The following holding periods are suggestion only. Federal, state, institution rules, and regulations may apply.
ACCOUNTING RECORDS | RETENTION PERIOD |
Accounts payable | 7 years |
Accounts receivable | 7 years |
Audit Reports | Permanent |
Chart of accounts | Permanent |
Depreciation schedules | Permanent |
Expense records | 7 years |
Financial statements (annual) | Permanent |
Fixed asset purchases | Permanent |
General Ledger | Permanent |
Inventory records | 7 years |
Loan payment schedules | 7 years |
Purchase orders (1 copy) | 7 years |
Sales records | 7 years |
Tax returns | Permanent |
BANK RECORDS | |
Bank reconciliations | 2 years |
Bank statements | 7 years |
Canceled checks | 7 years |
Electronic payment records | 7 years |
CORPORATE RECORDS | |
Board | Permanent |
Business licenses | Permanent |
Contracts – major | Permanent |
Contracts – minor | Life + 4 years |
Insurance policies | Life + 3 years |
Leases/mortgages | Permanent |
Patents/trademarks | Permanent |
Shareholder records | Permanent |
Stock registers | Permanent |
Stock transactions | Permanent |
EMPLOYEE RECORDS | |
Benefit plans | Permanent |
Employee files (ex-employees) | 7 years |
Employment applications | 3 years |
Employment taxes | 7 years |
Payroll records | 7 years |
Pension/profit sharing plans | Permanent |
REAL PROPERTY RECORDS | |
Construction records | Permanent |
Leasehold improvements | Permanent |
Lease payment records | Life + 4 years |
Real estate purchases | Permanent |