Records Management

Retention Guide

How long to keep business and personal records, and when it’s safe to shred.

Business Documents

From daily paperwork to the corporate charter, what the file room keeps, and for how long.

Keep for 1 Year

1 YEAR

Transaction Records

  • Purchase orders
  • Requisitions
  • Receiving sheets

Internal Routing

  • Duplicate deposit slips
  • Stockroom withdrawal forms

Routine Notes

  • General customer/vendor correspondence
  • Stenographer notebooks

Keep for 3 Years

3 YEARS

Personnel Files

  • Employee personnel records
  • Applications (keep 3 years after termination)

Internal Operations

  • Internal audit reports
  • Management reports
  • Hourly timecards

Operations Overhead

  • Expired insurance policies
  • General correspondence
  • Physical inventory tags

Keep for 6 Years

6 YEARS

Financial Ledgers

  • Accounts payable/receivable ledgers
  • Schedules
  • Plant cost ledgers

Banking & Payroll

  • Bank statements
  • Reconciliations
  • Cancelled checks
  • Payroll summaries

Tax & Sales Records

  • Employment tax records
  • Net Operating Loss (NOL) records
  • Customer invoices

Contracts & Property

  • Expired contracts
  • Leases
  • Option records
  • Vendor payment vouchers

Keep Permanently

PERMANENT

Corporate Foundation

  • Articles of incorporation
  • Charters
  • Bylaws
  • Stockholder minute books

Tax & Audit History

  • Income tax returns
  • CPA audit reports
  • IRS revenue agent reports

Asset Tracking

  • Property deeds
  • Appraisals
  • Mortgages
  • Bills of sale
  • Depreciation schedules

Financial Master Records

  • General ledgers
  • Journals
  • Cash books
  • Charts of accounts

Personal Documents

Household paperwork, from monthly statements to the records worth keeping a lifetime.

Keep for 1 Year

1 YEAR

Interim Statements

  • Monthly and quarterly mutual fund or investment statements (shred once year-end statement arrives)

Keep for 3 Years

3 YEARS

Routine Accounts

  • Credit card statements
  • Residential utility records

Dispute Protection

  • Medical bills (keep for insurance verification)
  • Expired insurance policies

Keep for 6 Years

6 YEARS

Tax Audit Support

  • Receipts
  • Wage garnishments
  • Bills related to tax return deductions

Incident History

  • Accident reports
  • Legal claims
  • Tax-related medical records

Keep Permanently

PERMANENT

Tax & Finance

  • Annual income tax returns
  • Tax payment checks
  • CPA audit reports

Legal & Property

  • Deeds
  • Titles
  • Property improvement receipts (or 6 years after sale)

Retirement Assets

  • Investment confirmations
  • Pension/IRA records (Forms 5498, 1099-R, 8606)