RECORDS |
RETENTION |
|
Audit Reports |
Permanent |
Bank Deposit Slips |
7 years |
Bank Statements |
7 years |
Canceled Checks |
7 years (2) |
Certificates of Insurance |
Period of Coverage, plus 3 years |
Contracts & Leases |
Permanent |
Corporate Stock Records |
Permanent |
Daily Sales Records |
7 years |
Depreciation Schedules |
Permanent |
Employee Records |
Period of Employment, plus 7 years |
Employee Time Cards |
7 years |
Entertainment Records |
6 years (1) |
Expense Reports |
7 years |
Financial Statements |
Permanent |
Fixed Asset Purchases |
Permanent |
General Ledger & Journals |
Permanent |
Insurance Claims |
3 to 5 years after Settlement |
Insurance Policies |
Permanent |
Inventory Records |
7 years (1) |
Loss Reports |
7 years (1) |
Minutes of Meetings |
Life of Company |
Paid Vendor Invoices |
7 years (1) |
Real Estate Records |
Permanent |
Sales Records |
7 years |
Tax Returns & Supporting Documents |
Permanent |
Tax & Legal Correspondence |
Permanent |
|
|
Note:
(1) From tax return due date or filing date, whichever
is later.
(2) Permanent for real estate purchases |
Conaway & Associates, LLC offers the above listed
"Record Retention Guidelines" as a courtesy to
clients and others
who are trying to organize their office space. These
Guidelines are just that, and in
no way represent a
complete listing of all business records. Consult with
your tax advisor, attorney or
Conaway & Associates,
LLC for more information. Typographical errors are not
the responsibility of Conaway & Associates, LLC. |