Document Retention Guide
DOCUMENT RETENTION GUIDE
For your convenience, we have created a document retention guide to help you maintain your records. As a reminder, Muto, Vollucci & Co., Ltd.’s current document retention policy is to keep copies of the records you have supplied us along with our work papers for your engagement for a period of 6 years. After 6 years, our work papers and files will no longer be available. Physical deterioration or catastrophic events may shorten the time during which our records will be available; therefore, please supply us with copies and keep your originals.
BUSINESS DOCUMENTS:
Supporting documents such as client and vendor correspondence, steno pads and purchase orders should be kept until the following fiscal or calendar year, but you do not have to keep them any longer than that unless there is something that you feel is necessary.
Financial
3 years
Petty Cash Vouchers
Internal Audit Reports
6 – 7 years
Accounts Payable Ledgers and Schedules
Accounts Receivable Ledgers and Schedules
Cancelled Checks
Cancelled Stock and Bond Certificates
Expense Analysis and Expense Distribution Schedules
Invoices to Customers
Notes Receivable Ledgers, Schedules
Bank Statements and Reconciliations
Sales Records
Subsidiary Ledgers
Company Operations
3 years
Employee Personnel Records (after termination)
Employment Applications
Expired Insurance Policies
General Correspondence
Internal Reports
Savings Bond Registration Records of Employees
Time Cards For Hourly Employees
6 – 7 years
Accident Reports, Claims
Employment Tax Records
Expired Contracts, Leases
Expired Option Records
Payroll Records and Summaries, including payment to pensioners
Real Estate and Company Assets
3 years
Physical Inventory Tags
6 – 7 years
Inventories of Products, Materials, Supplies
Miscellaneous
6 – 7 years
Purchasing Department Copies of Purchase Orders
Time Books
Travel and Entertainment Records
Vouchers for Payments to Vendors, Employees, etc.
Voucher Register, Schedules
We suggest you keep the following records indefinitely due to the fact that they might be needed during an audit or a legal dispute.
Financial:
Audit Reports from CPAs/Accountants
Cash Books, Charts of Accounts
Depreciation Schedules
Any Type of Financial Statement
Tax Returns and Worksheets
Corporate Operation:
Incorporation Documents
Company Charter
Company By-Laws
General and Private Ledgers, Year End Trial Balances
Legal Records, Correspondence and Other Important Matters
Minutes Books of Directors and Stockholders
Trademark and Patent Registrations
Real Estate and Company Assets
Contracts, Leases Currently in Effect
Documents substantiating fixed asset additions
Deeds
Mortgages, Bills of Sale
Property Appraisals
Property Records
Miscellaneous
Insurance Records, Current Accident Reports, Claims, Policies
Investment Trade Confirmations
IRS Reports
Retirement and Pension Records
INDIVIDUAL DOCUMENTS:
Financial
3 years
Credit Card Statements
6– 7 years
Supporting Documents For Tax Return
Wage Garnishments
Other Tax-Related Bills
Sales Receipts
Miscellaneous
3 years
Medical Bills (in case of insurance disputes)
Utility Records
Expired Insurance Policies
6 – 7 years
Accident Reports and Claims
Medical Bills (if tax-related)
We suggest you keep the following records indefinitely due to the fact that they might be needed during an audit or a legal dispute.
Financial
Income Tax Returns
Income Tax Payment Checks
CPA Audit Reports
Retirement and Pension Records
Pay Stubs (keep until reconciled with your W-2)
Property (real estate, cars, etc)
Car Records (keep until the car is sold)
Credit Card Receipts (keep until verified on your statement)
Mortgages / Deeds / Leases (keep 6 years beyond the agreement)
Property Records / Improvement Receipts (keep forever or six years after property sold)
Miscellaneous
Legal Records
Important Correspondence
Investment Trade Confirmations
Insurance Policies (keep for the life of the policy)
Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)