Records Retention Schedule
Description
Retention Period in years*
Accounting Records
General ledger
Permanent
Accounts Receivable
10 (3 in office; 7 in storage)
Accounts payable
10 (3 in office; 7 in storage)
Clients' invoices
7
Payroll records (journals,
ledgers, W-2s, 940s, 941s,
etc.)
Permanent
Data transmittal (in central
processing system)
7
Expense reports
7
Time reports
7
Other charges to clientsí
voucher
7
Bill draft
7
Voucher check copies
7
Canceled checks, bank
statements, and deposit slips
10 (3 in office; 7 in storage)
Journal voucher
Permanent
Interoffice client charges
7
Client coding form-masters
1 + current
Payroll data and authorization
7
Correspondence
1 + current
Cash receipts and
disbursements journals
Permanent
Billed accounts receivable
aged trial balance
7
Client unbilled receivables
ledger
7
Unbilled accounts receivable
status
7
Employee time analysis
7
Analysis of billing adjustments
7
Client charges and billing
report termination)
7
Analysis of gross and-net fees
by service classification
7
Depreciation schedules
Permanent
Accident reports and claims
6 (after accident or settlement)
Description
Retention period in years*
Accounting Records
Partnership or corporate
records, including local, state
and federal licenses, annual
reports, capital stock and
bond ledger, canceled stock
and bond certificates, articles
of incorporation, bylaws and
minutes from partner meetings
or stockholder and director
meetings
Permanent
Legal correspondence,
including those pertaining to
copyrights, permits, and bills
of sale
Permanent
Equipment records
5 (after disposition)
Warranties and service agreements
1 (after expiration)
Userís manuals
(until disposition)
Insurance documents,
including policies, reports,
claims, and coverage
information
3-10 (after expiration or settlement)
Leases and contracts
10 (after termination)
Property records, including
blueprints, appraisals, and
permits
Permanent
Description
Retention period in years*
Annual Financial Reports
Firm tax returns, annual
statements, and work
papers- operating offices and
consolidated
Permanent
Monthly of Periodic
Financial Reports
Other periodic financial
reports
3
Supplemental Accounting
Data
Daily cash reports, remittance
advices, and bank deposit
slips
1
Vendorsí invoices and petty
cash slips
7
Current Legal Documents
Partnership agreements or
corporate documents
Permanent
Special contracts
Permanent
Noncurrent Legal
documents
Partnership agreements or
corporate documents -
superseded
Permanent
Personnel: Post-Employment
Counseling records
7 (after termination)
Disability benefits
6 (after expiration/settlement)
Discrimination charges
3-4 (after settlement)
Education, training, and
CPE records
7 (after termination)
Employee contracts
7 (after termination)
Employee medical history
6 (after termination)
INS 1-9 forms. Complies
with Immigration Reform &
Control Act
3 from date of filing or 1 year after termination, whichever is longer
Performance reviews
7 (after termination)
Personnel data, applications,
and contracts-present
employees
Permanent
Description
Retention period in years*
Personnel: Post-Employment
Personnel data, applications,
and contracts-former
employees
7 (after termination)
Salary rates and changes
3 (after termination)
Personnel: Pre-Employment
Position applications,
resumes, tests, or other job
advertisements and replies
relating to employees
7 (after termination)
Position applications, resumes
or other job advertisements
and replies relating to
non-employees
1 (after completion)
Promotion, demotion, layoff,
or discharge of an employee
7 (after completion)
Miscellaneous
Firm meetings files (annual
and special meetings)
7
Attendance records
7 (after termination)
New business reports
7
Interoffice correspondence
7
Bulletins to clients, firm
executives, and staff
7
Firm publications, including
promotional and recruiting
brochures, personnel guide,
and client newsletter
7

* Ordinarily, canceled checks and paid vendorsí invoices are destroyed after seven years. However, checks and invoices for purchase of assets, where the determination of basis might be important in the future, are retained indefinitely.