Running a business generates an immense volume of documents, ranging from legally required organizational paperwork and tax forms to routine emails. This handy, one-page chart provides guidance on how you long you must, or should, retain documents related to various types of activities, such as taxes and employment records.
Category |
Type of Record |
Retention Period |
Accounting & Tax |
Audit Reports | Permanent |
| Chart of Accounts | Permanent | |
| Depreciation Schedules | Permanent | |
| Financial Statements | Permanent | |
| Fixed Asset Purchases |
Permanent | |
| General Ledger | Permanent | |
| Tax Returns | Permanent | |
| Accounts Payable. | 7 years | |
| Accounts Receivable | 7 years | |
| Expense Records | 7 years | |
| Inventory Records | 7 years | |
| Loan Payment Schedules | 7 years | |
| Purchase Orders | 7 years | |
| Sales Records | 7 years | |
Banking |
Bank statements | 7 years |
| Canceled checks | 7 years | |
| Electronic payment records | 7 years | |
|
|
Bank reconciliations | 2 years |
Corporate |
Board minutes | Permanent |
| Business licenses | Permanent | |
| Bylaws | Permanent | |
| Insurance policies | Permanent | |
| Leases/mortgages | Permanent | |
| Patents/trademarks | Permanent | |
| Shareholder | Permanent | |
| Stock registers | Permanent | |
| Stock transactions | Permanent | |
| Contracts - major | Life + 4 years | |
Employees |
Benefit , Pension & Profit-Sharing Plans | Permanent |
| Employee files (Former employees) | 7 years | |
| Employment taxes records | 7 years | |
| Payroll records | 7 years | |
| Employment applications | 3 years | |
Real Property |
Construction contracts & records | Permanent |
| Leasehold improvements | Permanent | |
| Real estate purchases | Permanent | |
| Lease payment receipts | Lease term + 4 years |
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