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