How long are we suppose to keep paper records?

Question

Like bank and credit cards statements, utility bill statements, tax records, etc

Answer 1

INDIVIDUAL RECORDS RETENTION PERIOD
Cancelled Checks
3 Years

Bank Deposit Slips
3 Years

Bank Statements
6 Years

Investment Account Statements


Non Retirement
3 Years After The Sale

Retirement
3 Years After The Sale, Rollover, or Distribution

Supporting Documents for Tax Returns
7 Years

Tax Returns
Permanently

Real Estate Records
Permanently

Expense Reports
3 Years

Divorce Decrees And Dependent Agreements
3 Years



--------------------------------------------------------------------------------

BUSINESS RECORDS RETENTION PERIOD
Accident Reports/Claims (Settled Cases)
7 Years

Accounts Payable Ledgers And Schedules
7 Years

Accounts Receivable Ledgers And Schedules
8 Years

Audit Reports
Permanently

Bank Statements
3 Years

Capital Stock And Bond Records:


Ledgers, Transfer Registers, Stubs Showing

Issues, Record of Interest Coupons, Options,

Etc.
Permanently

Charts Of Accounts
Permanently

Checks (Cancelled Checks For Important Payments, Special Contracts, Purchase Of Assets, Payment Of Taxes, etc. Checks Should Be Filed With The Papers Pertaining To The Underlying Transaction
Permanently

Checks (Cancelled Except Those Noted Above)
7 Years

Contracts And Leases (Expired)
7 Years

Contracts And Leases Still In Effect
Permanently

Correspondence, General And Schedules
2 Years

Correspondence, Legal And Important Letters
Permanently

Correspondence, Routine With Customers/Vendors
2 Years

Deeds, Mortgages And Bills Of Sale
Permanently

Depreciation Schedules
Permanently

Employee Personal Records (After Termination)
7 Years

Employment Applications
3 Years

Financial Statements (Year-end, Other Months Optional)
Permanently

General Ledgers, Year-end Trial Balances
Permanently

Insurance Records, Policies, etc.
Permanently

Internal Audit Reports (Miscellaneous)
3 Years

Inventory Records
7 Years

Invoices to Customers Or From Vendors
7 Years

IRA And Keogh Plan Contributions, Rollovers, Transfers And Distribution
Permanently

Minute Books Of Directors, Stockholders, Bylaws & Charter
Permanently

Payroll Records, Summaries And Tax Returns
7 Years

Petty Cash Vouchers
3 Years

Property Records, Including Costs, Depreciation Reserves, Year-End Trial Balances, Depreciation Schedules, Blueprints, And Plans
Permanently

Purchase Orders
3 Years

Receiving Sheets
1 Year

Safety Records
6 Years

Sales Records
7 Years

Stock And Bond Certificates (Cancelled)
7 Years

Subsidiary Ledgers
7 Years

Tax Returns, Revenue Agents' Reports, And Other Documents Relating To Determination Of Income Tax Liability
Permanently

Time Cards And Daily Reports
7 Years

Trademark Registrations, Patents, And Copyrights
Permanently

Voucher Register And Schedules
7 Years

Vouchers For Payments To Vendors, Employees, etc. (Includes Allowances & Reimbursements Of Employees, Officers, etc., For Travel & Entertainment Expenses)
7 Years

Answer 2

Tax records 7 Years. Bank Statements usually 3 years. Credit card statements, usually a year.

Answer 3

Tax records...at least 3 years. The rest, it depends. If you are having problems with a company, it is good to keep all the records till the problem is resolved. Make sure you go through your statements every month.

Answer 4

7 years in Canada

Answer 5

YES >>> I can't recall what the new rule was but it changed about 1 year ago . Our company had to implement the process to save e mails automatically. hitting delete / really doesn't delete / there is an automatic backup done / they somehow can recreate it all. IT handles it all / it didn't really impact us as . it costs company quite a bit of money to save the e communications records.

Answer 6

Back in 98 the irs told me I better keep them 3 years.. ROB

Answer 7

7yrs.