Record Retention



We have compiled a list of the most common tax and financial records that a business or an individual may need to keep and guidelines for how long the records should be retained.


The information contained in this site is of a general nature and may not be applicable to you. Please call our office for specific guidance regarding your situation.



Individuals Record Retention






Keep One Year

  • Bank reconciliations

  • Correspondence with customers or vendors

  • Duplicate deposit slips

  • Purchase orders (except purchasing deparment copies)

  • Receiving sheets

  • Requisitions

  • Stenographer's notebooks

  • Stockroom withdrawal forms


Keep Three Years

  • General correspondence

  • Employee personnel records (after termination)

  • Employment applications

  • Expired insurance policies

  • Internal audit reports

  • Internal reports

  • Petty cash vouchers

  • Physical inventory tags

  • Savings bond registration records of employees


Keep Seven Years

  • Accident reports and claims

  • Accounts payable ledgers and schedules

  • Accounts receivable ledgers and schedules

  • Cancelled checks

  • Expired contracts and leases

  • Expense analysis and expense distribution schedules

  • Inventories of products, materials and supplies

  • Invoices to customers

  • Notes receivable ledgers and schedules

  • Expired option records

  • Payroll records and summaries, including payments to pensioners

  • Plant cost ledgers

  • Purchasing department copies of purchase orders

  • Sales records

  • Cancelled stock and bond certificates

  • Subsidiary ledgers

  • Time books

  • Voucher register and schedules

  • Voucher for payments to vendors, employees, etc.


Keep Permanently

  • Audit reports of accountants

  • Cash books, charts of accounts

  • Cancelled checks for important payments

  • Contracts and leases still in effect

  • Correspondence on legal and other important matters

  • Deeds

  • Mortgage and bills of sale

  • Depreciation schedules

  • Financial statements (end-of-year)

  • General ledgers (and end-of-year trial balances)

  • Insurance records, current accident reports, claims, policies

  • Journals

  • Minute books of directors and stockholders

  • Property appraisals by outside appraisers

  • Property records

  • Tax returns and worksheets, revenue agents' reports and other documents relating to determination of income tax liability

  • Trademark registrations