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We have compiled a list of the most common records individuals and businesses need to retain.  This list is very general and may not be applicable to all individuals and businesses.  Please contact us for more specific guidance regarding your situation.    

Keep for one year

Bank reconciliation’s
Customer and vendor correspondence
Duplicate deposit slips
Requisition and receiving sheets

Keep for three years
Employment applications
Expired insurance policies
Internal audit reports
Petty cash receipts
Terminated employee personnel records

Keep for seven years
Accident reports and claims
Accounts payable and receivable ledgers
Cancelled checks
Cancelled stock and bond certificates
Expired leases and contracts
Expired option records
Expenses distribution schedules
Inventory records
Note receivable records
Payroll records (include pension payments)
Purchase orders
Sales recordsTime records
Vouchers including register and schedules

Keep permanently
Appraisals from outside appraisers
Audit reports
Cash books, charts of accounts
Cancelled checks for important items
Contracts and leases if not expired
Depreciation schedules
Financial statements (end of year)General ledgers (including trial balances)
Insurance records including accident reports
Legal correspondence
Minutes of board
Property records
Tax returns and worksheets, including any tax agency documents or reports
Trademark registration  

Keep for one year
Monthly or quarterly mutual fund, IRA, and investment statements    

Keep for three years

Credit card statements including year end summaries
Expired insurance policies
Medical bills
Utility bills    

Keep for six years
Accident reports and claims
Medical bills
Property records/including improvements
Sales receipts
Supporting documents for tax returns
Tax related bills
Wage garnishments and attachments    

Keep permanently
Audit reports
Important correspondence
Investment trade confirmations
Legal correspondence
Pension and retirement plan records
Tax returns and worksheets, including any tax agency documents, payments, or reports