What To Save

A guide to retention of business records:

Managing all of the records for your business can be overwhelming. Here’s a quick guide on the important records to keep for your business.

Keep Indefinitely:

  • Agreements still in effect – contracts, leases, loans, insurance policies
  • Audited financial statements
  • Cash books, charts of accounts
  • Cancelled checks for important payments such as taxes, loans, investments
  • Correspondence on legal and other important matters
  • Depreciation schedules
  • Employee personnel records
  • Financial statements (year-end)
  • General and private ledgers (and year-end trial balances)
  • Minute books of directors and stockholders
  • Real property purchase records – closing statement, deeds, appraisals
  • Tax returns and worksheets revenue agents’ reports and other documents relating to determination of income tax liability
  • Trademark registrations
  • Transaction journals

Keep Seven Years:

  • Accounts payable ledgers and schedules
  • Accounts receivable ledgers and schedules
  • Cancelled checks and bank statements
  • Expired contracts and leases
  • Expense analysis and expense distribution schedules
  • Expired insurance policies, accident reports and claims
  • Inventories of products, materials and supplies
  • Invoices to customers and sales records
  • Notes receivable ledgers and schedules
  • Expired option records
  • Payroll records and summaries, including payment to pensioners
  • Real property sales records – closing statement and related purchase documents
  • Purchase orders and receiving sheets
  • Cancelled stock and bond certificates
  • Subsidiary ledgers
  • Vendor invoices

Keep Three Years:

  • General correspondence
  • Personnel records for terminated employees
  • Internal audit reports
  • Internal reports
  • Petty cash ledge or logs and related receipts
  • Physical Inventory Tags

Keep One Year:

  • Bank reconciliations
  • Correspondence with customers or vendors
  • Duplicate deposit slips
  • Stock requisition/withdrawal forms

 

By | 2018-11-08T14:32:52+00:00 October 29th, 2018|Business Briefs|Comments Off on What To Save