Description Retention Period
Accident reports and claims (settled cases) 7 Years
Accounts payable ledgers and schedules 7 Years
Accounts receivable ledgers and schedules 7 Years
Audit Reports of accountants Permanently
Bank Reconciliations 2 Years
Cash books Permanently
Charts of Accounts Permanently
Checks (canceled, but see exception below) 7 Years
Checks (canceled for important payments, i.e., taxes; purchases of property; special contracts; etc. Checks shall be filed with the papers pertaining to the underlying transaction.) Permanently
Contracts (expired) 7 Years
Contracts still in effect Permanently
Correspondence (routine) with members, customers, or vendors 1 Year
Correspondence (General) 3 Years
Correspondence (Legal and Important Matters only) Permanently
Duplicate Deposit Slips 2 Years
Expense analyses and expense distribution schedules 7 Years
Financial statements (end-of-year, other months optional Permanently
General and private ledgers (and end-of-year trial balances) Permanently
Insurance Policies (expired) 3 Years
Insurance records, current accident reports, claims, policies, etc. Permanently
Internal Audit Reports 3 Years
Invoices to members and customers 7 Years
Invoices from vendors 7 Years
Membership applications 3 Years
Minutes of directors and committees, including bylaws and charter Permanently
Notes receivable ledgers and schedules 7 Years
Purchase Orders (except purchasing department copy) 2 Years
Stock and bond certificates (canceled) 7 Years
Tax returns and worksheets; revenue agents’ reports and other documents relating to determination of income tax liability Permanently
Trade mark registrations Permanently
Voucher register and schedules 7 Years
Vouchers for payments to vendors, employees, etc. (Includes: allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses.) 7 Years