Record Retention Guide
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.
Businesses
Keep for
one year
Bank reconciliation’s
Customer and vendor
correspondence
Duplicate deposit slips
Requisition and
receiving sheets
Keep for three years
Correspondence
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
Deeds
Depreciation schedules
Financial statements
(end of year)General ledgers
(including trial balances)
Insurance records including
accident reports
Journals
Legal correspondence
Minutes of board
Mortgages
Property records
Tax returns and
worksheets, including any tax agency documents or reports
Trademark registration
Individuals
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