McClain Smith & Wenz P.C.
 
Certified Public Accountants

Recommendations on Keeping Records

McClain, Smith & Wenz's recommendations on document retention are listed below.

Different types of records need to be retained for different time periods.  The time documents should be kept depends on appropriate laws, IRS and governmental regulations, and third-party requirements.

These recommendations on Document Retention are general guidelines.  They are NOT advice for any specific circumstances.  Please contact us for professional advice.

 Guide to Retention of  Business Records

Document Description Retention Period (Yrs)
   

 Accident reports and claims
    (settled cases)

 7
 Accounts payable ledgers and
    trial balances
 7
 Accounts receivable ledgers and
    trial balances
 7
 Audit reports of public accountants  P
 Automobile logs  7
 Bank statements and reconciliations  7
 Capital stock and bond records:  

    ledgers, transfer registers, stubs
   showing issues, record of interest
   coupons, options, etc.

 P
 Cash books  P
 Checks (canceled); see exceptions below  7
 Checks (canceled) for important
   payments (taxes, property purchases,
   contracts, etc.) retain with related
   papers
 P
 Commission records  7
 Contracts and leases (current)  P
 Contracts and leases (expired)  7
 Copyrights  P
 Correspondence (legal and important
   matters only)
 P
 Correspondence (general)  7
 Correspondence (routine) with customers
   or vendors
 7
 Deeds, mortgages, and bills of sale  P
 Depreciation schedules  P
 Duplicate deposit slips  7
 Employee personnel records after
   termination
 7
 Employment tax returns  7
 Expense analysis and expense distribution
   schedules
 7
 Financial statements end of year
   (other months optional)
 P
 General/private ledgers and end-of-year
   Trial balances
 P
 Information returns  7
 Insurance policies and records (current)  P
 Insurance policies (expired)  7
 Internal audit reports and working papers  7
 Internal reports (miscellaneous)  7
 Inventories of products, materials, and
   supplies
 7
 Invoices to customers and from vendors  7
 Journals  P
 Licenses and permits  P
 Minute books of directors and
   stockholders, including bylaws
   and charter
 P
 Notes receivable ledgers and trial balances  7
 Option records (expired)  7
 Patents  P
 Payroll records and summaries, including
   payment to pensioners
 7
 Personnel employment applications  7
 Petty cash vouchers  7
 Physical inventory tags  7
 Property appraisals by outside appraisers  P
 Property records, including costs,
   depreciation reserves, end of year
   trial balances, blueprints and plans
P
 Purchase orders (except purchasing
   department copy)
 7
 Receiving sheets  7
 Requisitions  7
 Royalty records  7
 Sales records  7

 Subsidiary ledgers to the general ledger
   and trial balances

 7
 Tax returns and worksheets, revenue
   agents' reports, and other documents
   relating to determination of tax liability
 P
 Time books  7
 Trademark registration  P
 Voucher register and trial balances  7
   
 P = Permanent  
   
   
   
   
   
   
   
   
   
   
   

 

 

 

 

 

 

 
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