Retention Schedule

One of the first hurdles to overcome in Records Management is to know what records to keep and for how long to keep them. We use the standards suggested in the table below and recommend them to our clients for use as guidelines in the retention and disposal of their corporate records.


Accounting
Auditors reports Indefinitely
Bank reconciliation 1 Year
Bank Statements and Deposit Slips 3 Years
Cash Books Indefinitely
Charts of Accounts Indefinitely
Checks- Canceled-Payroll-General 8 Years
Depreciation Schedules Indefinitely
Expense Reports 6 years 6 Years
Financial Statements-End of Year Indefinitely
Fixed Assets Detail Indefinitely
General Ledgers and Journals Indefinitely
Payroll- Time Cards-Individual Time Reports-Earning Records 3 Years
Subsidiary Ledgers (including Receivables and Payables) 6 Years
Trial Balances- Monthly 6 Years
Vouchers- for payment to vendor, employees, etc 8 Years
Corporate
Bylaws, Charter, and Minute Books Indefinitely
Capital- Stock and Bond Records Indefinitely
Checks- Taxes, Property, Settlement of important contracts Indefinitely
Contracts and Agreements still in effect Indefinitely
Copyrights and Trademark Registrations Indefinitely
Deeds and Easements Indefinitely
Labor Contracts Indefinitely
Mortgages, Notes, and Lease Expired 8 Years
Patents Indefinitely
Proxies Indefinitely
Retirement and Pension Records Indefinitely
Tax Returns and Working Papers- Revenue Agents Reports Indefinitely
Correspondence
General 2 Years
Legal and Tax Indefinitely
License, Traffic, and Purchase 6 Years
Production 8 Years
Insurance
Accident Reports 6 Years
Claims-After Settlement 10 Years
Fire Inspection Reports 6 Years
Group Disability Reports 8 Years
Policies- All Types - Expired 4 Years
Safety Reports 8 Years
Personnel
Contracts - Expired 6 Years
Daily Time Reports 6 Years
Disability and Sick Benefit Records 6 Years
Employment Applications 3 Years
Personnel Files - Terminated 6 Years
Withholding Tax Statements 6 Years
Purchasing and Sales
Purchase Orders 3 Years
Requisitions 3 Years
Sales Contracts 3 Years
Sales Invoices 3 Years
Traffic - Shipping and Receiving
Export Declarations 4 Years
Freight Bills 4 Years
Manifests 4 Years
Shipping and Receiving Reports 4 Years
Waybills and Bills of Lading 4 Years

Sources for Retention Schedule Information:

IRS, FDIC, State of Florida

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Terrance McCluskey,
Corporate Records Manager
Burger King, Miami, Florida