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
Gibsonia Office: 103 Ringneck Court, Gibsonia, PA 15044
Business Hours: 8:30 AM – 5:00 PM and By Appointment
Phone: 724.720.9452