Keeping Business Records
What to keep? For how long?
This suggested schedule provides you with a starting point for preparing a record retention schedule.
The suggested retention periods begin at the end of the fiscal year during which the document was created, not from the date on the document.
- Accounting, Accounts Payable records: 7 years
- Accounting, General Ledger: Permanently
- Annual Financial Reports: Permanently
- Articles of Incorporation: Permanently
- Bank Reconciliations: 3 years
- Bank Statements: 7 years
- Contracts, Corporate: 20 years after termination
- Contracts, Employee: 7 years after termination
- Contracts, Vendor: 7 years
- Correspondence, Accounting: 5 years
- Correspondence, Credit & Collections: 7 years
- Correspondence, General: 3 years
- Correspondence, Personnel: 7 years
- Maintenance Records, Buildings: 7 years
- Maintenance Records, Machinery: 5 years
- Minutes: Permanently
- Personnel Records: 7 after termination
- Property records: Permanently
- Tax Records: 10 years