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Document Retention
Accounting Records:
- A/P and A/R - 7 years
- Audit reports - Permanent
- Bills of Lading - 5 years
- Charts of accounts - Permanent
- Fidelity and surety bonds - 3 years
- Sales tax returns - 10 years
- Income tax returns - Permanent
- Payroll tax returns - 7 years
- Expense records - 7 years
Bank Records:
- Bank statements and reconciliations - 7 years
- Cancelled checks* - 7 years (It is recommended to get check images included with the bank statements. Online check images usually are not available after 12 months.)
Employee Records:
- Accident reports - 7 years
- Worker Compensation Reports - 10 years
- Payroll records - 7 years
- Employee files (ex-employees) - 7 years (or statute of limitations for employee lawsuits)
- Employment applications - 3 years
Real Property Records:
- Construction records - Permanent
- Deeds/Titles - Permanent
- Equipment Leases - 5 years
- Leases payment records - Life of lease plus 4 years
- Real estate purchases - Permanent
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