records retention schedule - wkmr retention schedule - 2013.… · records retention schedule...

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Page 1: Records Retention Schedule - WKMR Retention Schedule - 2013.… · Records Retention Schedule Accident Reports/claims (settled cases) . . . . . .6 years Accounts payable ledgers &

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