Two Years

• Budgets
• Purchase orders (except purchasing department copy which should be retained for 7 years)

Three Years

• Accounting trial balances and internal audit reports
• Bank deposit slips, reconciliation’s, statements
• Daily sales records
• Employment applications of applicants that were not hired
• Entertainment records
• Expired insurance policies (except for environmental or other insurance coverage which may provide coverage for claims discovered at some time in the future should be retained permanently)
• General correspondence
• Personnel files on former employees
• Petty cash vouchers

Four Years

• Credit memos
• Financial statements
• Freight bills
• Files

Six Years

• Mortgages/note agreements (after termination, expiration, disposal)
• Fire inspection reports
• Group disability reports
• Safety records

Seven Years

• Accident report claims-settled cases
• Accounts payable ledgers
• Account receivable ledgers
• Automobile expense logs
• Bank debt deduction
• Bills of lading
• Business facility cost records
• Canceled checks
• Cash books
• Commission records
• Contracts and leases that expired seven years previous
• Employee disability benefit records
• Employee personnel records should be retained at least 7 years after terminating employment
• Employee time cards/daily time reports
• Employment tax reports/returns
• Expense reports/employee expense reports, Inventory records, Invoices to customers and from vendors, Invoices-sales/cash receipts, merchandise purchase Invoices-purchases (permanent assets)
• Payroll records and summaries, including payments to pensioners, W-2, W-4, annual earnings records, journals, Personal property tax returns
• Purchase/sales orders
• Sales tax, state and local business tax returns
• Settled insurance claims
• Worthless securities