records retention schedule - wkmr retention schedule - 2013.… · records retention schedule...
TRANSCRIPT
Records RetentionSchedule
Accident Reports/claims (settled cases) . . . . . .6 yearsAccounts payable ledgers & schedules . . . . . . . .10 yearsAccounts receivable ledgers & schedules . . . . . .10 yearsAudit reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . .permanentlyBank reconciliations . . . . . . . . . . . . . . . . . . . . . . .2 yearsBank statements . . . . . . . . . . . . . . . . . . . . . . . . . .7 yearsCapital stock and bond records: ledgers,
transfer registers, stubs showing issues,record of interest coupons, options, etc. . .permanently
Checks (canceled - see exception below) . . . . . .10 years
Checks (canceled for important payments, i.e. taxes, purchases of property, specialcontracts, etc. Checks should be filed withpaperwork pertaining to the underlyingtransaction . . . . . . . . . . . . . . . . . . . . . . . . . . .permanently
Contracts, mortgages, notes, and leases(expired) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 years(still in effect) . . . . . . . . . . . . . . . . . . . . . . . .permanently
Correspondence (general) . . . . . . . . . . . . . . . . . .1 + currentCorrespondence (legal & important matters
only) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .permanentlyCorrespondence (routine) with customers
and/or vendors . . . . . . . . . . . . . . . . . . . . . . .2 yearsData transmittal (in central processing
system . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 yearsDeeds, mortgages, and bills of sale . . . . . . . . . .permanentlyDepreciation schedules . . . . . . . . . . . . . . . . . . . .permanentlyDuplicate deposit slips . . . . . . . . . . . . . . . . . . . . .2 yearsEmployment applications . . . . . . . . . . . . . . . . . .1-nonemployee
7-after termination
Expense analyses/expense distributionschedules . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 years
Financial statements (year-end, otheroptional) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .permanently
Garnishments . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 yearsGeneral/private ledgers, year-end
trial balance . . . . . . . . . . . . . . . . . . . . . . . . . .permanently
Insurance policies (expired) . . . . . . . . . . . . . . . .3 yearsInsurance records, current accident
reports, claims, policies, etc. . . . . . . . . . . . .11 years
Internal audit reports (longer retentionperiods may be desirable) . . . . . . . . . . . . . .3 years
Internal reports (miscellaneous) . . . . . . . . . . . .3 yearsInventories of products, materials & supplies .7 yearsInvoices (to customers, from vendors) . . . . . . .7 years
Journals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 yearsMinute books of directors, stockholders,
bylaws, and charter . . . . . . . . . . . . . . . . . . . .permanentlyNotes receivable ledgers and schedules . . . . . . .7 yearsOption records (expired) . . . . . . . . . . . . . . . . . . .7 years
Patents and related papers . . . . . . . . . . . . . . . . .permanentlyPayroll records (journals, ledgers, W-2s,
940s, 941s, etc.) . . . . . . . . . . . . . . . . . . . . . . .permanentlyPayroll data & authorization . . . . . . . . . . . . . . . .7 yearsPersonnel files (terminated) . . . . . . . . . . . . . . . .7 yearsPetty cash vouchers . . . . . . . . . . . . . . . . . . . . . . .3 yearsPhysical inventory tags . . . . . . . . . . . . . . . . . . . .3 yearsProperty appraisals by outside appraisers* . . .permanentlyProperty records, including costs,
depreciation reserves, year-end trialbalances, depreciation schedules,blueprints, and plans) . . . . . . . . . . . . . . . . .permanently
Purchase orders (except purchasing department copy) . . . . . . . . . . . . . . . . . . . . .1 year
Purchase orders (purchasing departmentcopy) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 years
Receiving sheets . . . . . . . . . . . . . . . . . . . . . . . . . .1 yearRetirement and pension records . . . . . . . . . . . .permanentlyRequisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 yearSales commission reports . . . . . . . . . . . . . . . . . .3 years
Sales records . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 yearsScrap and salvage records (inventories,
sales, etc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 yearsStock and bond certificates (canceled) . . . . . . .permanentlyStockroom withdrawal forms . . . . . . . . . . . . . . .1 yearSubsidiary ledgers . . . . . . . . . . . . . . . . . . . . . . . .7 yearsTax returns and worksheets, revenue
agents’ reports, and other documentsrelating to determination of incometax liability . . . . . . . . . . . . . . . . . . . . . . . . . . .permanently
Time books/cards . . . . . . . . . . . . . . . . . . . . . . . . .7 yearsTrademark registrations and copyrights . . . . . .permanentlyUnion agreements . . . . . . . . . . . . . . . . . . . . . . . .permanently
Voucher register and schedules . . . . . . . . . . . . .7 yearsVouchers for payments to vendors,
employees, etc. (includes allowancesand reimbursement of employees, officersetc., for travel & entertainment expenses .7 years
Withholding tax statements . . . . . . . . . . . . . . . .6 years
* If used for gift tax returns, or the most recent appraisal for
any business purpose.
This schedule is to be used only as a guideline. The final responsibility for deciding the length of the retention period is yours. You may want to consult legal counsel before disposing of certain records.
Retention RetentionItem Period Item Period
Winter, Kloman, Moter & Repp, S.C.235 N. Executive Drive, Suite 160 Brookfield, WI 53005-6064(262) 797-9050 / (262) 797-8251
Winter, Kloman, Moter & Repp, S.C.138 Hospital Drive, Suite 100Watertown, WI 53098-3723 (920) 261-6767 / (920) 261-1358
Winter, Kloman, Moter & Repp, S.C.1040 Oconomowoc Parkway Oconomowoc, WI 53066-4621 (262) 567-6540 / (262) 567-7285