Record Retention Schedule

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 Area  Examples  Suggested Retention
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
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
Real Property Records Construction records Permanent
Leasehold improvements Permanent
Lease payment records Life + 4 years
Real estate purchases Permanent

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