How Long Must You Keep Records?

Below is a quick dashboard that takes into account most of the more than 900 federal and state regulations for record retention.

Accident reports/claims (settled cases)                                                                                 
      7 years

Accounts payable ledgers and schedules                                                                             
     7 years

Accounts receivable ledgers and schedules                                                                         
     7 years

Audit reports                                                                                                                              
     Permanently

Bank reconciliations                                                                                                                 
     2 years

Bank statements                                                                                                                        
     3 years

Capital stock and bond records                                                                                            
     Permanently

Cash books                                                                                                                                
     Permanently

Charts of accounts                                                                                                                   
     Permanently

Checks (cancelled – with below exceptions)                                                                   
     7 years

Checks (canceled for tax payments, purchase of property, contracts)                  
     Permanently

Contracts, mortgages, notes and leases (expired)                                                       
     7 years

Contracts, mortgages, notes and leases (still in effect)                                             
     Permanently

Correspondence (general)                                                                                                 
     2 years

Correspondence (legal and important matters only)                                              
     Permanently

Deeds, mortgages and bills of sale                                                                                 
     Permanently

Depreciation schedules                                                                                                    
     Permanently

Duplicate deposit slips                                                                                                      
     2 years

Employment applications                                                                                              
     3 years

Expense analyses/expense distribution schedules                                                  
     7 years

Financial statements                                                                                                     
     Permanently

Garnishments                                                                                                                  
     7 years

General/private ledgers, year-end trial balance                                                 
     Permanently

Insurance policies (expired)                                                                                       
     3 years

Insurance records, current accident reports, claims, policies                        
     Permanently

Internal audit reports                                                                                                 
    3 years

Internal reports                                                                                                            
     3 years

Inventories of products, materials and supplies                                                 
     7 years

Invoices (to customers, from vendors)                                                                  
     7 years

Journals                                                                                                                         
     Permanently

Magnetic tape and tab cards                                                                                    
     1 year

Minute books of directors, stockholders, bylaws and charter                        
     Permanently

Notes receivable ledgers and schedules                                                                 
     7 years

Option records                                                                                                               
     7 years

Patents and related papers                                                                                       
     Permanently

Payroll records and summaries                                                                               
     7 years

Personnel files (terminated)                                                                                     
     7 years

Petty cash vouchers                                                                                                    
     3 years

Physical inventory tags                                                                                             
     3 years

Plan cost ledgers                                                                                                           
     7 years

Property appraisals by outside appraisers                                                           
     Permanently

Property records, including costs, depreciation reserves, Year-end trial balances, depreciation schedules, Blueprints and plans                                                                                   
     Permanently

Purchase orders (except purchasing dept. copy)                                                
     1 year

Purchase orders (purchasing department copy)                                                
     7 years

Receiving sheets                                                                                                           
     1 year

Retirement and pension records                                                                             
     Permanently

Requisitions                                                                                                                    
     1 year

Sales commission reports                                                                                           
     3 years

Sales records                                                                                                                  
     7 years

Scrap and salvage records (inventories, sales, etc.)                                         
     7 years

Stenographers’ notebooks                                                                                         
     1 year

Stock and bond certificates (canceled)                                                                 
     7 years

Stockroom withdrawal forms                                                                                  
     1 year

Subsidiary ledgers                                                                                                       
     7 years

Tax returns and worksheets, revenue agents’ reports, etc.                            
     Permanently

Time books/cards                                                                                                         
     7 years

Trademark registrations and copyrights                                                              
     Permanently

Training manuals                                                                                                       
     Permanently

Union agreements                                                                                                       
     Permanently

Voucher register and schedules                                                                              
     7 years

Vouchers for payments to vendors, employees, etc.                                        
     7 years

Withholding tax statements                                                                                    
     7 years

Click here for the complete Washington State Common Records Retention Schedule