Record Retention Schedule

Workpapers & Reports Permanent files, workpapers 7 to 10 years

Finance General Ledger Accounting information, journal entries, management reports 10 years to permanent

Finance Accounts Receivables Final invoices, billing files, customer approvals 7 years

Finance Accounts Payables Client payments, A/R notes, deposits, bank statements 7 years

Finance Payroll Payroll registers, multi-state payroll deductions, deduction balances, tax balances Permanent

Finance Time & Expense Processing Time and expense processing, airline purchases, state specific tracking information 7 years

Treasury & Cash Management Treasury daily reports, lockbox sweeps, market cap reports, bank account, credit & loan information 7 years

Tax Reporting Statutory tax filings, cash accruals, meal and entertainment analysis, tax returns 10 years to permanent

Administrative Communications Budgets, scorecards, administrative records 7 years

Quality & Risk Management Client communications, change acceptance, independence and conflict checks 4 years

Note: Industry specific or regulatory may require longer retention period, i.e., OSHA up to 30 years

Human Resources Pre-employment evaluations, self-assessments, college transcripts, offer/acceptance 7 years

Legal Records Contracts, leases, insurance documents, ethic compliance  

Marketing Records Marketing records 5 years

General & Administrative Administrative materials, personal files, meeting agendas, project notes, proposals 2 years
Accounts Payable 7 years

Accounts Receivable 7 years

Audit Reports Permanent

Chart of Accounts Permanent

Depreciation Schedules Permanent

Expense Records 7 years

Financial Statements (Annual) Permanent

Fixed Asset purchases  

General Ledger Permanent

Inventory Records Permanent

Loan Payment Schedules 7 years

Purchase Orders (1 copy) 7 years

Sales Records 7 years

Tax Return 7 years

Bank Records Bank reconciliations 2 years

Bank statements 7 years

Canceled checks 7 years

Electronic Payment records 7 years

Corporate Records Board minutes Permanent

Bylaws Permanent

Business licenses Permanent

Contracts - major Life + 4 years

Contracts - minor Life + 3 years

Insurance policies Permanent

Leases/mortgages Permanent

Patents/trademarks Permanent

Shareholder records Permanent

Stock registers Permanent

Stock transactions Permanent

Employee Records Benefit plans Permanent

Employee files (ex-employees) 7 years

Employment applications  Permanent

Employment taxes 3 years

Payroll records 7 years

Pension/profit sharing plans 7 years

Real Property Records Construction records Permanent

Leasehold improvements Permanent

Lease payment records Life + 4 years

Real estate purchases Permanent

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