How Long to Keep Records?

Different records are required to keep for different length of time. Below are guidelines of how long to keep records including business records, tax records, financial records, medical records and other types of records. How long to keep records list below is a general guideline only. The number of years records should be kept by law may be different from suggested length of time to keep records. In general, if the records are of important transactions, even if you are not required by law to keep them, you should still keep them anyway. For specific information of how long specific records should be kept, consult your attorney.

Accident reports and Injury claims (worker's compensation)	11 years
Accounts payable ledgers and schedules	7 years
Accounts receivable ledgers and schedules	7 years
Age Work Certification Records for Minors	3 years after termination
Application (non hires)	1 year
Attendance Records	4 years
Bank reconciliation	1 year
Cancelled Checks *	7 years
COBRA records	3 years
Contracts and leases (expired)	7 years
Contracts and leases still in effect	Indefinitely
Employee Benefit Plans	2 years after end of plan
Employment advertisements	3 years
ERISA Retirement and Pension Records	Indefinitely
Financial Statements (end of year)	Indefinitely
Financial Statements (other months, not end of year)	optional
Insurance policies (expired)	3 years
Invoices to customers	7 years
Invoices to vendors	7 years
Paychecks	8 years
Payroll records including name, address, social security number, wage rate, number of hours, worked daily, weekly gross wages, deductions, allowances, claimed net wages	6 years
Personal File Records including application, pre employment tests, performance appraisals, rate and position changes, transfers, promotions, demotions, documentation disciplinary actions, and job descriptions	6 years after termination
Petty Cash Vouchers	3 years
Purchase orders (purchasing department copy)	7 years
Receiving sheets	1 year
Sales Records	7 years
Tax returns and worksheets	Indefinitely
Material Data Safety Sheets (MSDS) or some identification of substance used or found	Duration of employment plus 30 years
Records pertaining to unfair discriminatory employment practices and Americans with Disabilities Act	Until final disposition of action
Tips, meals, gross receipts and other supplemental payroll records	2 years

* Cancelled checks for important payments such as taxes, purchases of properties, special contracts, should be kept indefinitely. Checks should be filed with the papers pertaining the transaction. This