Record Retention

Type of Record	Retention Period
Annual financial statement	Permanent
Audit reports with work papers	Permanent
Bank deposit slips	7 years
Bank statements, reconciliations	7 years
Budgets	4 years
Cancelled checks	7 years
Cash disbursement and receipts journal	Permanent
Depreciation records	7 years
Employee expense reports	7 years
Employee payroll records	7 years
General journal or ledger	Permanent
Inventory lists	7 years
Invoices	7 years
Payroll records	7 years
Petty cash vouchers	7 years
Tax returns	Permanent

Retention Period