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Nov 01 2015
Record Retention
D'Ann Johnson, CCE, Roofers Supply
As we approach year end, many of us start the arduous process of cleaning out files and drawers to make way for the upcoming year. The question is, what do you keep and what do you toss? While each company may/should have its own criterion for record retention, here are some general guidelines on a few of the areas that your company may need to look at.
 
TYPE OF RECORD SUGGESTED RETENTION PERIOD
Bank Reconciliations 3 years

Bank Statements
7 years
Contracts/Credit applications:
Corporate
Denied
Vendor

20 years after termination*
2 years*
7 years after termination*
Correspondence:
Accounting
Credit and collections
Personnel

5 years
7 years
7 years after termination
Cost accounting records 5 years

Customer credit file
10 years after closure*

Expense reports:
Departmental
Employee

Ledgers and journals:
Accounts receivable ledger
Cash journal
Customer ledger
General journal
Journal entries - year end

Petty cash records

Purchase order copies

Purchase invoices

Remittance statements

Sales invoices

Uncollectible accounts receivable
5 years
5 years


10 years
7 years
10 years
Permanent
Permanent

3 years

3 years

7 years

3 years

7 years

7 years

 

*All documents that may contain consumer information, including credit reports and/or social security numbers, must be shredded at the time of disposal.


If your company already has policies for records retention in place, make sure they are up-to-date with current laws and review annually. If your company doesn't have a policy for records retention, please discuss with your controller or company CPA or attorney to avoid noncompliance issues later.