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Recommended Record-Retention Schedules* …

Recommended Record-Retention Schedules* (Business)Type of RecordRetention PeriodACCOUNTINGA udit reportsIndefinitely, 7 years after liquidation of entityBank reconciliations7 YearsBank statements and deposit slips7 yearsCash booksIndefinitely, 7 years after liquidation of entityCharts of AccountsIndefinitely, 7 years after liquidation of entityChecks - Cancelled-Payroll-General8 yearsDepreciation schedulesTax life of asset, plus 3 yearsEmployee expense reports6 yearsFinancial StatementsIndefinitely, 7 years after liquidation of entityFixed Assets DetailIndefinitely 7 years after liquidation of entityGeneral ledger and journalsIndefinitely, 7 years after liquidation of entityOther records relating to revenue6 yearsOther capital asset recordsTax life of asset, plus 3 yearsOther records relating to expenses3 yearsPaid vendor invoices3 yearsSales records and journals6 yearsS

Recommended Record-Retention Schedules* (Business) Type of Record Retention Period ACCOUNTING Audit reports Indefinitely, 7 years after liquidation of entity

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