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Bar News - May 14, 2010 Recommended Records Retention Schedule Types of Records to Keep for 1 Year Correspondence with Routine vendors Types of Records to Keep for 2 Years Employment applications Types of Records to keep for 3 Years Bank statements Bank reconciliations Canceled checks Correspondence on Contributions General Correspondence Financial records/schedules used in preparation of tax returns (from date return filed) General ledgers, end-of-year trial balances Inventories Invoices from vendors Invoices to customers Petty cash vouchers Purchase orders Receipt records (sales, etc.) Sales records & journals Subsidiary ledgers Types of Records to Keep for 7 Years Accounts payable ledgers & schedules Accounts receivable ledgers & schedules Expired Contracts & leases Employee personnel records (after termination) Employee W-2s and payroll tax returns Minutes of director and committee meetings (including bylaws & charter) Payroll records & summaries Time sheets Vouchers for payment to employees for reimbursement, allowances, etc. Types of Records to Keep Permanently Audit reports Charts of accounts Company policy & practice manuals Contracts & leases Still in effect Correspondence on Legal & important matters only Depreciation schedules Election records Financial statements (year-end:other months optional) Insurance policies (including expired policies) Ownership of property, real estate, patents, trademarks, copyrighted documents (from date of ownership) Pension documents & records Tax returns |
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