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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