RECORDS RETENTION SCHEDULE FOR BUSINESSES
| Accident reports/claims | 7 years |
| Accounts payable ledgers & schedules | 7 years |
| Accounts receivable ledgers & schedules | 8 years |
| Audit reports | Permanently |
| Bank statements | 3 years |
| Capital stock & bond records | Permanently |
| Cash books | Permanently |
| Charts of accounts | Permanently |
| Checks (canceled checks for important payments, special contracts, purchase of assets, payment of taxes, etc. checks should be filed with the papers pertaining to the underlying transaction) | Permanently |
| Checks (canceled except those noted above) | 7 years |
| Contracts & leases (expired) | 7 years |
| correspondence, general | 2 years |
| Correspondence (legal and tax related) | Permanently |
| Employee personnel records (after termination) | 7 years |
| Employee applications | 3 years |
| Expense reports | 7 years |
| Financial statements (year-end) | Permanently |
| General Ledgers, year-end trial balance | Permanently |
| Insurance policies (expired) | 3 years |
| Insurance records, accident reports, claims, policies, etc. | Permanently |
| Internal audit reports (miscellaneous) | 3 years |
| Inventory records | 7 years |
| Invoices to customers or from vendors | 7 years |
| IRA/Keogh plan contributions rollovers, transfers & distributions | Permanently |
| Minute books of directors, stockholders, bylaws & charter | Permanently |
| Payroll records, summaries & tax returns | 7 years |
| Petty cash vouchers | 3 years |
| Purchase orders | 3 years |
| Receiving sheets | 1 year |
| Retirement plan records | Permanently |
| Safety records | 6 years |
| Sales records | 7 years |
| Subsidiary ledgers | 7 years |
| Tax returns, revenue agents' reports & other documents relating to determination for income tax liability | Permanently |
| Time cares and daily reports | 7 years |
| Trademark registration , patents & copyrights | Permanently |
| Trial balances (monthly) | 3 years |
| W-2 Forms | 7 years |
| These guidelines are based on a taxing authority's statuatory power and limitations on auditing these records. Please call our office with questions about destroying tax and accounting records. |
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©
Copyright 2001-2007 Matthew Person, CPA & Associates
Matthew Person, CPA & Associates, 3200 Lake Villa, Metairie, LA 70002
Phone: 504 780-8299 - E-mail: matthew@mpersoncpa.com
QuickBooks is our specialty. We provide these services:Tax Preparation, Accounting, Business Consulting, & Software Sales & Support.
Matthew Person, CPA & Associates, 3200 Lake Villa, Metairie, LA 70002
Phone: 504 780-8299 - E-mail: matthew@mpersoncpa.com
QuickBooks is our specialty. We provide these services:Tax Preparation, Accounting, Business Consulting, & Software Sales & Support.