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John Gerlach Accounting and Tax Preparation Services

Accounting, Auditing and Tax Preparation Services

John Gerlach & Company LLP

37 West Broad Street- Suite 800

Columbus, OH 43215

 

Phone: (614) 224-2164

Fax: (614) 224-1391

Record Retention Guidelines

Here’s a guide to help you determine what records to keep andfor how long:

 

Keep Permanently

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

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 payment 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 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 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