SUGGESTED RECORDS RETENTION SCHEDULE

Accident reports/claims (settled cases) 7 years
Accounts payable ledgers and schedules  7 years
Accounts receivable ledgers and schedules    7 years
Audit reports  Permanently
Bank reconciliations      2 years
Bank statements      3 years
Capital stock and bond records: ledgers, transfer registers, stubs showing
issues, record of interest coupons, options, etc. Permanently
Cash books     Permanently
Charts of accounts  Permanently
Checks (canceled-see exception below)   7 years
Checks (canceled) for important payments, i.e. taxes, purchases of
property, special contracts, etc. Checks should be filed with the papers
pertaining to the underlying transaction     Permanently
Contracts, mortgages, notes, and leases 
     (expired) 7 years
     (still in effect)   Permanently
Correspondence (general) 2 years
Correspondence (legal and important matters only) Permanently
Correspondence (routine) with customers and/or vendors 2 years
Deeds, mortgages, and bills of sale     Permanently
Depreciation schedules   Permanently
Duplicate deposit slips  2 years
Employment applications  3 years
Expense analyses/expense distribution schedules   7 years
Financial statements (year-end, other optional)   Permanently
Garnishments   7 years     
General/private ledgers, year-end trial balance   Permanently
Insurance policies (expired)  3 years
Insurance records, current accident reports, claims, policies, etc.       
      Permanently
Internal audit reports (longer retention periods may be desirable) 3 years
Internal reports (miscellaneous)   3 years
Inventories of products, materials, and supplies  7 years
Invoices (to customers, from vendors)   7 years     
Journals  Permanently      
Magnetic tape and tab cards   1 year
Minute books of directors, stockholders, bylaws, and charter Permanently
Notes receivable ledgers and schedules  7 years
Option records (expired) 7 years
Patents and related papers     Permanently
Payroll records and summaries      7 years
Personnel files (terminated)  7 years
Petty cash vouchers       3 years
Physical inventory tags  3 years
Plant cost ledgers   7 years
Property appraisals by outside appraisers    Permanently
Property records, including costs, depreciation reserves, year-end trial
balances, depreciation schedules, blueprints, and plans     Permanently
Purchase orders (except purchasing department copy)    1 year
Purchase orders (purchasing department copy) 7 years
Receiving sheets    1 year
Retirement and pension records     Permanently
Requisitions   1 year
Sales commission reports 3 years
Sales records  7 years
Scrap and salvage records (inventories, sales, etc.)   7 years
Stenographers' notebooks 1 year
Stock and bond certificates (canceled)  7 years
Stockroom withdrawal forms    1 year
Subsidiary ledgers  7 years
Tax returns and worksheets, revenue agents' reports, and other documents
relating to determination of income tax liability Permanently
Time books/cards    7 years
Trademark registrations and copyrights   Permanently
Training manuals    Permanently
Union agreements    Permanently
Voucher register and schedules     7 years
Vouchers for payments to vendors, employees, etc. (includes allowances and
reimbursements of employees, officers etc., for travel and entertainment
expenses)      7 years
Withholding tax statements    7 years