| Type of Records |
Retention Period |
| Accident reports and claims |
7 years |
| Accounts payable ledgers and schedules |
7 years |
| Account receivable ledgers and schedules |
7 years |
| Audit reports of accountants |
Permanently |
| Bank reconciliation’s |
1 year |
| Capital stock and bonds records
(ledgers, transfer registers, stubs showing issues, interest
coupon records, option) |
Permanently |
| Cash books |
Permanently |
| Charts of accounts |
Permanently |
| Checks (for important payments) canceled (taxes, property
purchases, special contracts-filed with transaction papers) |
Permanently |
| Checks (for general payments) canceled |
7 years |
| Contracts and leases (still in effect) |
Permanently |
| Contracts and leases (expired) |
7 years |
| Correspondence – Legal, Important matters |
3 years |
| Correspondence – General |
3 years |
| Correspondence – with Customers, Vendors |
1 year |
| Deeds, mortgages, and bills of sale |
Permanently |
| Depreciation schedules |
1 year |
| Duplicate deposit slips |
1 year |
| Employee personnel records (after termination) |
3 years |
| Employment applications |
3 years |
| Expense analyses and expense distribution schedules |
7 years |
| Financial Statements (end-of year, other months optional) |
Permanently |
| Freight drafts, bills and claims |
5 years |
| Garnishments (after termination) |
3 years |
| General and private ledgers (and end-of – year trial balances |
Permanently |
| Insurance policies (expired) |
3 years |
| Insurance records, current accident records Claims, policies, etc. |
Permanently |
| Internal audit reports |
3 years |
| Internal reports (miscellaneous) |
3 years |
| Inventory records (product, materials and supplies) |
Permanently |
| Internal audit reports |
3 years |
| Internal reports (miscellaneous) |
3 years |
| Journals |
Permanently |
| Labor records: |
|
| Daily Time reports |
5 years |
| Disability claims |
7 years |
| Earnings records |
7 years |
| Employee service records |
7 years |
| Pay checks |
7 years |
| Personnel files |
7 years |
| Salary and wage rate changes |
7 years |
| Salary receipts |
7 years |
| Time cards, tickets and clock records |
5 years |
| Unemployment claims |
7 years |
| Withholdings exemption certificates |
7 years |
| Workers compensation reports |
10 years |
| Leases |
7 years |
| Ledgers and journals: |
|
| Customer journals |
7 years |
| General Journals |
10 years |
| Plant Ledger |
Permanently |
| Royalty journals |
10 years |
| Licenses |
1 year |
| Maintenance and repair records |
7 years |
| Buildings |
7 years |
| Machinery |
5 years |
| Manufactured stock reports |
7 years |
| Minute books |
Permanently |
| Mortgages |
7 years |
| Notes receivable ledgers and schedules |
7 years |
| Note registers |
Permanently |
| Options records (expired) |
7 years |
| Patent records |
Permanently |
| Payroll records and summaries (including payments to pensioners) |
7 years |
| Pension records |
Permanently |
| Petty cash records |
3 years |
| Physical inventory tags |
3 years |
| Plant acquisition records |
7 years |
| Property appraisals (outside) |
Permanently |
| Property records (including costs) |
Permanently |
| Damage reports |
7 years |
| Depreciation reserves, & end-of-year trial Balance |
7 years |
| Depreciation schedules, blueprints and Plans |
7 years |
