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Record Retention Guidelines

Record Retention Guidelines

One of the first hurdles to overcome in Records Management is to know what records to keep and for how long to keep them.

The standards suggested in the tables listed below are simply recommendations to use as guidelines in the retention and disposal of your records.

We encourage you to confer with your legal and accounting departments before destroying any documents to ensure that these retention guidelines are in accordance with your individual company policies and procedures.

  

ACCOUNTING RETENTION PERIOD
  Articles of Incorporation Permanent
Audit Reports (Public) Permanent
Accounts Payable Ledger 7 years
Accounts Receivable Aging Reports 7 years
Accounts Receivable Ledger 7 years
Accounts Receivable Invoices 7 years
Accounts Written Off 7 years
Authorization-Accounting 5 years
Balance Sheets Permanent
Bank Reconciliations 7 years
Bank Statements 7 years
Bank Deposit Slips 3 years
Budgets 3 years
Canceled Checks 10 years
Canceled Dividend Checks Permanent
Cash Book Permanent
Cash Disbursement & Receipt Record Permanent
Cash Sales Slips 7 years
Charge Slips 7 years
Charts of Accounts Permanent
Check Register Permanent
Expense Reports 7 years
Financial Statements Permanent
General Ledger Permanent
Investment-Sales/Purchases Permanent
Journal Entries Permanent
Petty Cash Records 7 years
Profit/Loss Statements Permanent
Purchase Order 7 years
Subsidiary Ledger Permanent
Trial Balance Permanent
Vendor Invoices 7 years
Voucher Check Copies 8 years
Depreciation Schedules Permanent
Fixed Assets Detail Permanent
Payroll-Time Cards-Individual Time Reports-Earning Records 3 years
  BUSINESS/CORPORATE RECORDS RETENTION PERIOD
    Amendments Permanent
  Annual Reports Permanent
  Articles of Incorporation Permanent
  Audit Reports-Public Permanent
  Audit-Internal 6 years
  Board of Directors-Committee Permanent
  Board of Directors-Minute Book Permanent
  Bylaws Permanent
  Capital Stock Certificates Permanent
  Capital Stock and Bonds Ledger Permanent
  Capital Stock Transactions Permanent
  Charter Permanent
  Checks-Taxes, Property, Settlements of Important Contracts Permanent
  Contracts and Agreements-Still in Effect Permanent
  Contracts-After Termination Permanent
  Contributions 7 years
  Copyrights and Trademark Registrations Permanent
  Correspondence-Accounting 5 years
  Correspondence-General Permanent
  Deeds and Easements Permanent
  Dividend Register and Cancelled Dividend Checks Permanent
  Election Records Permanent
  Financial Statements Permanent
  Labor Contracts Permanent
  Mortgages, Notes, and Lease Expired 8 years
  Organizational Charts Permanent
  Partnership Agreement Permanent
  Patents Permanent
  Proxies Permanent
  Retirement and Pension Records Permanent
  Stock Transfer records Permanent
  Stockholders-Minute Book Permanent
  Tax Returns and Working Papers-Revenue Agents Reports Permanent
  CORRESPONDENCE RETENTION PERIOD
    General 2 years
  Legal and Tax Permanent
  License, Traffic, and Purchase 6 years
  Production 8 years
  FIXED ASSETS RETENTION PERIOD
    Depreciation Schedule Permanent
  Inventory Records Permanent
  Plans and Blueprints Permanent
  Plant Cost ledger Permanent
  Property Appraisals Permanent
  Property Register Permanent
  Records for Property Subject to Depletion Permanent
  HEALTH INFORMATION RETENTION PERIOD
    Diagnostic Images (such as x-ray films) 5 years
  Disease Index 10 years
  Fetal Heart Monitor Records 10 years after infant reaches the age of majority
  Master Patient/Person Index Permanent
  Operative Index 10 years
  Patient health/medical records (adults) 10 years after the most recent encounter
  Patient health/medical records (minors) Age of majority plus statue of limitations
  Physician Index 10 years
  Register of Births Permanent
  Register of Deaths Permanent
  Register of Surgical Procedures Permanent
  HUMAN RESOURCES RETENTION PERIOD  
    Accident Reports-Settled 7 years  
  Attendance Records 7 years  
  Contracts-Expired 6 years  
  Daily Time Reports 6 years  
  Dental Benefits 5 years  
  Disability Benefits-After Expiration/Settlement 7 years  
  Employee Medical History 7 years  
  Employment Application-Not Hired 3 years  
  Employment Application-Hired Permanent  
  Family and Medical Leave 3 years  
  Garnishments 5 years  
  Life Insurance Benefits 5 years  
  Medical Benefits 7 years  
  Pension Plan Agreement Permanent  
  Performance Record-After Termination 7 years  
  Personnel File-After Termination 7 years  
  Personnel File-Current Employees Permanent  
  Profit Sharing Agreement Permanent  
  Safety Reports 5 years  
  Sick Pay 4 years  
  Vacation Files 4 years  
  Withholding Tax Statement 6 years  
  Workers Compensation Benefits 10 years  
  INSURANCE RETENTION PERIOD
    Accident Reports Permanent
  Automobile Insurance Claims Permanent
  Claims-After Settlement 10 years
  Disability Insurance Claims-After Termination                         7 years
  Expired Insurance Policies 10 years
  Fire Inspection Reports 6 years
  Foreign Insurance Policies 3 years
  INSURANCE RETENTION PERIOD
    Group Disability Reports 8 years
  Insurance Appraisals 6 years
  Policies-All Types-Expired 4 years
  Safety Reports/Records 8 years
  LEGAL RETENTION PERIOD
    Bill of Sale Permanent
  Business Permits Permanent
  Claims and Litigation (Torts and Breach of Contract) Permanent
  Contracts-Employees Permanent
  Contracts-Government Permanent
  Contracts-Labor Union Permanent
  Contracts-Special Permanent
  Copyrights Permanent
  Deeds/Titles Permanent
  Lawsuits (any documentation) 7 years
  Leases/Canceled 10 years
  Legal Documents (wills, powers of attorney, etc.) Permanent
  Legal Documents (old Versions) Throw Out
  Licenses Permanent
  Mortgages Permanent
  Notes Receivable-Canceled 10 years
  Patents Permanent
  Stock and Bond record Permanent
  Trademarks-Registered Permanent
  PAYROLL RETENTION PERIOD
    Contractors 3 years from date of completion of contract
  Checks-Payroll 7 years
  Commission Reports-Salesperson 6 years
  Employee Withholding Exemption Certificates 10 years
  Employee Tip Substantiation 3 years
  Large food or Beverage Establishment Reporting Tips 3 years
  Payroll Register 4 years
  Payroll Records-After Termination 10 years
  Salary history 8 years
  Time Reports 7 years
  Vacation/Sick Pay 4 years
  W-2 Forms Permanent
PURCHASING AND SALES RETENTION PERIOD
  Purchase orders 3 years
Requisitions 3 years
Sales Contracts 3 years
Sales Invoices 3 years
SECURITY RETENTION PERIOD
  Classified Material Violations Permanent
Visitor Clearance 2 years
TAXATION RETENTION PERIOD
  Tax Free Reorganization Permanent
338 Election 7 years
Canceled Checks-Tax payments Permanent
Correspondence-Tax Permanent
Depreciation Schedules Permanent
Income Tax Returns Permanent
Inventory Reports Permanent
FUTA/FICA/Income Tax Withholding 4 years
Payroll Tax Returns Permanent
Revenue Agent Reports Permanent
Sales Tax Returns Permanent
NOL Company Permanent
AMT NOL Company Permanent
Transfer Pricing 4 years
TRAFFIC-SHIPPING AND RECEIVING RETENTION PERIOD
  Export Declarations 4 years
Freight Bills 4 years
Manifests 4 years
Shipping and Receiving Reports 4 years
Waybills and Bills of Lading 4 years
MISCELLANEOUS RETENTION PERIOD
  Receiving Documents 10 years
Title Papers Permanent
Vehicle Operating and Maintenance 2 years
Telecommunication Copies 1 year
Prepaid Dues Income 4 years
Financial Institution Loan Loss Reserves Permanent
Mutual Savings Bank Bad Debt Reserve Permanent


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