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Record Retention Guidelines
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Prepared By:
Conaway & Associates, LLC
P.O. Box 1860
Pasadena, MD 21123
Tel: (410) 437-9990
For a printable PDF version - click here
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RECORDS |
RETENTION PERIOD |
| Audit Reports |
Permanent |
| Bank Deposit Slips |
7 years |
| Bank Statements |
7 years |
| Canceled Checks |
7 years (2) |
| Certificates of Insurance |
Period of Coverage, plus 3 years |
| Contracts & Leases |
Permanent |
| Corporate Stock Records |
Permanent |
| Daily Sales Records |
7 years |
| Depreciation Schedules |
Permanent |
| Employee Records |
Period of Employment, plus 7 years |
| Employee Time Cards |
7 years |
| Entertainment Records |
6 years (1) |
| Expense Reports |
7 years |
| Financial Statements |
Permanent |
| Fixed Asset Purchases |
Permanent |
| General Ledger & Journals |
Permanent |
| Insurance Claims |
3 to 5 years after Settlement |
| Insurance Policies |
Permanent |
| Inventory Records |
7 years (1) |
| Loss Reports |
7 years (1) |
| Minutes of Meetings |
Life of Company |
| Paid Vendor Invoices |
7 years (1) |
| Real Estate Records |
Permanent |
| Sales Records |
7 years |
| Tax Returns & Supporting Documents |
Permanent |
| Tax & Legal Correspondence |
Permanent |
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Note:
(1) From tax return due date or filing date, whichever
is later.
(2) Permanent for real estate purchases |
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Conaway & Associates, LLC offers the above listed
"Record Retention Guidelines" as a courtesy to
clients and others
who are trying to organize their office space. These
Guidelines are just that, and in
no way represent a
complete listing of all business records. Consult with
your tax advisor, attorney or
Conaway & Associates,
LLC for more information. Typographical errors are not
the responsibility of Conaway & Associates, LLC
or Reb's Web Design. |
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