Paper Shredding – FAQ’s and Facts
What should be shredded?
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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 |