HOW LONG SHOULD YOU RETAIN YOUR RECORDS BEFORE SHREDDING OR RECYCLING?

The information presented below represents a partial list and is for informational purposes only. If there is any uncertainty about a particular document or data, please consult your attorney and/or accounting professional. Vangel is not liable for any omission, oversight or legal action resulting from the use of this list.

RETAIN ONE YEAR

  • Bank reconciliation
  • Duplicate deposit slips
  • Purchase orders (except purchasing dept. copies)
  • Receiving Sheets
  • Requisitions
  • Vendor & client correspondence

RETAIN THREE YEARS

  • Employment applications
  • Expired insurance policies
  • General correspondence
  • Internal audit reports
  • Petty cash vouchers
  • Sales commission reports

RETAIN SEVEN YEARS

  • Accident reports/claims (settled cases)
  • Accounts payable ledgers & schedules
  • Accounts receivable ledgers & schedules
  • Bank statements
  • Canceled checks
  • Contracts, mortgages, notes & leases (expired)
  • Employee personnel records (after termination)
  • Expense reports
  • Garnishments
  • Inventories of products, materials & supplies
  • Invoices to customers
  • Notes receivable ledgers & schedules
  • Option records (expired)
  • Plant cost ledgers
  • Purchase orders (purchasing dept. copies)
  • Sales records
  • Scrap & salvage records
  • Stock & bond certificates (canceled)
  • Subsidiary ledgers
  • Time books/cards
  • Voucher register & schedules

RETAIN PERMANENTLY

  • Audit reports
  • Capital stock & bond records, ledgers, etc.
  • Cash books
  • Chart of accounts
  • Canceled checks for important payments (e.g. taxes) & property purchases
  • Certificates of Destruction
  • Contracts & leases still in effect
  • Deeds
  • Depreciation schedules
  • Financial statements (year-end)
  • General & private ledgers & end-of-year trial balances
  • Insurance records, current accident reports, claims, policies
  • Journals
  • Legal correspondence
  • Minute books of directors & stockholders
  • Mortgages & bills of sale
  • Partnership or corporate records
  • Patents/trademark registration
  • Payroll records & summaries, including payment to pensioners
  • Property records
  • Retirement & pension records
  • Tax returns & worksheets, revenue agents’ reports, other documents relating to determination of tax liability