Records Retention
Provided by GR Robbins & Associates, P.A.

Accounts payable ledgers and schedules 7 years
Accounts receivable ledgers and schedules 7 years
Audit reports Permanently
Bank reconciliation 2 years
Bank statements 3 years
Capital stock and bond records Permanently
Cash books Permanently
Chart of accounts Permanently
Checks (canceled-see exception below) 7 years
Checks (canceled for important payments, i.e. taxes) Permanently
Contracts, mortgages, notes and leases:  
         Expired 7 years
         Still in effect Permanently
Correspondence (general) 2 years
Correspondence (legal and important matters) Permanently
Correspondence (with customers and vendors) 2 years
Deeds, mortgages and bills of sale Permanently
Deposit slips 2 years
Depreciation schedules Permanently
Employment Applications 3 years
Expense analysis 7 years
Financial statements year-end (others optional) Permanently
Garnishments 7 years
General ledgers, year-end trial balances Permanently
Insurance policies (expired) 3 years
Insurance records (accident reports, claims, etc) Permanently
Internal reports (miscellaneous) 3 years
Inventories of products, materials and supplies 7 years
Invoices (to customers or from vendors) 7 years
Journals Permanently
Magnetic tape 1 year
Minute books of directors, stockholders and bylaws Permanently
Notes receivable ledgers and schedules 7 years
Option records 7 years
Patents and related papers Permanently
Payroll records and summaries 7 years
Personnel files (terminated) 7 years
Petty cash vouchers 3 years
Physical inventory tags 3 years
Plant cost ledgers 7 years
Property appraisals by outside appraisers Permanently
Purchase orders 7 years
Receiving sheets 1 year
Retirement and pension records Permanently
Sales commission reports 3 years
Sales records 7 years
Scrap and salvage records (inventories, sales, etc) 7 years
Stockroom withdrawal forms 1 year
Subsidiary ledgers 7 years
Tax returns, revenue agents' reports and other documents relating to determination of income tax liability Permanently
Time books/cards 7 years
Trademark registrations and copyrights Permanently
Training manuals Permanently
Union agreements Permanently
Voucher registers and schedules 7 years
Vouchers for payments to vendors, employees etc.
(includes allowances and reimbursement of 
employees, officers, etc. for travel and entertainment
7 years
Withholding tax statements 7 years