Change to Business Consulting Services
Change to Business Consulting Services
Change to Business Consulting Services
DOCUMENT MANAGEMENT
Record Retention
Business documents - Keep 7 years
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Business supporting tax preparation documents
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Business bank/credit card statements
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Business retirement account statements Possibly longer if you have employees
Seven years or until you feel conflicting parties of the transaction(s) agree
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Bank statements and reconciliations
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Insurance records from current policies
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Investment trade statements
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Annual statements
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Medical bills
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Supporting documents for the tax return
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Accident reports and claims
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Accounts payable and receivable ledgers, schedules, and support (invoices)
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Cancelled checks, stock and bond certificates
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Employment tax records
Forever
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Audit and legal reports
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Income tax returns
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Retirement and pension records
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Chart of Accounts
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Major contracts
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Corporation documents
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Deed
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Property improvement receipts and records
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Financial statements
One year or until you feel that all parties of the transaction(s) agree
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Customer and vendor correspondence
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Open purchase orders
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Monthly and quarterly statements once year-end statements arrive
Special circumstances
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Car records - when a car is sold
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Invoice receipts - until verified on the statement
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Insurance policies - kept for the life of the policy
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Mortgages, deeds, and leases - 6 years
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Other bills - until payment is verified on the next bill
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Sales receipts - until warranty period has expired
