End of Year Record Retention Guide

End of Year Record Retention Guide
Getting ready to store your financial records for 2010?
Here's a handy guide to help you decide what to keep and what to toss.
Record Retention Guide
Type of Record
Retention Period
Bank Statements
7 Years
Business Licenses
Until Expired
Cash Register Tapes
3 Years
Check Registers
Keep Permanently
Canceled Checks
3 Years
Deeds, Titles, Title Insurance
Length You Own the Property
Financial Statements
Keep Permanently
General Ledger
Keep Permanently
Inventory Records
7 Years
Invoices/Bills - Accounts Payable
3 Years
Invoices - Accounts Receivable
3 Years
Phone/Utility Bills
3-6 Years
Property, Plant & Equipment Records
Keep Permanently
Purchase Orders
3 Years
Receiving Reports
3 Years
Tax Returns & Related Backup
10 Years Minimum
Time Cards or Tickets
3 Years
Travel Expense Records
7 Years

 
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