Business Record Retention Schedule

I have compiled a record retention schedule to help guide my clients in determining when to dispose business records. Please note that this list serves only as a guide and special circumstances could alter any retention period given.

For more information on record retention check out our previous posts on record retention:

Record Retention in an Electronic World: Time to Clean House?

Developing a Record Retention Policy

Employment Record Retention/Destruction Policies: What not to do

PERMANENT RECORDS:

• Benefit, Pension & Profit Sharing Plan Documents
• Bills of Sale
• Bookkeeping/Financial Records
  • Audit Reports
  • Canceled Checks (major purchases/payments)
  • Chart of Accounts
  • Financial Statements (year end)
  • Fixed Assets & Depreciation Records

• Business Licenses & Permits
• Business Organizational Documents
  • Corporate Articles & Bylaws
  • Corporate Minutes, Resolutions & Consents (Directors & Shareholders)
  • Corporate Stocks & Shareholder Records
  • Corporation Bureau Filings
    • LLP Registration
    • LLC Certificate of Organization
  • Fictitious Name Registration
  • Partnership Agreements
  • Operating Agreements

• Contracts & Leases (current)
• Correspondence – Significant (e.g. Legal, Tax)
• Insurance Records & Policies (current/ in force)
• Loan Documents (current)
• Patent & Copyright Filings
• Personnel Files (active employees)
• Real Estate & Building Records
  • Appraisals
  • Blueprints Plans
  • Building/Zoning/Occupancy Permits
  • Deeds
  • Mortgages

• Tax Records & Information
  • EIN/TIN Applications
  • Income Tax Return & Schedules
  • Informational Returns & IRS Filings
  • Subchapter "S" Elections Forms
  • Tax Examination Reports
  • W-2 Forms
• Trademark & Service Mark Registrations

7 YEAR RECORDS:

• Accounting Journals
• Accounts Payable & Receivable Ledgers
• Bank Statements
• Canceled Checks (general purchases/payments)
• Charitable Donation Information
• Contracts & Leases (canceled/terminated)
• Customer & Vendor Records
  • Invoices
  • Purchase Orders & Vouchers
• Detailed General Ledger
• Electronic Payment Records
• Employment Tax Returns
• Employee Records
  • Expense Report
  • Personnel Files (terminated employees)
  • Safety Records
  • Time Records & Payroll Summaries
  • Wage Garnishment Reports
  • Workers’ Compensation Reports
• Expense Documentation (e.g. Travel/Entertainment)
• Insurance Records & Policies (expired/settled claims)
• Inventory Records
• Loan Documents (canceled/paid off)
• Sales & Use Tax Returns
• Sales/Revenue Records

3 YEAR RECORDS:

• Employment Applications
• Correspondence – General
• Internal Audit Reports
• Petty Cash Records

1-2 YEAR RECORDS:

• Bank Reconciliations
• Business Notes & Memoranda
• Deposit Slips
• Shipping/Receiving Reports
• Material Purchase Records

Download this Record Retention Schedule in PDF