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