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How Long Should You Keep Those Old Records?
5/30/2009 10:04:53 PM
What does nearly every business transaction have in common? A document of some kind is created. A frequent question business owners have is: "How many of my business records must I retain and for how long?" General guidelines for document retention follow. These guidelines are merely suggestions for determining retention criteria. There may be reasons that demand longer retention periods such as state or local law. These guidelines can be used to create a retention plan that you can give your attorney and/or accountant for final review. | Type of Record | Retention Period (years) | | ACCOUNTING | | | Bank deposit slips | 3 | | Bank statements | 3 | | Bills of lading | 3 | | Cancelled checks | 4 | | Employee payroll records | 4 | | Annual Financial statements | Permanent | | Invoices | 3 | | Production and sales reports | 3 | | Accounts payable/receivable | 6 | | INSURANCE | | | Accident Reports Fire | 6 | | Inspection reports Insurance | 6 | | policies Safety records | 6 | | Settled Insurance claims | 6 |
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