How long am I supposed to keep my records? When establishing record retention guidelines, this will most likely be the first and most important question you will ask. A solid record retention guide, one that strictly follows industry specific record retention requirements, is critical in running a compliant and efficient organization. However, for many business owners, the idea of destroying old files can induce a strong sense of fear. After all, what if you get rid of something you should have kept?
In order to help you prepare your record retention policies, we have compiled some generalized retention requirements for businesses.
Please keep in mind – every industry is different. Please be sure to check your industry and state specific record retention requirements and legal standards before you set out to destroy any of your files.
Accounting Record Retention Requirements:
|Accounts Payable||7 Years|
|Accounts Recievable||7 years|
|Chart of accounts||Permanent|
|Expense Reports||7 years|
|Fixed asset purchases||Permanent|
|Inventory records||7 Years|
|Loan payment schedules||7 Years|
|Ourchase orders||7 Years|
|Sales records||7 Years|
Banking Record Retention Requirements:
|Bank reconciliations||2 Years|
|Bank statements||7 Years|
|Canceled chacks||7 Years|
|Electronic payment records||7 Years|
Corporate Record Retention Requirements:
|Insurance policies||Life+ 3 Years|
HR Record Retention Requirements:
|Employee files||7 Years|