Record Retention Schedule
| Area | Examples | Suggested Retention Period |
| 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 |
| Capital & Asset Management | Fixed asset information, lease hold improvements, fixed asset system data | 3 years |
| 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 |
| Accounting Records | 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 Permanent |
|
| 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 | ||
| Employment taxes | 3 years | |
| Payroll records | 7 years | |
| Pension/profit sharing plans | 7 years Permanent |
|
| Real Property Records | Construction records | Permanent |
| Leasehold improvements | Permanent | |
| Lease payment records | Life + 4 years | |
| Real estate purchases | Permanent |
