2013 Corp Record Retention

2013 Corp Record Retention

 Business Record Retention Schedule
The schedule below has   been included for illustrative purposes only. The illustrative material below   does not conform to the legal requirements of any particular state. Since   retention requirements vary by state, entities are advised to always consult   legal counsel before establishing retention periods.
  RECORDS    RETENTION PERIOD (In Years)
  Accounting Records
  General ledger   Permanent
  Accounts receivable   10 (3 in office; 7 in   storage)
  Accounts payable   10 (3 in office; 7 in   storage)
  Clients’ invoice   7
  Payroll records (journal,   ledgers, W-2, 940s, 941s, etc)   Permanent
  Data transmittal (in central   processing system)   7
  Expense reports   7
  Time report   7
  Other charges to client’s   voucher   7
  Bill draft   7
  Voucher check copies   7
  Cancelled checks and bank   statements   10 (3 in office; 7 in   storage)
  Journal voucher   Permanent
  Interoffice client charges   7
  Client coding form – masters   1 + current
  Payroll data and   authorization   7
  Correspondence   1 + current
  Cash receipts and   disbursements journal   7
  Billed accounts receivable   aged trial balance   1 + current
  Client unbilled receivables   ledger   Permanent
  Analysis of billing   adjustments   7
  Client charges and billing   report   7
  Analysis of gross and net   fees by services classification   7
  Depreciation schedules   Permanent

 

  Administrative Records
  Accident reports   6 (after accident or   settlement)
  Partnership or corporate   records, including local,state,  and federal licenses, annual reports, capital   stock and bond certificates, articles of incorporation, bylaws, and minutes   from partners meetings or stockholder and director meetings   Permanent
  Legal correspondence,   including those pertaining to  copyrights, permits, and bills of sale   Permanent
  Equipment records   5 (after disposition)
  Warranties and service   agreements   1 (after expiration)
  User’s manuals   (until disposition)
  Insurance documents,   including policies, reports,  claims, and coverage information   3-10 (after expiration or   settlement)
  Leases and contracts   10 (after termination)
  Property records, including   blueprints, appraisals, and  permits   Permanent
  Annual financial reports: Tax   returns, annual statements, and working papers – operating offices and   consolidated   Permanent
  Monthly or periodic financial   reports: Monthly  statements – operating offices   7
  Interim statements –   consolidated   7
  Other periodic financial   reports   3
  Supplemental Accounting   Data
  Daily cash reports,   remittance advices, and bank   deposit slips   1
  Vendors’ invoices and petty   cash slips   7
  Current Legal Documents
  Partnership agreements or   corporate documents   Permanent
  Special contracts   Permanent
  Partnership agreements or   corporate documents –  superseded   Permanent
  Noncurrent Legal Documents
  Partnership agreements or   corporate documents – superseded   Permanent
  Personnel: Postemployment
  Counseling records   7 (after termination)
  Disability benefits   6 (after   expiration/settlement)
  Discrimination charges   3-4 (after settlement)
  Education, training, and CPE   records   7 (after termination)

 

 

 

  Employee contracts   7 (after termination)
  Employee medical history   6 (after termination)
  INS I-9 forms (complies with   Immigration Reform &  Control Act)   3 from date of filing or 1   year after termination, whichever is longer
  Performance reviews   7 (after termination)
  Personnel data, applications,   and contracts – present employees   Permanent
  Personnel data, application,   and contracts – former employees   7 (after termination)
  Salary rates and changes   3 (after termination)
  Personnel: Preemployment
  Position applications,   resumes, tests, or other job advertisements and replies relating to employees   7 (after termination)
  Position applications,   resumes, or other job  advertisements and replies relating to nonemployees   1 (after completion)
  Promotion, demotion, layoff,   or discharge of an employee   7 (after completion)
  Miscellaneous
  Firm meetings files (annual   and special meetings)   7

 

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