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Guide to Record Retention |
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ACCOUNTING |
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Accounts Payable Ledger |
7 years |
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Accounts Receivable Ledgers |
7 years |
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Audit Reports |
Permanent |
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Bank Deposits & Statements |
3 years |
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Bank Deposit Tickets - duplicate |
1 year |
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Bank Reconciliations |
3 years |
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Cash Books |
Permanent |
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Chart of Accounts |
Permanent |
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Check Register |
7 years |
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Cancelled Checks (important payments) |
Permanent |
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Cancelled Checks (unimportant payments) |
7 years |
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Credit History |
Permanent |
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Expense Reports |
7 years |
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Financial Statements |
Permanent |
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General Ledgers |
Permanent |
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Internal Audit Reports |
5 years |
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Inventories (of products, materials, and supplies) |
7 years |
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Invoices: Customers & Vendors |
7 years |
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Journals |
Permanent |
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Payroll Records |
7 years |
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Petty Cash Records |
3 years |
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Equipment Cost Ledgers |
7 years |
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Property Appraisals |
Permanent |
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Property Records |
Permanent |
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Profit & Loss Statements |
Permanent |
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Royalty Computations |
7 years |
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Sales Records |
7 years |
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Subsidiary Ledgers |
7 years |
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Tax Returns |
Permanent |
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Travel Expense Reports |
3 years |
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CORPORATE RECORDS |
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Annual Reports |
Permanent |
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Cancelled Stock & Bond Certificates |
7 years |
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Capital Stock & Bond Records |
Permanent |
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Charters, Constitutions, By-Laws, Minutes |
Permanent |
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Contracts, Leases and Agreements |
Permanent |
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Copyrights & Trademark Registrations |
Permanent |
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Correspondence - General |
3 years |
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Correspondence - Legal & Tax |
Permanent |
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Deeds, Mortgages & Easements |
Permanent |
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Expired Option Records |
7 years |
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Incorporation Records |
Permanent |
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Labor Contracts |
Permanent |
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Patents |
Permanent |
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Proxies |
Permanent |
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Stockholders & Transfer List |
Permanent |
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GRANTS |
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Grantee Award Records |
3 years |
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Grantor Award Records |
3 years |
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INSURANCE |
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Insurance Policies |
3 years |
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Insurance Records: Claims & Policies |
Permanent |
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Insurance Safety Reports: Fire & OSHA |
7 years |
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PERSONNEL |
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Accident Reports, Claims and Statements |
Permanent |
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Disability & Illness Reports |
3 years |
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Employee Application & Promotion Records |
3 years |
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Employee Termination Documentation |
3 years |
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Employee Time Records |
7 years |
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Retirement & Pension Records |
Permanent |
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Training Manuals |
Permanent |
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W-2's |
Permanent |
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PURCHASING |
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Bids & Awards |
3 years |
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Contracts |
3 years |
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Purchase Orders |
3 years |
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Requisitions |
3 years |
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Scrap & Salvage Records |
7 years |
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RECEIVING & SHIPPING |
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Bills of Lading |
3 years |
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Bills of Sale (important purchases) |
Permanent |
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Freight Bills |
3 years |
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Postal Records |
1 year |
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Receiving Documents |
3 years |
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Shipping Documents |
3 years |