Broker Check

2770 Indian River Boulevard
Suite 301
Vero Beach, FL 32960

Combining Accounting, Tax, Financial Services

(772) 778-1922


Record Retention Guide for Businesses

We have compiled a list of the most common tax and financial records that a business may need to keep and guidelines for how long the records should be retained.

The information contained in this site is of a general nature and may not be applicable to you. Please call our office for specific guidance regarding your situation.

Keep One Year

  • Bank reconciliations
  • Correspondence with customers or vendors
  • Duplicate deposit slips
  • Purchase orders (except purchasing department copies)
  • Receiving sheets
  • Requisitions
  • Stenographer's notebooks
  • Stockroom withdrawal forms

Keep Three Years

  • General correspondence
  • Employee personnel records (after termination)
  • Employment applications
  • Expired insurance policies
  • Internal audit reports
  • Internal reports
  • Petty cash vouchers
  • Physical inventory tags
  • Savings bond registration records of employees

Keep Seven Years

  • Accident reports and claims
  • Accounts payable ledgers and schedules
  • Accounts receivable ledgers and schedules
  • Cancelled checks
  • Expired contracts and leases
  • Expense analysis and expense distribution schedules
  • Inventories of products, materials and supplies
  • Invoices to customers
  • Notes receivable ledgers and schedules
  • Expired option records
  • Payroll records and summaries, including payments to pensioners
  • Plant cost ledgers
  • Purchasing department copies of purchase orders
  • Sales records
  • Cancelled stock and bond certificates
  • Subsidiary ledgers
  • Time books
  • Voucher register and schedules
  • Voucher for payments to vendors, employees, etc.

Keep Permanently

  • Audit reports of accountants
  • Cash books, charts of accounts
  • Cancelled checks for important payments
  • Contracts and leases still in effect
  • Correspondence on legal and other important matters
  • Deeds
  • Mortgage and bills of sale
  • Depreciation schedules
  • Financial statements (end-of-year)
  • General ledgers (and end-of-year trial balances)
  • Insurance records, current accident reports, claims, policies
  • Journals
  • Minute books of directors and stockholders
  • Property appraisals by outside appraisers
  • Property records
  • Tax returns and worksheets, revenue agents' reports and other documents relating to determination of income tax liability
  • Trademark registrations