TCG CONSULTING GROUP

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Records Retention Schedule
Accounting |  Bank |  Corporate |  Employee |  Real Property
ACCOUNTING RECORDS RETENTION PERIOD
         
Accounts Payable ledgers and schedules 7 Years
Accounts Receivable ledgers and schedules 7 Years
Cash Books Permanently
Charts of accounts Permanently
Depreciation schedules Permanently
Expense Analyses/Expense distribution schedules 7 Years
Financial statements (year-end, other optional) Permanently
General/Private ledgers, year-end trial balance Permanently
Internal audit reports (longer retention periods may be desirable) 3 Years
Inventories of products, materials, and supplies 7 Years
Invoices (to customers, from vendors) 7 Years
Journals Permanently
Notes receivable ledgers and schedules 7 Years
Payroll records and summaries 7 Years
Petty cash vouchers 3 Years
Physical inventory tags 7 Years
Plant cost ledgers 7 Years
Purchase orders (except purchasing department copy) 1 Year
Purchase orders (purchasing department copy) 7 Years
Receiving sheets 1 Year
Retirement and pension records Permanently
Scrap and salvage records (inventories, sales, etc.) 7 Years
Stenographers' notebooks 1 Year
Subsidary ledgers 7 Years
Tax returns and worksheets, revenue agents' reports and other documents relating to determination of income tax liability Permanently
Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses) 7 Years
Witholding tax statements 7 Years
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BANK RECORDS RETENTION PERIOD
         
Bank reconciliation 2 Years
Bank statements 3 Years
Checks (canceled--see exception below) 7 Years
Check (canceled for important paments, i.e. taxes, purchass of property special contracts, etc. Check should be filed with the papers pertaining to the underlying transaction) Permanently
Duplicate deposit slips 2 Years
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CORPORATE RECORDS RETENTION PERIOD
         
Accident reports/claims (settled cases) 7 Years
Capital stock andbond records: ledgers, transfer registers, stubs showing issues, records of interest coupons, option, etc. Permanently
Contracts, mortgages, notes, and leases (expired) 7 Years
Contracts, mortgages, notes, and leases (still if effect) Permanently
Correspondence (general) 2 Years
Correspondence (legal and important matters only) Permanently
Correspondence (routine) with customers and/or vendors 2 Years
Insurance policies 3 Years
Insurance records, current accident reports, claims, policies, etc. Permanently
Internal reports (miscellaneous) 3 Years
Magnetic tape and tab cards 1 Year
Minute books of directors, stockholders, bylaws, and charter Permanently
Patents and related papers Permanently
Requisitions 1 Year
Sales records 7 Years
Stock and bond certificates (canceled) 7 Years
Stockroom withdrawal forms 1 Year
Trademark registrations and copyrights Permanently
Training manuals Permanently
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EMPLOYEE RECORDS RETENTION PERIOD
         
Employment applications 3 Years
Garnishments 7 Years
Option records 7 Years
Personnel files (terminated) 7 Years
Sales commission reports 3 Years
Time books/cards 7 Years
Union agreements Permanently
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REAL PROPERTY RECORDS RETENTION PERIOD
         
Deeds, mortgages, and bills of sale Permanently
Property appraisals by outside appraisers Permanently
Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints, and plans Permanently
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Talos Consulting Group, LLC
295 Clayton St. #202
Denver, Colorado 80206
Phone: 303-435-9999
Fax: 303-663-1164
 
©Copyright Talos Consulting Group, LLC 2008.
295 Clayton, Suite 202, Denver, Colorado 80206