RECORD RETENTION CHECK LIST
Business records, especially those which are voluminous and bulky, should be disposed of as soon as they outlive their usefulness. Many papers and records can be done away with after three to four years. Use this list below to help you know how long to keep your records.
Bank statements/check stubs/deposit slips – 4 years
Expense reports/travel vouchers – 5 years
General Ledger Books – Indef.
Payroll records – 6 years
Tax returns/work sheets for tax preparation – Indef.
Audit reports – Indef.
Equipment Purchase Contracts – 3 years
Mortgages, notes, leases (expired) – 8 years
By-laws, charter, minute books – Indef.
Corporate records – Indef.
Contracts 8 agreements (expired) – 8 years
Deeds/titles/easements – Indef.
Property tax/franchise tax reports – 6 years
Retirement and pension records – Indef.
General – 2 years
License, traffic, & purchase – 5 years
Legal & Tax – Indef.
Policies (all expired) – 4 years
Accident reports – 6 years
Claims (after settlement) – 10 years
Contribution envelopes – 3 years
Individual Contribution records – 5 years(this is in addition to items listed above)
STATUE OF LIMITATIONS:
Many businesses feel that they must keep all records for at least a certain time, after which no action can be brought against them. In fact, there is no single statue of limitations – there are dozens of them, and the time of retention varies depending on the law and state.
Recordkeeping policies must be guided by the rule of reason and the probability and dollar amount of risk involved and not by statues of limitations alone. You may obtain a copy of Guide to Record Retention Requirements from the Government Printing Office in Washington D.C. 20401.
(The original source and or publisher of the above material is unknown.)
Christian Information Network