Document Retention Checklist

Document Retention Action Plan is designed for business managers who wish to study documents to be retained and common terms of their
retention. In this action plan you will find:
 Records to be kept forever;
 Records to be kept for prolonged periods of time (6+ years);
 Records to be kept for middle-term periods (3-5 years);
 Records to be kept for short-term periods (less than 3 years);

Records to be kept forever:

 Income tax returns;
 Payroll tax returns;
 Corporate general ledgers (books of account);
 Annual financial statements;
 Legal correspondence and records related to lawsuits and settlements;
 Auditing reports (records and conclusions related to corporate or external audits);
 Journals of the managerial decisions;
 Employment contracts;
 Retirement and pension records for company plans;
 Documents on incorporation, partnership agreements, charter, by-laws, etc.
 Stock ownership (along with transaction records);
 Copyrights, licenses, trademark and patent registrations;
 Checks for important contracts, taxes, and purchase of capital assets;
 Depreciation schedules;
 Deeds and easements;

Records to be kept for prolonged periods of time (6+ years):

 Bank reconciliation and cancelled checks;
 Bank statements and deposit slips;
 Mortgages, notes and leases (after their expiration);
 Property records, including fixed asset acquisition invoices (after their disposal);
 Documents supporting the tax returns;
 Contracts and other external agreements (after their termination);
 Financial statements (monthly/interim);
 Accident reports and claims (after accident or its settlement);
 Sales and purchase records;
 Staff and payroll records and checks (including personnel files after termination);
 Subsidiary ledgers (including Accounts Payable and Accounts Receivable ledgers);
 Vouchers (for payments to suppliers, partners, employees, etc);
 Cash receipts, cash books and cash register tapes;
 Canceled payroll and dividend checks;
 Sheets on inventory and costing;
 Production records and correspondence;
 Insurance records, fire inspection and safety reports;
 Expense reports;
 Disbursements journals;
 Client invoices;
 Travel records;
 Utility bills;

Records to be kept for middle-term periods (3-5 years):

 Monthly financial statements;
 Insurance policies (after their expiration);
 Job descriptions;
 Purchase orders;
 Requisitions;
 Sales contracts;
 Sales invoices;
 Equipment records;
 Payroll time cards;
 Employee performance reviews;
 Freight bills and manifests;
 Shipping, receiving reports, waybills, bills of lading;
 Credit card statements;
 Employment applications;
 Salary rates and changes;

Records to be kept for short-term periods (less than 3 years):

 General correspondence;
 Job applications and resumes;
 Business vehicle records (after vehicle is sold);
 Warranties and instructions (kept just until the product is still operated);
 I-9 forms;
 Credit card receipts;