Record Retention Schedule Both individuals and business have questions about how long to retain their financial and business records. While this schedule is developted for the average business, it can also be applied to the individual. Back to Services RECORD RETENTION SCHEDULE TYPE OF RECORD RETENTION NOTE PERIOD (Years) Accident reports and claims 7 * Appraisals P Articles of incorporation, bylaws P Asset records 7 * Bank statements, reconciliations 3 Bill of sale - assets 7 * Budgets and projections 2 Cancelled checks - general 3 ** Capital stock and bond records P Chart of accounts P Check vouchers, stubs 3 Contracts and agreements 7 * Correspondence - credit & collection 7 Correspondence - routine customers/vendors 1 Correspondence Other 3 *** Credit memo 3 Damage and theft reports 7 Deeds, closing papers for real estate P Deposit slips 3 Depreciation schedules 7 * Employee contracts 7 * Employee disability, unemployment claims 7 Employment applications 3 Employee expense reports 3 Employee personnel files 7 * Employee time and earnings records 4 Employee Withholding & exemption certificates (W-2, W-4, etc.) 4 * Financial reports - annual, audited P Financial reports - interim 3 Freight bills and bills of lading 3 Insurance policies and records 3 * Internal reports, memos, work orders, etc. 2 Inventory records 3 Invoices - fixed assets 7 * Invoices - sales and general expenses 3 Leases 7 * Ledger - cash receipts, disbursements, etc. P Ledger - general ledger & journal entries P Ledgers - payroll 4 Ledgers - purchases and sales 7 Ledgers - subsidiary receivable/payables 7 Licenses 3 * Minute books P Mortgages 7 * Notes 7 * Pension & profit sharing records P Petty cash records 3 Purchase orders and invoices 3 Receiving reports 3 Repair and maintenance records 3 Sales records & cash register tapes 3 Shipping reports 3 Tax returns & related records - Estate/gift P Tax returns & related records - Income P Tax returns & related records - Payroll 4 Tax returns & related records - Sales and use 3 Titles - Vehicles and other licensed assets P Union Contracts P Notes P - Keep records permanently. * - Retention period begins with settlement of claim, disposal of asset, termination of contract, etc. ** - Keep some checks longer, e.g. tax payment checks with tax returns, asset acquisitions checks with the bill of sale, etc. *** - Legal and other important correspondence should be kept as long as the documents to which it relates.