrights
|
Permanently
|
|
Voucher check copies
|
7
years
|
