Record Retention Policy

 

   

What documents to keep, what you can toss—and when.

There are a lot of good reasons for organizing your important papers and keeping track of them. Recently, many businesses and individuals had to deal with the aftermath of flooding and destroyed/ruined documents. Thinking about how to handle your papers to prevent loss should be apart of your organizational procedure. Different types of documents require different retention dates. As a good rule of thumb you can go by the below time period schedule.

 

General Items

Years

Capital Stock Ledgers

Permanent

Minute Books

Permanent

Canceled Bonds & Interest Coupons

7 years

Proxies of Holders of Voting Securities

2 years

List of Holders of Voting Securities

7 years

Deeds, Titles, Abstracts, etc

Permanent

List of Holders of Voting Securities

7 years (After expiration)

Loan Documents

Keep until the loan is paid off

Vehicle Records

Keep as long as you own the vehicle

Miscellaneous Purchase Receipts

If you are not tracking spending, itemizing tax deductions, or using them to return purchases, you can get rid of them immediately.

 

Financial Documents

Years

General Ledgers

Permanent

Statements (Balance Sheets, etc.)

Permanent

Cost Ledger

Permanent

Accounts Receivable Ledgers

7 Years

Books of Original Entry (including General Journal Entries)

Permanent

Insurance Policies

3 Years (After Expiration)

Tax Returns & Records

Permanent

Audit Reports

Permanent

Plant Ledger

Permanent

Royalty Computations

7 years (After Expiration)

Excise Tax Computations

5 years

 

Receipts & Expenditures

Years

Duplicate Deposit Tickets

1 year

Bank Statements & Canceled Checks

7 years

Duplicate Checks

4 years

 

Accounting Payable Files

Years

All supporting Data (i.e., invoices, receiving taxes, purchase orders, etc.)

7 years

Canceled Payroll Checks

7 Years

Payroll Journals

7 years

Time Cards

4 years

Pay Stubs

1 year (after reconciling them with your W-2 end of year)

It is recommended that you store anything you need to keep permanently in either a fireproof storage box or safe deposit box. Keep marriage records, divorce papers, car titles, and birth certificates in a safe deposit box. Experts suggest you not carry the key to your safe deposit box with you keep on in the house and one with a relative, close friend, or attorney.

 

For information on how to go paperless or about our document storage, give the experts at SecurShred a call or email. We would be happy to discuss Document Imaging as well as Storage options with you.

 

Customer Service and Sales can be reached at 877.863.3003 or by email at info@securshred.com.

Record Retention Guidelines:
Posted: February 2010 – Consumer Reports Money Advisor issue: March 2010
Center for Personal Finance (Cuna.org) 2007