Transcription of Guide to Record Retention for Auto Dealers
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Guide to Record Retention for Auto Dealers
PeriodAccountingAudit recordsPermanentlyAccounts receivable or payable ledger7 yearsBank statements and reconciliations7 yearsCanceled checks payroll and general7 yearsCanceled Checks for purchase of assets should be filed with asset records5 years after disposition of assetCanceled Checks important papers (taxes, special contracts, stock bookPermanentlyCash disbursement journal7 yearsCash received journal7 yearsExpense reports7 yearsExpense ledger7 yearsFinancial statements (retain permanently of no audit reports)7 yearsGeneral ledger and journalPermanentlyInterdepartmental sales journal4 yearsInventory records-annual only7 yearsNew car sales journal7 yearsNotes receivable ledger (after repayment)7 yearsParts, accessories, and service sales journals7 yearsPayroll earnings records4 yearsPayroll journal4 yearsPayroll time cards4 yearsPetty cash vouchers3 yearsPetty cash summary envelope3 yearsPrepaid and accrued expenses journal3 yearsSubsidiary ledger7 yearsTrial balances7 years)
Internal repair orders* 3 years Odometer statements* 5 years OSHA records 6 years Personnel files, closed 6 years after termination Purchase orders 6 years Repair estimates 9 months Repair order 2 years Retail installment contract, assigned* 10 years Retail installment contract, not assigned* 7 years past expiration Sales invoices 6 years
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