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How Long Should Certain Records Be Kept?

Two Years
Budgets
Purchase orders (except purchasing department copy which should be retained for 7 years)

Three Years
Accounting trial balances and internal audit reports
Bank deposit slips, reconciliation's, statements
Daily sales records
Employment applications of applicants that were not hired
Entertainment records
Expired insurance policies (except for environmental or other insurance coverage which may provide coverage for claims discovered at some time in the future should be retained permanently)
General correspondence
Personnel files on former employees
Petty cash vouchers

Four Years
Credit memos
Financial statements
Freight bills

Six Years
Mortgages/note agreements (after termination, expiration, disposal)
Fire inspection reports
Group disability reports
Safety records

Seven Years
Accident report claims-settled cases
Accounts payable ledgers
Account receivable ledgers
Automobile expense logs
Bank debt deduction
Bills of lading
Business facility cost records
Canceled checks
Cash books
Commission records
Contracts and leases that expired seven years previous
Employee disability benefit records
Employee personnel records should be retained at least 7 years after terminating employment
Employee time cards/daily time reports
Employment tax reports/returns
Expense reports/employee expense reports
Inventory records
Invoices to customers and from vendors
Invoices-sales/cash receipts, merchandise purchase
Invoices-purchases (permanent assets)
Payroll records and summaries, including payments to pensioners, W-2, W-4, annual earnings records, journals
Personal property tax returns
Purchase/sales orders
Sales tax, state and local business tax returns
Settled insurance claims
Worthless securities

Disclaimer Notice: The preceding information is only a recommendation and is taken from various sources that recommend the length of time to keep various records. This is not an all inclusive list as there are many other types of records that you are required to retain for specific purposes. In many cases, there are no laws requiring how long to keep specific records. The reader is advised to use his/her best judgment as to how long to keep various records as the reader may become liable for taxes or other costs if necessary records are not available. The reader must only use the following as a point of information in making his/her decision. The reader is advised to consult with his/her accountant and/or attorney for further information or advice regarding document retention.