Record retention is a commonly asked question for most businesses. The following table provides the general rules for the retention of most documents.

Type of Record	Retention Period
Accounts receivable/payable ledgers	7 years
Audit reports of accountants	Permanently
Capital stock and bond records	Permanently
Canceled checks Taxes, property purchases	Permanently
Canceled checks General payments	7 years
Chart of accounts	Permanently
Contracts and leases Current	Permanently
Contracts and leases Expired	7 years
Deeds, mortgages, bills of sale	Permanently
Depreciation schedules (Financial)	1 year
Duplicate deposit slips	1 year
Employee personnel records	3 years after termination

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Type of Record Continued	Retention Period Continued
Employment tax returns	4 years after tax becomes due or is paid
Other employment records Daily time reports	5 years
Other employment records Disability claims	7 years
Other employment records Unemployment claims	7 years
Other employment records Workers compensation reports	10 years
Expense analyses/distribution schedules	7 years
Financial statements	Permanently
General ledgers	Permanently
Income tax returns	Permanently
Income tax returns Supporting records	at least 3 years from the date the tax return was filed
General ledgers	Permanently

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Type of Record Continued	Retention Period Continued
Incorporation records and certificates	Permanently
Insurance polices and related records Current	7 years
Insurance polices and related records Expired	3 years
Internal audit reports	3 years
Inventory records	3 years
Invoices – customers	7 years
Invoices – vendors	7 years
Property/asset records	Should be kept for as long as they are needed to figure the basis of the original or replacement property.
Sales and use tax returns and records	3 years

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