Record Retention – Businesses

Below are general guidelines for businesses.  If you have any question about destroying any tax or accounting records, please contact us.

Type of Record Length of Time
Income Tax Returns Permanently
Support for Income Tax Returns 7 years
Accident Reports/Claims for Settled Cases 7 years from time of settlement
Accounts Payable Ledgers & Schedules 7 years
Accounts Receivable Ledgers & Schedules 8 years
Audit Reports Permanently
Bank Statements 3 years
Capital Stock & Bond Records Permanently
Cash Books Permanently
Chart of Accounts Permanently
Cancelled Checks 7 years
Contracts & Leases 7 years from time of expiration
Correspondence 2 years
Correspondence (Legal & Tax Related) Permanently
Deeds, Mortgages & Bills of Sale Permanently
Deposit Slips 3 years
Depreciation Schedules Permanently
Employee Personnel Records 7 years from time of termination
Employee Applications 3 years from time of submission
Expense Reports 7 years
Financial Statements (Year-End) Permanently
General Ledgers, Year-End Trial Balance Permanently
Insurance Policies (Expired) 3 years from time of expiration
Insurance Records, Accident Reports, Claims, Policies Permanently
Internal Audit Reports 3 years
Inventory Records 7 years
Invoices to Customers or from Vendors 7 years
Minute Boards of Directors, Stockholders, Bylaws & Charter Permanently
Payroll Records, Summaries & Tax Returns 7 years
Petty Cash Vouchers 3 years
Purchase Orders 3 years
Receiving Sheets 1 year
Retirement Plan Records Permanently
Safety Records 6 years
Sales Records 7 years
Subsidiary Ledgers 7 years
Time Card and Daily Reports 7 years
Trademark Registration, Patents, & Copyrights Permanently
Trial Balance (Monthly) 3 years
W-2 Forms 7 years

 

Questions? Contact Us.

Primary Office: 2009 Mackenzie Way, Suite 100 Cranberry Township, PA  16066

Business Hours: 8:30 AM – 5:00 PM and By Appointment

Phone: 724.720.9452

Additional locations available for your convenience

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