Because space is a valuable resource for businesses, it is important to keep your records organized and to purge them when they are no longer useful to your organization.

Making decisions on retaining files is not always a simple task. To assist you, the professionals at Suby, Von Haden & Associates have provided these recommended guidelines for retaining both paper and electronic records. Suby, Von Haden & Associates has provided tax, accounting and business management advice to Wisconsin Independent Businesses and our members for nearly 20 years. Please contact WIB at our toll-free member HOTLINE – 800-362-9644 – if you have any questions.

ACCOUNTING
Accounts payable ledgers and schedules	7 years	Financial statements (end-of-year)	Indefinitely	Plant cost ledgers	7 years
Accounts payable ledgers and schedules	7 years	General and private ledgers (and end-of-year trial balances)	Indefinitely	Plant cost ledgers	7 years
Accounts receivable ledgers and schedules	7 years		Indefinitely	Purchase orders (except purchasing department copy)	1 year
Audit reports of accountants	Indefinitely	Internal audit reports	5 years	Purchase orders (purchasing department copy)	7 years
Budgets	3 years	Internal reports (misc.)	3 years	Requisitions	1 year
Cash receipts records	7 years	Invoices from vendors	7 years	Sales records	7 years
Charts of accounts	Indefinitely	Invoices to customers	7 years	Subsidiary ledgers	7 years
Check register and cash books	Indefinitely	Journals	Indefinitely	Tax returns, work papers and revenue agents' reports	Indefinitely
Depreciation schedules	Indefinitely	Low-income housing records	7 years	Voucher register and schedule	7 years
Expense analyses and expense distribution schedules	2 years	Notes receivable ledger and schedules	7 years	Vouchers for payments to vendors	7 years
		Petty cash vouchers	3 years
BANK		DOCUMENTATION		EMPLOYEE
Bank deposits	4 years	Contracts and leases (expired)	7 years	Employee benefit plan records	7 years
Bank reconciliations	1 year	Contracts and leases (still in effect)	Indefinitely	Employee personnel records (after termination)	4 years
Bank statements	7 years	Deeds, mortgages and bills of sale	Indefinitely	Employment applications	3 years
Canceled checks (daily payments)	7 years	Inherited property valuations	Indefinitely	Payroll and payroll tax records	7 years
Canceled checks (major payments, i.e., taxes, purchases of property, special contracts, etc.)	Indefinitely	Partnership agreements	Indefinitely	Retirement and pension records	Indefinitely
Duplicate deposit slips	1 year	Property appraisals	Indefinitely	Savings bond registration records of employees	3 years
COMPUTERIZED RECORDS		Property records (including costs, depreciation reserves, end-of-year trial balances, depreciation schedules, blueprints and plans)	Indefinitely	Time records	7 years
Records must be maintained in a retrievable formal according to these time guidelines. Additionally, documentation describing the application, procedures and controls utilized, as well as detail information for the records must be available.		Real estate records	Indefinitely	Vouchers for payments to employees (including travel and entertainment expenses)	7 years
		Trade mark registrations	Indefinitely
INSURANCE		INVENTORY		MISCELLANEOUS
Accident reports and claims (completed)	7 years	Inventories of products, materials and supplies	7 years	Correspondence (general)	3 years
Insurance policies (expired)	3 years or more	LlFO inventory detail information	7 years to Indefinitely	Correspondence on legal, tax and major matters	Indefinitely
Insurance records, open or unresolved accident reports, claims, policies, etc.	Indefinitely	Physical inventory tags	3 years	STOCK
		Receiving sheets	1 year	Capital stock and bond records; ledgers, transfer registers, stubs showing issues, records of interest coupons, options, etc.	Indefinitely
		Scrap and salvage records (inventories, sales, etc.)	7 years	Minute books of directors and stockholders including by-laws and charter, certificate of incorporation	Indefinitely
		Stockroom withdrawal forms	1 year	Option records (expired)	7 years
				Stock & bond certificates (canceled)	7 years