Business Document To Keep For One Year

  • Correspondence with Customers and Vendors
  • Duplicate Deposit Slips
  • Purchase Orders (other than Purchasing Department copy)
  • Receiving Sheets
  • Requisitions

Business Documents To Keep For Three Years

  • Bank Statements and Reconciliation’s
  • Employee Personnel Records (after termination)
  • Employment Applications
  • Expired Insurance Policies
  • General Correspondence
  • Internal Audit Reports
  • Petty Cash Vouchers
  • Time Cards For Hourly Employees

Business Documents To Keep For Six Years

  • Accident Reports, Claims
  • Accounts Payable Ledgers and Schedules
  • Accounts Receivable Ledgers and Schedules
  • Cancelled Checks
  • Employment Tax Records
  • Expired Contracts, Leases
  • Inventories of Products, Materials, Supplies
  • Invoices to Customers
  • Notes Receivable Ledgers, Schedules
  • Payroll Records and Summaries
  • Purchasing Department Copies of Purchase Orders
  • Sales Records
  • Time Books
  • Travel and Entertainment Records
  • Vouchers for Payments to Vendors, Employees, etc.

Business Records To Keep On File Indefinitely

  • Audit Reports from CPAs/Accountants
  • Cancelled Checks for Important Payments (especially tax payments)
  • Contracts, Leases Currently in Effect
  • Corporate Documents (incorporation, charter, by-laws, etc.)
  • Documents substantiating fixed asset additions
  • Deeds
  • Depreciation Schedules
  • Financial Statements (Year End)
  • Insurance Records, Current Accident Reports, Claims, Policies
  • Investment Trade Confirmations
  • Previous IRS Audit Documentation
  • Minutes Books of Directors and Stockholders
  • Mortgages, Bills of Sale
  • Property Appraisals by Outside Appraisers
  • Property Records
  • Retirement and Pension Records
  • Tax Returns and Worksheets
  • Trademark and Patent Registrations

Personal Documents To Keep For Three Years

  • Credit Card Statements
  • Medical Bills �
  • Utility Records
  • Expired Insurance Policies�

Personal Documents To Keep For Six Years

  • Supporting Documents For Tax Returns
  • Accident Reports and Claims
  • Property Records / Improvement Receipts
  • Sales Receipts
  • Wage Garnishments

Personal Records To Keep Forever

    • CPA Audit Reports
    • Legal Records
    • Important Correspondence
    • Income Tax Returns
    • Income Tax Payment Checks
    • Investment Trade Confirmations
    • Retirement and Pension Records

Special Circumstances

      • Car Records (keep until the car is sold)
      • Credit Card Receipts (keep until verified on your statement)
      • Insurance Policies (keep for the life of the policy)
      • Mortgages / Deeds / Leases (keep 6 years beyond the agreement)
      • Pay Stubs (keep until reconciled with your W-2)
      • Property Records / improvement receipts (keep until property sold)
      • Sales Receipts (keep for life of the warranty)
      • Stock and Bond Records (keep for 6 years beyond selling)
      • Warranties and Instructions (keep for the life of the product)
      • Other Bills (keep until payment is verified on the next bill)
      • Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)