BACHMAN, OTIS & CO., CPA PLLC         (248) 487-2322

Document Description

Retention Period

Accident reports and claims (settled cases)

7 years

Accounts payable ledgers and schedules

7 years

Accounts receivable ledgers and schedules

7 years

Audit reports of accountants

Permanently

Bank reconciliations

3 years

Capital stock and bond records; ledgers, transfer registers, stubs showing issues, records of interest coupons, options, etc.

Permanently

Cash Books

Permanently

Charts of Accounts

Permanently

Checks (cancelled -- but see exception below)

7 years

Checks (cancelled for important payments, i.e., taxes, purchases of property, special contracts, etc - checks should be filed with the papers to pertaining to the underlying transactions)

Permanently

Contracts and leases (expired)

7 years

Contracts and leases (still in effect)

Permanently

Correspondence (routine) with customers or vendors

1 year

Correspondence (general)

3 years

Correspondence (legal and important matters only)

Permanently

Deeds, mortgages and bills of sale

Permanently

Depreciation schedules

Permanently

Duplicate deposit slips

3 years

Employee personnel records (after termination)

3 years

Employment applications

3 years

Expense analyses and expense distribution schedules

7 years

Financial statements (end-of-year, other months optional)

Permanently

General and private ledgers (and end-of-year trial balances)

Permanently

Insurance policies (expired)

Permanently

Insurance records, current accident reports claims, policies, etc.

Permanently

Internal audit reports (in some situations, longer retention periods may be desirable)

3 years

Internal reports (miscellaneous)

3 years

Inventories of products, material, and supplies

7 years

Invoices to customers

7 years

Invoices from vendors

7 years

Journals

Permanently

Minute books of directors and stockholders, including by-laws and charter

Permanently

Notes receivable ledgers and schedules

7 years

Option records (expired)

7 years

Payroll records and summaries, including payments to pensioners

7 years

Petty cash vouchers

3 years

Physical inventory tags

3 years

Plant cost ledgers

7 years

Property appraisals by outside appraisers

Permanently

Property records including costs, depreciation reserves, end-of-year trial balances, depreciation schedules, blueprints and plans

Permanently

Purchase orders (except purchasing department copy)

1 year

Purchase orders (purchasing department copy)

7 year

Receiving sheets

1 year

Requisitions

1 year

Sales records

7 years

Savings bond registration records (sales, etc)

7 years

Stenographer’s notebooks

1 year

Stock and bond certificates (cancelled)

7 years

Stockroom withdrawal forms

1 year

Subsidiary ledgers

7 years

Tax returns and worksheets, revenue agent’s reports and other documents relating to determination of income tax liability

Permanently

Time books

7 years

Trademark registrations

Permanently

Voucher register and schedules

7 years

Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc. for travel and entertainment expenses)

7 years