Record Retention Guide

Transcription

1 Record Retention Guide ACCOUNTING SYSTEMS SUGGESTED RETENTION ERIOD Accounts ayable Ledger 7 Accounts Receivable Aging Reports 7 Accounts Receivable Ledger 7 Accounts Receivable Invoices 7 Accounts Written-off 7 Authorization - Accounting 5 Balance Sheets Bank Reconciliations 7 Bank Statements 7 Bank Deposit Slips 3 Budgets 3 Cancelled Checks 10 Cancelled Dividend Checks Cash Book Cash Disbursement & Receipt Record Cash Sales Slips 7 Charge Slips 7

2 Charts of Accountants Check Register Expense Reports 7 Financial Statements General Ledger Investment Sales/urchases Journal Entries etty Cash Records 7 rofit/loss Statements urchase Order 7 Subsidiary Ledger Trail Balance Vendor Invoices 7 Voucher Check Copies 7 Amendments Annual Reports Articles of Incorporation Audit Reports ublic CORORATE RECORDS SUGGESTED RETENTION ERIOD

3 Audit Internal 6 Board of Directors Committee Board of Directors Minute Book Bylaws Capital Stock Certificates Capital Stock Ledger Capital Stock Transactions Charter Contracts After Termination Contributions 7 Correspondence- Accounting 5 Correspondence- General Dividend Register and Cancelled Dividend Checks Election Records Financial Statements Organizational Charts artnership Agreement Stock Transfer Records Stockholders Minute Book

4 Depreciation Schedule FIXED ASSETS Inventory Records lans and Blueprints lant Cost Ledger roperty Appraisals roperty Register Records for roperty Subject to Depletion SUGGESTED RETENTION ERIOD HUMAN RESOURCES SUGGESTED RETENTION ERIOD Accident Reports Settled 7 Attendance Records 7 Dental Benefits 5 Disability Benefits After Expiration/Settlement 7 Employee Medical History 7 Employment Application Not Hired 3 Garnishments 5 Life Insurance Benefits 5

5 Medical Benefits 7 ension lan Agreement erformance Records After Termination 7 ersonnel Files After Termination 7 ersonnel Files Current Employees rofit Sharing Agreement Safety Reports 5 Vacation Files 4 Workers Compensation Benefits 10 Sick ay 4 Family & Medical Leave 3 INSURANCE SUGGESTED RETENTION ERIOD Automobile Insurance Claims 10 Disability Insurance Claims After Termination 7 Expired Insurance olicies 10 Fire Inspection Reports 6 Insurance Appraisals 6 Safety Records 6 Foreign Insurance olicies 3

6 Bill of Sale Business ermits LEGAL Claims and Litigation Concerning Torts and Breach of Contract Contract Contracts Employees Contracts Government Contracts Labor Union Contracts Special Copyrights Correspondence Legal Deeds / Titles SUGGESTED RETENTION ERIOD Leases / Cancelled 10 Licenses Mortgages Notes Receivable Cancelled 10 atents Stock and Bond Record

7 Trademarks - Registered Contractors AYROLL SUGGESTED RETENTION ERIOD 3 years from date of completion of contract Checks ayroll 7 Commission Reports Salesperson 6 Employee Withholding Exemption Certificates 10 ayroll Register 4 ayroll Records After Termination 10 Salary History 8 Time Reports 7 W-2 Forms Vacation / Sick ay 4 Large Food or Beverage Establishment Reporting Tips 3 Employee Tip Substantiation 3 SECURITY Classified Material Violations SUGGESTED RETENTION ERIOD Visitor Clearance 2

8 Tax Free Reorganization TAXATION SUGGESTED RETENTION ERIOD 338 Election 7 Cancelled Checks Tax ayments Correspondence Tax Depreciation Schedules Income Tax Returns Inventory Reports FUTA / FICA / Income Tax Withholding 4 ayroll Tax Returns Revenue Agent Reports Sales Tax Returns NOL Company ** AMT NOL Company ** Transfer ricing 4 MISCELLANEOUS SUGGESTED RETENTION ERIOD Receiving Documents 10

9 Title apers Vehicle Operating and Maintenance 2 Telecommunication Copies 1 repaid Dues Income 4 Financial Institution Loan Loss Reserves Mutual Savings Bank Bad Debt Reserves INDIVIDUAL RECORDS SUGGESTED RETENTION ERIOD Tax Return Copies Medical Receipts 7 Forms 1099 Received 7 Forms W2 Received 401k / Keogh Statements 7* IRA Statements (deductible & nondeductible) 7/ Loan Records / Forms * Annuity Year End Statements 7* Insurance olicies Life Insurance olicies Other 7 Major urchase Receipts 7 Year-end Brokerage Statements / Trade Confirmations 7*

10 Certificates of Deposit Statements 7 Schedule K-1 s from artnership or S Corporation 7* House Records (cancelled checks for purchase of major improvements and maintenance) Birth and Death Certificates Medical Records Wills Trust Agreements Detailed List of Financial Assets Held Alimony, Custody, or renuptial Agreements Military apers hotos or Videotape of Valuables KEY

11 ermanent Records Numeric Suggested Retention eriod in Years *7 Years following disposition, termination, or payoff. ** Maintain permanent records of all the facts necessary for the first taxable year and each succeeding year in which there is a NOL or NOL Carryover. This includes records necessary to determine the identity of 5% shareholders, the percentage of it stock owned be each 5% shareholder and whether IRC Section 382 is applicable.