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 |