The following is a list of important documents and a suggested retention period for each. Document Description Retention Period Accident reports & claims (settled cases) 7yrs. Accounts payable ledgers & schedules 7yrs. Accounts receivable ledgers & schedules 7yrs. Articles of incorporation Permanently Audit reports Permanently Bank reconciliations 2yrs. Bank statements 3yrs. Bills of lading 5yrs. Bonds (records of issuance) Permanently Budgets 3yrs. Capital stock and bond records: ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc. Permanently Cash books Permanently Charts of accounts Permanently Check register Permanently Contracts, mortgages, notes, and leases:   Expired 7yrs.   Still in effect Permanently Correspondence:   General  2yrs.   Legal & important matters Permanently   Routine with customers and/or vendors 2yrs. Cost accounting records 5yrs. Deeds & bills of sale Permanently Delivery receipts 5yrs. Depreciation schedules Permanently Dividend register Permanently Duplicate deposit slips 2yrs. Employee personnel records (after termination) 3yrs. Employment applications 3yrs. Equipment leases (after expiration) 6yrs. Equipment repair records 3yrs. Expense reports 7yrs. Fidelity bonds 3yrs. after termination Financial statements Permanently Fire damage reports 6yrs. Franchise agreements Permanently Freight draft, bills and claims 5yrs. Garnishments 7yrs. General & private ledgers Permanently Insurance policies & records   Expired 3yrs.   Still in effect Permanently Internal audit reports 3yrs. Inventory records 7yrs. after disposal Invoices (issued or received) 7yrs. Journals & ledgers Permanently Labor records:   Applications (employees) 7yrs. after termination   Contracts 7yrs. after termination   Daily time reports 5yrs.   Disability claims 7yrs. after termination   Earnings records 7yrs.   Employee service records 7yrs. after termination   Pay checks 7yrs.   Personnel files 7yrs. after termination   Salary & wage rate changes 7yrs. after termination   Salary receipts 7yrs. after termination   Time cards, tickets and clock records 5yrs.   Unemployment claims 7yrs. after termination   Withholding exemption certificates 7yrs. after termination   Workers' compensation reports 10yrs. Licenses 1yr. after termination Magnetic tape & tab cards 1yr. Maintenance & repair records:   Buildings 7yrs.   Machinery 5yrs. Minute books Permanently Notes receivable ledgers & schedules 7yrs. Option records 7yrs. after termination Patent records Permanently Payroll records & summaries 7yrs. Petty cash records 3yrs. Physical inventory tags 3yrs. Plant acquisition records Permanently Property records:   Account records Permanently   Appraisals Permanently   Damage reports Permanently   Plans & specifications Permanently   Purchases Permanently   Sales Permanently   Taxes Permanently Purchase orders:   Except purchasing department copy 1yr.   Purchasing department copy 7yrs. Receiving reports 1yr. Remittance statements 3yrs. Requisitions 1yr. Retirement & pension reports Permanently Sales commission reports 3yrs. Sales records 7yrs. Savings bond registrations records 7yrs. Scrap & salvage records  7yrs. Securities (brokerage slips) 7yrs. after disposal Shipping tickets 5yrs. Stenographer's notebooks 1yr. Stock & bond certificates (canceled) 7yrs. Stockroom withdrawal forms 1yr. Subsidiary ledgers 7yrs. Surety bonds 3yrs. after termination Tax returns and worksheets, revenue agents' reports, and other documents relating to determination of income tax liability Permanently Time books 7yrs. Title papers Permanently Trademark records Permanently Training manuals Permanently Travel records (employees) 3yrs. Uncollectible accounts records 7yrs. Union (labor) contracts Permanently Vouchers (copies) 7yrs. W-2 forms 7yrs. Wage & rate records 7yrs. Warrants Permanently Withholding tax statements 7yrs.