Record Retention - Wise Business Solutions

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    • Record Retention

    This guide provides suggested retention times for specific types of records. It is prepared based on information published by the American Institute of Certified Public Accountants. However, it is not all inclusive.

    Tax Calculations

    For questions about specific applications, consult with your Accountant or Tax Preparer.

    Permanent

    • Audit Records & Reports

    • Canceled Checks for Taxes, Property Purchases and Contracts

    • Cash Books

    • Charts of Accounts

    • Contracts & Leases (in effect)

    • Copyrights, Patents and Related Papers

    • Corporate Stock and Bond Records, Charters, Bylaws, Corporate Meeting Minute Books, Transfer Registers, Options, etc.

    • Current Insurance Records, Claims, Policies, etc.

    Seven Years

    • Accident Reports / Settled Insurance Claims

    • Canceled Checks (exception noted above)

    • Canceled Stock & Bond Certificates and Expired Option Records

    • Employee Earnings Summaries and Payroll / Personnel Records

    • Expense Reports, Analyses, Distribution Schedules and Payment Vouchers

    • Expense Reports, Analyses, Distribution Schedules and Payment Vouchers Expired Contracts, Mortgages, Notes and Leases

    • Garnishments

    • Group Disability and other Insurance Safety Reports

    • Inventory Records of Products, Materials and Supplies

    • Invoices to Customers and from Suppliers

    • IRS Form 8300: Report on Cash Transactions Over $10,000 Received in a Trade or Business

    • Plant Cost Ledgers and other Cost Accounting Records and Reports

    • Purchase Orders, Shipping & Receiving records and related correspondence

    • Sales Records

    • Scrap and Salvage Ledgers

    • Subsidiary Ledgers and Schedules for Accounts and Notes Payable and Accounts and Notes Receivable

    • Voucher Registers and Schedules

    • Withholding Tax Statements

    Three Years

    • Bank Statements and Deposit Slips

    • Employment Applications

    • Expired Insurance Policies

    • Internal Audit Reports

    • Internal Reports (misc. financial)

    • Payroll Time Sheets or Cards

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