Business Records Retention Guidelines
As Records Storage Industry leaders, many of our clients ask us for help in the preparation of a Retention Schedule for their files. We have prepared this guideline, but offer it only as a starting point to be confirmed and tested by your accountants and lawyers. When it comes to compliance with legislation and the possibility of an audit and/or fines, one can never be too careful or up-to-date.
Business Record Series | Examples | Retention Guidelines |
---|---|---|
Finance, Taxes and Investments | Income tax returns, Income tax payment checks, Investment trade confirmations, Legal records, Retirement and pension records, CPA audit reports, Annual financial statements and books of account, Corporate documents (incorporation, charter, by-laws, etc.), Stock records, Retirement and pension records, Licenses, patents, and trademarks and registration packets, Investment trade confirmations, Documents substantiating fixed asset additions | Keep 3-10 years |
Payroll, Checks, Sales documents, tax returns and tax-related receipts and records | Bank reconciliation and cancelled checks, Cancelled payroll and dividend checks, Personnel and payroll records, Purchasing records, Sales records, Travel and entertainment records, Supporting documents for tax returns, Tax-related receipts and records, Accident reports and claims, Medical and Worker’s Comp related bills. | Keep 5 years to life of the company |
Statements, Applications, and Insurance Policies | Monthly financial statements, Credit card statements, Employment applications, Expired insurance policies | Keep 3-5 years |
More Business Records | Car Records | Keep until the car is sold |
Credit Card Receipts | Keep until verified on your statement | |
Insurance Policies | Keep for the life of the policy and an additional 3 years | |
Mortgages, Deeds, Leases | Keep 7 years beyond the agreement | |
Pay Stubs | Keep until reconciled with your W-2 | |
Property records / Improvement receipts | Keep until property sold | |
Sales receipts for assets | Keep for life of the warranty | |
Stock and bond records | Keep for 7 years beyond selling | |
Warranties and instructions | Keep for the life of the product | |
Other bills | Keep until payment is verified on the next bill |