Retention Guide

Individual Record Retention

Records to keep for one year:

  • Monthly and quarterly mutual fund and IRA contribution statements.

Records to keep for three years:

  • Medical bills
  • Expired insurance policies
  • Credit card statements
  • Utility records

Records to keep for six years:

  • Supporting documents for tax returns
  • Property records / improvement receipts
  • Wage garnishments
  • Tax-related bills

Records to keep forever:

  • Audit reports and legal records
  • investment trade confirmations
  • Retirment and pension records

Business Record Retention

Records to keep for one year:

  • Duplicate deposit slips
  • Correspondence with customers and vendors

Records to keep for three years:

  • Bank statements and reconciliations
  • Internal audit reports
  • Petty cash records
  • Employee hourly time cards
  • Savings bonds and registration records of employees
  • Employment Applications

Records to keep for six years:

  • Accounts payable & receivable ledgers and schedules
  • Cancelled checks
  • Sales records
  • Travel and entertainment records
  • Vouchers for payments to vendors, employees, etc.
  • Purchase orders
  • Invoices to customers
  • Expired contracts or leases
  • Cancelled stock and bond certificates
  • Plant cost ledgers

Records to keep forever:

  • Cancelled checks for important payments
  • Contracts and leases currently in effect
  • Mortgages, bills of sale
  • Property records
  • Trademark and patent registrations
  • Minutes books of directors and stockholders
  • Journals
  • IRS agents’ reports
  • Investment trade confirmation
  • Insurance records, current accident reports, claims and policies