Chart of How Long to Keep Each Type of Record

Category Time
Accident reports/claims (settled cases) 10 years
Accounts payable ledgers and schedules 10 years
Accounts receivable ledgers and schedules 10 years
Audit reports Permanently
Bank reconciliations 2 years
Bank statements (see also cancelled check below) 3 years
Capital stock and bond records: ledgers, transfer registers, stubs showing issues, record of interest coupons, and options Permanently
Cash books Permanently
Chart of accounts 10 years
Checks (canceled - see exception below) 10 years
Checks (canceled - for important payments, i.e. taxes, purchases of property, and special contracts. Checks should be filed with the papers pertaining to the transaction they are related to.) Permanently
Contracts, mortgages, notes, and leases (expired) 10 years
Contracts, mortgages, notes, and leases (still in effect) Permanently
Correspondence (general) 2 years
Correspondence (legal and important matters only) Permanently
Correspondence (routine) with customers and/or vendors 2 years
Deeds, mortgages, and bill of sale Permanently
Depreciation schedules Permanently
Duplicate deposit slips 2 years
Employment applications 3 years
Employment tax returns 4 years
Expense analyses/expense distribution schedules 10 years
Financial statements (year-end; other optional) Permanently
Garnishments 10 years
General/private ledgers, year-end trial balance Permanently
Insurance policies (expired) 3 years
Insurance records, current accident reports, claims, and policies Permanently
Internal audit reports (longer retention periods may be desirable) 3 years
Internal reports (miscellaneous) 3 years
Inventories of products, materials, and supplies 10 years
Invoices (to customers, from vendors) 10 years
Journals Permanently
Magnetic tape and tab cards 1 year
Minute books of directors, stockholders, bylaws, and charter Permanently
Notes receivable ledgers and schedules 10 years
Option records (expired) 10 years
Patents and related papers Permanently
Payroll records and summaries 10 years
Personnel files (terminated) 10 years
Petty cash vouchers 3 years
Physical inventory tags 3 years
Plant cost ledgers 10 years
Property appraisals by outside appraisers Permanently
Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints, and plans Permanently
Purchase orders (except purchasing department copy) 1 year
Purchase orders (purchasing department copy) 10 years
Receiving sheets 1 year
Retirement and pension records Permanently
Requisitions 1 year
Sales commission reports 3 years
Sales records 10 years
Scrap and salvage records (inventories and sales) 10 years
Stock and bond certificates (canceled) 10 years
Stockroom withdrawal forms 1 year
Subsidiary ledgers 10 years
Tax returns and worksheets, revenue agents' reports, and other documents relating to determination of income tax liability Permanently
Time books/cards 10 years
Trademark registrations and copyrights Permanently
Training manuals Permanently
Union agreements Permanently
Voucher register and schedules 10 years
Vouchers for payments to vendors and employees. (includes allowances and reimbursement of employees and officers for travel and entertainment) 10 years
Withholding tax statements 10 years