How Long to Keep Documents - Business

We have encountered clients who keep every receipt and bank statement yet are unable to locate the title to their automoblile or other important papers. For those and others out there that hold to the Keep it All philosophy — we have compiled the following list of the suggested record retention period for individuals.

Surprising we found that accountants have differing opinions as to how long to retain records. Some may consider this somewhat conservative. If you need authorative information for a specific type of document, seek the advice of your accountant or CPA.

For individuals, see How Long to Keep Documents - Individual.

If you find inaccuracies or or beleive we have omitted something, please notify doug@gracefultransitions.biz.

Suggested Retention Period

6 months

Unsolicited job applications & resumes – non-employees

1 year

Correspondence with customers or vendors – routine

Bank reconciliation

Duplicate deposit slips

Purchase orders, requisitions & receiving sheets

Stenographer's notebooks

Stockroom withdrawal forms

2 years after the ad

Solicited job applications, resumes & advertisements

3 years

Correspondence – general

Employee personnel records - after termination

Insurance policies – expired

Internal reports – miscellaneous

Petty cash vouchers

Physical inventory tags

3 years minimum

Internal audit reports

7 years

Accident reports and claims - settled cases

Accounts receivable & payable ledgers

Cash books

Cash receipts and disbursements journals

Checks, bank statements & deposit slips

Contracts and leases – expired

Expense reports, analyses & distribution schedules

General ledger

Inventories of products, materials & supplies

Notes receivable ledgers & schedules

Payroll records, time sheets & summaries

Sales records & invoices to customers

Scrap and salvage materials records

Stock and bond certificates – canceled

Subsidiary ledgers & journals

Vendor & other paid bills & vouchers

Duration of ownership

Checks - asset & property purchases

Permanently

Charts of accounts

Contracts and leases still in effect

Corporate charter & Bylaws

Correspondence - legal and important matters

Deeds, mortgages, and bills of sale

Depreciation schedules

Financial statements & accountants' reports

Insurance policies, claims & accident reports - still in effect

Minute books of directors & stockholders

Partnership records & agreements

Property appraisals by independent appraisers

Stock and bond records, ledgers & transfer registers

Tax returns, worksheets & adjustment notices

Trade mark & copyright registrations, patents

Trial balances - end of year