With the heart of tax season right around the corner, it is important to have your paperwork in order! This record retention guide will help you be more organized and save you time (hopefully this will prevent all of the digging and searching you may have had to do in the past). Start by locating and filing all of your important accounting records…and then keep them that way for the future!
Accounting Records Retention Periods
Accounts Payable – 7 Years
Accounts Receivables – 7 Years
Annual financial statements – Permanent
Audit Reports – Permanent
Bank reconciliations – 2 Years
Bank Statements/cancelled checks – 7 Years
Chart of Accounts – Permanent
Correspondence, Important – Permanent
Credit Card Statements – 3 Years
Depreciation schedules – Permanent
Electronic payment records – 7 Years
Expense records – 7 Years
Financial statements (annual) – Permanent
Financial statements (monthly) – 3 Years
Fixed Asset purchases – Permanent
General Ledger Reports – Permanent
Income tax payment checks – Permanent
Inventory records – 7 Years
Investment trade confirmation – Permanent
Legal records – Permanent
Loan Payment schedules – 7 Years
Purchase Orders (1 copy) – 7 Years
Sales records – 7 Years
Tax return supporting documents – 7 Years
Tax Returns – Permanent
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