Record Retention Guidelines

Record Keeping Guidelines

The following is a list of general guidelines we recommend for record retention. These should be modified based on any potential litigation, industry standards or any other items specific to your situation.

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Banking

Document

Retention Period

Bank reconciliations
1 year
Bank statements*
3 years
Bank deposit/withdrawal slips
Until reconciled
Canceled checks*
1 year
Check registers, statements
1 year
Credit card statements*
3 years
Deposit slips
3 years
Loan documentation
Until repaid
Loan payoff statement
Permanent
Paystubs – last of the year
Once reconciled with W2
Paystubs – last from employer
Once reconciled with W2
Investment/Retirement

Document

Retention Period

401(k) statements
When you receive new one
Capital stock and bond records
Permanent
Employer‐defined benefit plan
Never
Purchase confirmations and 1099s
Once sold, plus 7 years
Savings bonds
After maturity
Social security statements
When you receive new one
Insurance

Document

Retention Period

Annually renewed policies
After renewal
Permanent life policies
Permanent
Term life policies
After expiration
Business

Document

Retention Period

Accounts payable ledgers
7 years
Accounts receivable ledgers
7 years
Audit reports
Permanent
Cash books
Permanent
Charts of accounts
Permanent
Contracts & leases – current
Permanent
Contracts & leases – expired
7 years
Correspondence – customer/vendor
1 year
Correspondence – legal
Permanent
Depreciation schedules
Permanent
Employee records
3 years after termination
Employee benefit plan records
7 years
Employment applications
3 years
Expense analysis & distribution schedules
7 years
Financial statements – year end
Permanent
Financial statements – other
7 years
General ledgers & trial balances – year end
Permanent
Insurance records & audit reports
Permanent
Internal reports
3 years
Inventory records
7 years
Invoices ‐ to customers / from vendors
7 years
Journal
Permanent
Minutes (Board of Directors meetings)
Permanent
Minutes (Stockholder meetings)
Permanent
Notes receivable ledgers
7 years
Option records
7 years
Payroll records
7 years
Petty cash vouchers
3 years
Physical inventory tags
3 years
Purchase orders
7 years
Receiving sheets
3 years
Requisitions
1 year
Sales records
7 years
Savings bond records – employees
3 years
Stock room withdrawal forms
1 year
Subsidiary ledgers
7 years
Time books
7 years
Trade mark registrations
Permanent
Voucher registers
7 years
Personal/Home

Document

Retention Period

Appraisals/Valuation documents
Length of ownership, plus 3 years
Birth/Adoption certificates
Permanent
Death certificate
Permanent
Divorce decree
Permanent
Estate planning documents
Permanent
House (major improvements receipts)
Length of ownership, plus 7 years
Identification cards and passports
Until updated
Marriage license
Permanent
Medical (surgery, life‐long health changes)
Permanent
Military records/discharge papers
Permanent
Power of Attorney & Healthcare Proxy
Until updated
Real estate records and payments
Length of ownership, plus 7 years
Safe deposit box inventory list
Until updated
Social security cards
Permanent
Tax return copies
Permanent
Tax return supporting preparation docs
7 years
Vehicle titles
Length of ownership
Will & Living Will
Until updated

Accolades & Awards

IPA 2023 Top 200
Accounting Today RL 24
Best of Accounting 2024 Client Satisfaction
IPA 2023 Best of the Best

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