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Key Personnel Russell H. Stroemel, III,CPA, Partner (215) 972-5075 Richard A. Fragale, CPA, MT, Partner (215) 972-5052 David J. White, CPA, Principal (215) 972-5051 |
Records Retention Schedule
| Accounting Records | Retention Period |
| Accounts Payable ledgers and schedules | 7 Years |
| Accounts Receivable ledgers and schedules | 7 Years |
| Cash Books | Permanently |
| Charts of accounts | Permanently |
| Depreciation schedules | Permanently |
| Expense Analyses/Expense distribution schedules | 7 Years |
| Financial statements (year-end, other optional) | Permanently |
| General/Private ledgers, year-end trial balance | Permanently |
| Internal audit reports (longer retention periods may be desirable) | 3 Years |
| Inventories of products, materials, and supplies | 7 Years |
| Invoices (to customers, from vendors) | 7 Years |
| Journals | Permanently |
| Notes receivable ledgers and schedules | 7 Years |
| Payroll records and summaries | 7 Years |
| Petty cash vouchers | 3 Years |
| Physical inventory tags | 7 Years |
| Plant cost ledgers | 7 Years |
| Purchase orders (except purchasing department copy) | 1 Year |
| Purchase orders (purchasing department copy) | 7 Years |
| Receiving sheets | 1 Year |
| Retirement and pension records | Permanently |
| Scrap and salvage records (inventories, sales, etc.) | 7 Years |
| Stenographers' notebooks | 1 Year |
| Subsidary ledgers | 7 Years |
| Tax returns and worksheets, revenue agents' reports and other documents relating to determination of income tax liability | Permanently |
| Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses) | 7 Years |
| Witholding tax statements | 7 Years |
| Bank Records | Retention Period |
| Bank reconciliation | 2 Years |
| Bank statements | 3 Years |
| Checks (canceled--see exception below) | 7 Years |
| Check (canceled for important paments, i.e. taxes, purchass of property special contracts, etc. Check should be filed with the papers pertaining to the underlying transaction) | Permanently |
| Duplicate deposit slips | 2 Years |
| Corporate Records | Retention Period |
| Accident reports/claims (settled cases) | 7 Years |
| Capital stock andbond records: ledgers, transfer registers, stubs showing issues, records of interest coupons, option, etc. | Permanently |
| Contracts, mortgages, notes, and leases (expired) | 7 Years |
| Contracts, mortgages, notes, and leases (still if effect) | Permanently |
| Correspondence (general) | 2 Years |
| Correspondence (legal and important matters only) | Permanently |
| Correspondence (routine) with customers and/or vendors | 2 Years |
| Insurance policies | 3 Years |
| Insurance records, current accident reports, claims, policies, etc. | Permanently |
| Internal reports (miscellaneous) | 3 Years |
| Magnetic tape and tab cards | 1 Year |
| Minute books of directors, stockholders, bylaws, and charter | Permanently |
| Patents and related papers | Permanently |
| Requisitions | 1 Year |
| Sales records | 7 Years |
| Stock and bond certificates (canceled) | 7 Years |
| Stockroom withdrawal forms | 1 Year |
| Trademark registrations and copyrights | Permanently |
| Training manuals | Permanently |
| Employee Records | Retention Period |
| Employment applications | 3 Years |
| Garnishments | 7 Years |
| Option records | 7 Years |
| Personnel files (terminated) | 7 Years |
| Sales commission reports | 3 Years |
| Time books/cards | 7 Years |
| Union agreements | Permanently |
| Real Property Records | Retention Period |
| Deeds, mortgages, and bills of sale | Permanently |
| Property appraisals by outside appraisers | Permanently |
| Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints, and plans | Permanently |
Disclaimer: Any US tax advice included in this written or electronic communication was not intended or written to be used, and it cannot be used by the taxpayer, for purpose of avoiding any penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.
The content of this transmission does not constitute a professional service. Always consult with a competent professional service provider for advice on tax, accounting and other financial matters specific to your situation. If you wish to engage our firm for this purpose, please contact our office.
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