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The record retention guidelines to the right provide general guidelines for the retention of many types of records. Specific retention periods should take into account industry requirements and contractual obligations. Please feel free to contact us with any specific records retention questions.


 		 

 
BUSINESS ACCOUNTING RECORDS
• Accounts payable 7 years
• Accounts receivable 7 years
• Audit reports Permanent
• Chart of accounts Permanent
• Depreciation schedules Permanent
• Expense records 7 years
• Financial statements (annual) Permanent
• Fixed asset purchases Permanent
• General ledger Permanent
• Inventory records 7 years (permanent for LIFO system)
• Loan payment schedules 7 years
• Purchase orders 7 years
• Sales records 7 years
• Tax returns Permanent
BUSINESS BANK RECORDS
• Bank reconciliations 2 years
• Bank statements 7 Years
• Cancelled checks 7 years (Permanent for real estate)
• Electronic payment records 7 years
BUSINESS CORPORATE RECORDS
• Board minutes Permanent
• Business licenses Permanent
• Bylaws Permanent
• Contracts - major Permanent
• Contracts - minor Life + 4 years
• Insurance policies Life + 3 years (verify with agent)
• Leases Permanent
• Mortgages Permanent
• Patents Permanent
• Shareholder records Permanent
• Stock registers Permanent
• Stock transactions Permanent
• Trademarks Permanent
BUSINESS EMPLOYEE RECORDS
• Benefit plans Permanent
• Employee files (former employees) 7 years or state statute for lawsuit
• Employment applications 3 years
• Employment taxes 7 years
• Payroll records 7 years
BUSINESS REAL PROPERTY RECORDS
• Construction records Permanent
• Lease payment records Life + 4 years
• Leasehold improvements Permanent
• Real estate purchases Permanent
INDIVIDUAL RECORDS
• Divorce documents Permanent
• Estate planning documents Permanent
• Home improvement receipts Ownership period + 7 years
• Home purchase documents Ownership period + 7 years
• Income tax returns and all supporting documents 7 years
• Insurance policies Life of policy + 3 years
• Loan documents Term of loan + 7 years
• Retirement plan annual reports Permanent
 

© 2011 Green & Seifter CPAs
110 West Fayette Street • One Lincoln Center, Suite 900 • Syracuse, NY 13202
Phone: (315) 422-1391 • Fax: (315) 422-0829
Info@GreenSeifterCPAs.com

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