Document Retention

Accounting Records:

• A/P and A/R – 7 years
• Audit reports – Permanent
• Bills of Lading – 5 years
• Charts of accounts – Permanent
• Fidelity and surety bonds – 3 years
• Sales tax returns – 10 years
• Income tax returns – Permanent
• Payroll tax returns – 7 years
• Expense records – 7 years

Corporate Records:

• Articles of incorporation – Permanent
• Board minutes – Permanent
• Bylaws – Permanent
• Business licenses – Permanent
• Contracts – major – Permanent
• Contracts – minor – Life of contract plus 7 years
• Insurance policies – Life of policy plus 3 years*
• Labor contracts – Permanent

*(check with insurance agent)

Bank Records

• Bank statements and reconciliations – 7 years
• Cancelled checks* – 7 years (It is recommended to get check images included with the bank statements. Online check images usually are not available after 12 months.)

*Permanent for real estate purchases, tax payments, special contracts

Employee Records:

• Accident reports – 7 years
• Worker Compensation Reports – 10 years
• Payroll records – 7 years
• Employee files (ex-employees) – 7 years (or statute of limitations for employee lawsuits)
• Employment applications – 3 years

Real Property Records:

• Construction records – Permanent
• Deeds/Titles – Permanent
• Equipment Leases – 5 years
• Leases payment records – Life of lease plus 4 years
• Real estate purchases – Permanent