Suggested Schedule for Retention of Business Records

This suggested schedule provides you with a starting point for preparing a record retention schedule.

The suggested retention periods begin at the end of the fiscal year during which the document was created, not
from the date on the document.

Type of Record	No. of Years
Accounting, Accounts Payable records	7 years
Accounting, General Ledger	Permanently
Annual financial reports	Permanently
Articles of incorporation	Permanently
Bank Reconciliations	3 years
Bank Statements	7 years
Contracts, Corporate	20 years after termination
Contracts, Employee	7 years after termination
Contracts, Vendor	7 years
Correspondence, Accounting	5 years
Correspondence, Credit & Collections	7 years
Correspondence, General	3 years
Correspondence, Personnel	7 years
Maintenance Records, Buildings	7 years
Maintenance Records, Machinery	5 years
Minutes	Permanently
Personnel Records	7 after termination
Property records	Permanently
Tax Records	10 years