Paper Shredding

Paper Shredding – FAQ’s and Facts

What should be shredded?
  • Account data
  • ATM receipts
  • Banking information
  • Bank statements
  • Cancelled  or voided checks
  • Copies of Birth certificates
  • Copies of checks
  • Copies of Driver’s Licenses
  • Credit card bills
  • Credit card offers(Junk mail)
  • Credit reports
  • Customers’ addresses
  • Customers’ names
  • Education records
  • Employee records
  • Expired passports
  • Insurance documents
  • Legal documents
  • Letters
  • Loan information
  • Medical information

 
  • Obsolete records
  • Patient billing information
  • Patient names
  • Payroll information
  • Phone messages
  • Property transaction information
  • Proposals
  • Purchase orders
  • Receipts
  • Sales reports
  • Sales information
  • Shipping data
  • Signature documents
  • Social Security numbers
  • Stock and investment documents (cancelled)
  • Tax forms
  • Transcripts
  • Travel itineraries
  • Used airline tickets
  • Utility Bills
  • All obsolete documents containing personal proprietary information!

How long should I retain my records?

Consult with Your CPA or Financial Advisor

This records retention schedule provides only general guidelines. Consult with your CPA or financial advisor to create a retention and document destruction schedule for your company.

Document Type Retention Period
Accounts payable and receivable ledgers 7 years
Audit records 7 years
Bank statements 1 year
Cancelled checks (general) 7 years
Cancelled checks (important payments) Permanently
Capital stock records Permanently
Cash register receipts 4 years
Contracts and leases (after expiration) 7 years
Contracts and leases (still in effect) Permanently
Correspondence (routine) 1 year
Correspondence (general business) 3 years
Correspondence (legal) Permanently
Deeds, mortgages, and bills of sale Permanently
Depreciation schedules Permanently
Employee personnel records (after termination) 3 years
Employment applications 3 years
Expense analyses and distribution schedules 7 years
Financial statements Permanently
Insurance policies (expired) 3 years
Insurance records Permanently
Invoices to customers 7 years
Invoices from vendors 7 years
IRA and Keogh plan records Permanently
Minute records of directors and stockholders Permanently
Notes receivable ledgers and schedules 7 years
Option records (expired) 7 years
Payroll records and summaries 7 years
Property appraisals Permanently
Purchase orders (not purchasing department) 1 year
Purchase orders (purchasing department copies) 3 years
Safety records 7 years
Sales records 7 years
Stenographer’s notebooks 1 year
Stock and bond certificates (cancelled) 7 years
Tax returns and audits Permanently