List of recommend record retention suggestions

1. Records Retention Schedule
Retention Description Retention period in years*
Description Period in
years*
Annual Financial
Reports
Accounting Records Firm tax returns,
General ledger Permanent annual
10 (3 in office; statements, and work
Accounts Receivable
7 in storage) papers- operating
offices and
10 (3 in office;
Accounts payable consolidated Permanent
7 in storage)
Clients' invoices 7 Monthly of Periodic
Financial Reports
Payroll records
Other periodic
(journals,
financial
ledgers, W-2s, 940s,
reports 3
941s, Permanent
etc.) Supplemental
Data transmittal (in Accounting
central Data
processing system) 7 Daily cash reports,
remittance
Expense reports 7
advices, and bank
Time reports 7 deposit
Other charges to slips 1
clients’ 7 Vendors’ invoices and
voucher petty
Bill draft 7 cash slips 7
Voucher check copies 7 Current Legal
Canceled checks, bank Documents
statements, and deposit 10 (3 in office; Partnership
slips 7 in storage) agreements or
Journal voucher Permanent corporate documents Permanent
Interoffice client Special contracts Permanent
7
charges Noncurrent Legal
Client coding form- documents
1 + current
masters Partnership
Payroll data and agreements or
7 corporate documents -
authorization
Correspondence 1 + current superseded Permanent

2. Cash receipts and Personnel: Post-
disbursements journals Permanent Employment
Billed accounts Counseling records 7 (after termination)
receivable 6 (after
aged trial balance 7 Disability benefits
expiration/settlement)
Client unbilled Discrimination
receivables 3-4 (after settlement)
charges
ledger 7
Education, training,
Unbilled accounts and 7 (after termination)
receivable CPE records
status 7
Employee contracts 7 (after termination)
Employee time analysis 7
Employee medical
Analysis of billing 6 (after termination)
7 history
adjustments
INS 1-9 forms.
Client charges and Complies 3 from date of filing or 1
billing 7 with Immigration year after termination,
report termination) Reform & whichever is longer
Analysis of gross and- Control Act
net fees Performance reviews 7 (after termination)
by service
Personnel data,
classification 7
applications,
Depreciation schedules Permanent and contracts-present
Accident reports and 6 (after employees Permanent
claims accident or
settlement)
Personnel: Post-
Employment
Accounting Records Personnel data,
Partnership or applications,
corporate and contracts-former
records, including employees 7 (after termination)
local, state Salary rates and
and federal licenses, 3 (after termination)
changes
annual
Personnel: Pre-
reports, capital stock
Employment
and
bond ledger, canceled Position applications,
stock resumes, tests, or other
and bond certificates, job
articles advertisements and
of incorporation, replies
bylaws and relating to employees 7 (after termination)
minutes from partner Position applications,
meetings resumes
or stockholder and or other job
director advertisements
meetings Permanent and replies relating to
non-employees 1 (after completion)

3. Legal correspondence, Promotion, demotion,
including those layoff,
pertaining to or discharge of an
copyrights, permits, employee 7 (after completion)
and bills Miscellaneous
of sale Permanent Firm meetings files
5 (after (annual
Equipment records
disposition) and special meetings) 7
Warranties and service 1 (after Attendance records 7 (after termination)
agreements expiration) New business reports 7
(until Interoffice
User’s manuals 7
disposition) correspondence
Insurance documents,
Bulletins to clients,
including policies,
firm
reports, 3-10 (after executives, and staff 7
claims, and coverage expiration or
information settlement) Firm publications,
including
10 (after promotional and
Leases and contracts
termination) recruiting
Property records, brochures, personnel
including guide,
blueprints, appraisals, and client newsletter 7
and
permits Permanent
* Ordinarily, canceled checks and paid vendors’ invoices are destroyed after seven years.
However, checks and invoices for purchase of assets, where the determination of basis might
be important in the future, are retained indefinitely.