• Donna Sooter

What Records Do You Need To Keep?

Every year I get asked, “What do I need to keep?”. I created the records retention chart to help you with your year-end cleaning. Digital copies are completely acceptable and highly recommended.




RECORDS RETENTION CHART

PERMANENT RECORDS


Annual Financial Statements

Articles of Incorporation

Company Stocks and Bonds

Property Records, including account ledgers, appraisals, plan specifications, and sales

Deeds

Dividend Registers

Tax Return (estate, gift)

General Ledgers

Title Papers

Audit Reports

Union (Labor) Contracts

Trademark Records

Minutes of Meetings

Note Registers

Year End Journal Entries


SEVEN YEARS


Tax Returns

Accident Reports

Notes

Bank and Credit Card Statements

Options

Check copies

Plant Acquisition Records

Correspondence

Property Damage Reports

Depreciation Schedules

Vendor Contracts

Employment Applications and offer letters

Receipts – Bank/credit card statements are not enough.

Payroll Tax Returns

Fixed Asset Records

Inventory Records

Uncollectible Accounts Records

Equipment Leases

Withholding and Exemption Certificates

Maintenance and Repair Records

W-2 Forms

Mortgage Records

Personnel Files

Paychecks

Unemployment Claims


FIVE YEARS


Bills of Lading

Fire Damage Reports

Cost Accounting Records

Freight Draft, Bills, and Claims

Daily Time Reports

Shipping Tickets

Sales Commission Reports

Expense Reports


THREE YEARS


Bank Deposit Slips

Insurance Policies (after expiration)

Bank Reconciliations

Petty Cash Records

Budgets

Purchase Order Copies


ONE YEAR


Delivery Receipts

Receiving Reports

Remittance Statements

Fidelity Bonds Requisitions

Interim Financial Statements

Surety Bonds

Garnishments

Travel Records


Licenses (after expiration)