Record Retention Guidelines for Businesses

Accounts payable 7 years
Accounts receivable 7 years
Audit reports Permanent
Chart of accounts Permanent
Depreciation schedules Permanent
Expense records 7 years
Financial statements (annual) Permanent
Fixed asset purchases Permanent
General ledger Permanent
Inventory records 7 years (permanent if LIFO system)
Loan payment schedules 7 years
Purchase orders (1 copy) 7 years
Sales records 7 years
Tax returns Permanent

BANK RECORDS

Bank reconciliation’s 2 years
Bank statements 7 years
Cancelled checks 7 years (permanent for real estate purchases)

Electronic payment records 7 years