How Long To Keep Confidential Documents
How long should you retain a confidential record? There's no one answer. Record retention laws vary bydocument type, by industry and by state. We have provided a records retention schedule (see below) as ageneral guideline
only
. It is
NOT intended to be a retention schedule that satisfies all legalrequirements
for your organization. You absolutely
must
check with your organization's attorney
for legal advice as to how long to keep specific records.
General Records Retention Guidelines*
Records To Retain For 1 Year
•Receiving reports•Requisitions•Stenographers notebooks•Stockroom withdrawal forms
Records To Retain For 3 Years
•Bank deposit slips•Bank reconciliations•Budgets•Correspondence (general)•Delivery receipts•Deposit slip copies•Equipment repair records•Interim financial reports•Insurance policies (after expiration)•Internal audit reports•Internal reports (misc.)•Physical inventory tags•Petty cash records•Purchase order copies•Remittance statements•Travel records (employees)
Records To Retain For 5 Years
•Bills of lading•Correspondence (accounting)•Cost accounting records•Freight drafts, bills, claims•Employee daily time reports•Time cards, tickets and clock records•Machinery maintenance records•Shipping tickets
Records To Retain For 6 Years
•Commission reports•Equipment leases (after expiration)•Fire damage reports•Salesmen's commission reports“Your neighbor, your partner in document security.”
P.O. Box 499 1South Deerfield, MA 01373413.461.3333www.ValleyGreenShredding.com
Records To Retain For 7 Years
•Accident reports (settled)•Accounts payable and receivable ledgers•Bank statements•Contracts and leases (expired)•Vendor contracts•Correspondence (credit and collection)•Expense analysis and expense distribution schedules•Invoices (issued or received)•Inventories of products, materials & supplies•Employee earnings records•Employee paychecks•Customer ledger •Building maintenance records•Manufactured stock records•Notes (cancelled)•Option records•Payroll records and summaries including payments to pensioners•Property damage reports•Purchase invoices•Sales invoices•Sales slips (cash & charge)•Stock and bond certificates (cancelled)•Tax returns (payroll)•Tax returns (social security)•Time books•Uncollectible accounts records•Vouchers (copies)•W-2 Forms
Records To Retain For 10 Years
•Check register •Workers Compensation reports•Cash journal•General journal•Payroll journal•Purchases journal•Sales journal•Voucher journal•Property tax records•Sales and use tax returns•Voucher register
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