|
RRS: Record Retention Schedules |
|
|
|
|
**** NOTE: Before destroying any records it is advisable to confer with your CPA or tax
advisor. The below records retention schedule is intended as a general guideline only. ****
Record Retention Schedules: The following recommended retention periods are based on generally accepted accounting practices, applicable labor laws and federal tax guidelines. LEDGERS & JOURNALS
Type of Record
| Retention Period
| Accounts payable ledger
| 7
| Accounts receivable ledger
| 7
| Cash journal
| 10
| Customer ledger
| 7
| General journal
| 10
| General ledger
| P
| Invoices to customers
| 7
| Invoices from vendors
| 7
| Journal entries- year end
| P
| Payroll journal
| 10
| Plant ledger
| P
| Purchases journal
| 10
| Sales journal
| 10
| Stock ledger
| P
| Voucher journal
| 10
|
PROPERTY RECORDS
Type of Record
| Retention Period
| Account ledgers
| P
| Appraisals
| P
| Damage reports
| 7
| Deeds & titles
| P
| Depreciation
| 7 AD
| Plans & specifications
| P
| Purchases
| P
| Sales
| P
| Taxes
| 10
|
TAX RETURNS (copies)
Type of Record
| Retention Period
| Estate
| P
| Gift
| P
| Income
| P
| Payroll
| 7
| Personal property
| 10
| Sales & use
| 10
| Social security
| 7
|
LABOR RECORDS
Type of Record
| Retention Period
| Applications (employees)
| 7 AT
| Contracts
| 7 AT
| Daily time reports
| 5
| Disability claims
| 7 AT
| Earnings records
| 7
| Employee service records
| 7 AT
| Pay checks
| 7
| Personnel files
| 7 AT
| Salary & wage changes
| 7 AT
| Salary receipts
| 7 AT
| Time cards, tickets & clock records
| 5
| Unemployment claim s
| 7AT
| Withholding certificates
| 7 AT
| Worker compensation reports
| 7 AT
|
Schedule Key: The suggested retention periods begin at the end of the fiscal year during which the document was created, not from the date on the documents. For items supporting tax returns, the retention period begins on the filing date of the return or its due date (with extensions) whichever is later. The suggested retention period is noted in years after the type of record. F means permanently. AT means after termination. “AD means after disposal.
** This schedule provides only rough guidelines and may not be appropriate for a particular business. ** |
