Keep in mind, this information is provided as a general guideline only. If you have questions
KPM professional team member.
| Accounting Records |
Retention Period |
| Accounts Payable |
7 Years |
| Accounts Receivable |
7 years |
| Depreciation Schedules |
7 Years |
| Expense Records (Receipts and invoices) |
7 Years |
| Financial Statements (annual) |
Permanent |
| General Ledger |
7 Years |
| Inventory Records |
7 Years (Permanent for LIFO System) |
| Loan Payment Schedules |
7 Years |
| Purchase Orders (1 copy) |
7 Years |
| Sales/Revenue Records |
7 Years |
|
|
| Bank Records Retention Period |
Retention Period |
| Bank Reconciliations |
3 Years |
| Bank Statements |
7 Years |
| Cancelled Checks |
7 Years (Permanent for real estate purchases) |
| Electronic Payment Records |
7 Years |
|
|
| Corporate Records |
Retention Period |
| Board Minutes |
Permanent |
| Bylaws |
Permanent |
| Business Licenses |
Permanent |
| Contracts – Major |
Permanent |
| Contracts – Minor |
Life + 4 Years |
| Insurance Policies |
Life + 3 Years (Check with your agent. Liability for prior years can vary.) |
| Leases/Mortgages |
Permanent |
| Patents/Trademarks |
Permanent |
| Shareholder Records |
Permanent |
| Stock Registers |
Permanent |
| Stock Transactions |
Permanent |
|
|
| Employee Records |
Retention Period |
| Benefit Plans |
Permanent |
| Employee Files (ex‐employees) |
7 Years (or statute of limitations for employee lawsuits) |
| Employment Applications |
3 Years |
| Employment Taxes |
7 Years |
| Payroll Records |
7 Years |
| Pension/Profit Sharing Plans |
Permanent |
|
|
| Real Property Records |
Retention Period |
| Real Estate Purchases (escrow documents) |
Permanent |
| Construction Records |
Permanent |
| Leasehold Improvements |
Permanent |
| Home Improvement Records |
Permanent |
| Lease Payment Records |
Life + 4 Years |
|
|
| Tax Returns |
Retention Period |
| Federal and State Returns |
Permanent |
| IRS and State Tax Audit Reports |
Permanent |
| Tax Related Correspondence |
Permanent |
