Record Retention

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List of recommend record retention suggestions

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Record Retention

  1. 1. Records Retention Schedule Retention Description Retention period in years* Description Period in years* Annual Financial Reports Accounting Records Firm tax returns, General ledger Permanent annual 10 (3 in office; statements, and work Accounts Receivable 7 in storage) papers- operating offices and 10 (3 in office; Accounts payable consolidated Permanent 7 in storage) Clients' invoices 7 Monthly of Periodic Financial Reports Payroll records Other periodic (journals, financial ledgers, W-2s, 940s, reports 3 941s, Permanent etc.) Supplemental Data transmittal (in Accounting central Data processing system) 7 Daily cash reports, remittance Expense reports 7 advices, and bank Time reports 7 deposit Other charges to slips 1 clients’ 7 Vendors’ invoices and voucher petty Bill draft 7 cash slips 7 Voucher check copies 7 Current Legal Canceled checks, bank Documents statements, and deposit 10 (3 in office; Partnership slips 7 in storage) agreements or Journal voucher Permanent corporate documents Permanent Interoffice client Special contracts Permanent 7 charges Noncurrent Legal Client coding form- documents 1 + current masters Partnership Payroll data and agreements or 7 corporate documents - authorization Correspondence 1 + current superseded Permanent
  2. 2. Cash receipts and Personnel: Post- disbursements journals Permanent Employment Billed accounts Counseling records 7 (after termination) receivable 6 (after aged trial balance 7 Disability benefits expiration/settlement) Client unbilled Discrimination receivables 3-4 (after settlement) charges ledger 7 Education, training, Unbilled accounts and 7 (after termination) receivable CPE records status 7 Employee contracts 7 (after termination) Employee time analysis 7 Employee medical Analysis of billing 6 (after termination) 7 history adjustments INS 1-9 forms. Client charges and Complies 3 from date of filing or 1 billing 7 with Immigration year after termination, report termination) Reform & whichever is longer Analysis of gross and- Control Act net fees Performance reviews 7 (after termination) by service Personnel data, classification 7 applications, Depreciation schedules Permanent and contracts-present Accident reports and 6 (after employees Permanent claims accident or settlement) Personnel: Post- Employment Accounting Records Personnel data, Partnership or applications, corporate and contracts-former records, including employees 7 (after termination) local, state Salary rates and and federal licenses, 3 (after termination) changes annual Personnel: Pre- reports, capital stock Employment and bond ledger, canceled Position applications, stock resumes, tests, or other and bond certificates, job articles advertisements and of incorporation, replies bylaws and relating to employees 7 (after termination) minutes from partner Position applications, meetings resumes or stockholder and or other job director advertisements meetings Permanent and replies relating to non-employees 1 (after completion)
  3. 3. Legal correspondence, Promotion, demotion, including those layoff, pertaining to or discharge of an copyrights, permits, employee 7 (after completion) and bills Miscellaneous of sale Permanent Firm meetings files 5 (after (annual Equipment records disposition) and special meetings) 7 Warranties and service 1 (after Attendance records 7 (after termination) agreements expiration) New business reports 7 (until Interoffice User’s manuals 7 disposition) correspondence Insurance documents, Bulletins to clients, including policies, firm reports, 3-10 (after executives, and staff 7 claims, and coverage expiration or information settlement) Firm publications, including 10 (after promotional and Leases and contracts termination) recruiting Property records, brochures, personnel including guide, blueprints, appraisals, and client newsletter 7 and permits Permanent * Ordinarily, canceled checks and paid vendors’ invoices are destroyed after seven years. However, checks and invoices for purchase of assets, where the determination of basis might be important in the future, are retained indefinitely.

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