Retention! Retention Small Business Owners!

DSWD keeps small business owner’s document archives at necessary levels to manage their business risks by referencing the retention document related to this brief announcement. Go ahead and make a project of it and implement at your home while you are at it.  Your DSWD representative can assist with breaking it down into manageable tasks.  They can also assist you with developing a Household and Personal Property Inventory for your Will and other Estate and Financial planning needs facilitating your orderly passage of assets upon death and efficient titling of assets while living.

Suggested Schedule for Retention of Business Records

KEY: “P” means that the records should be retained permanently. Figures represent the number of years for retaining the records.  “AT” means after termination and “AD” means after disposal of the underlying asset.

Type of Record Period Type of Record Period
Accident reports (settled) 7 Ledgers and Journals:
Articles of incorporation P   Accounts payable ledger 7
Bank deposit slips 3   Accounts receivable ledger 7
Bank Reconciliations 3   Cash journal 10
Bank Statements 7   Customer ledger 7
  General journal 10
Capital stock:   General ledger P
  Applications for authorizations and issuance P   Journal entries – Year-end P
  Certificates (cancelled) P   Payroll journal 10
  Ledger P   Plant ledger P
  Transfer records P   Purchases journal 10
Sales slips (cash and charge) 7   Royalty journal 10
Check Register 10   Sales journal 10
*Checks (paid and cancelled) 7AD   Stock ledger P
Contracts:   Voucher journal 10
  Corporate 20AT Licenses 1AT
  Employee 7AT Maintenance and repair records:
  Vendor 7   Buildings 7
Correspondence:   Machinery 5
  Accounting 5 Manufactured stock records 7
  Credit and collection 7 Minute books P
  General 3 Mortgages 7AT
  Personnel 7AT Notes (cancelled) 7
Cost accounting records 5 Note register P
Options 7AT
Deeds P Patent records P
Delivery receipts 3 Pension records P
Deposit slip copies 3 Petty cash records 3
Dividend register P Plant acquisition records 7AD
Depreciation schedules 7AD Property records:
  Account ledgers P
Equipment leases (after expiration) 6   Appraisals P
Equipment repair records 3   Damage reports 7
Expense reports:   Deeds and titles P
  Departmental 5   Depreciation 7AD
  Employee 5   Plans and specifications P
  Purchases P
Fidelity bonds 3AT   Sales P
Financial reports:   Taxes 10
  Audited P Purchase order copies 3
  Annual P Purchase invoices 7
  Interim 3 Receiving reports 3
Fire damage reports 6 Remittance statements 3
Fixed asset records 7AD Requisitions 3
Franchise agreements 10AT Sales invoices 7
Freight drafts, bills and claims 5 Securities (brokerage slips) 7AD
Shipping tickets 5
Garnishments 3AT Stockholder records P
Insurance policies (after expiration) 3 Surety bonds 3AT
Inventory records 7AD Tax records (including worksheets,
Invoices (issued or received) 7   bills and statements agent reports) 10
Invoices – fixed assets 7AD Tax returns (copies):
  Estate P
Labor records:   Gift P
  Applications (employees) 7AT   Income P
  Contracts 7AT   Payroll 7
  Daily time reports 5   Personal property 10
  Disability claims 7AT   Sales and use 10
  Earnings records 7   Social security 7
  Employee service records 7AT Title papers P
  Pay checks 7 Trademark records P
  Personnel files 7AT Travel records (employees) 3
  Salary and wage rate changes 7AT Uncollectible accounts records 7
  Salary receipts 7AT Union (labor) contracts P
  Time cards, tickets and clock records 5 Vouchers (copies) 7
  Unemployment claims 7AT Voucher register 10
  Witholding exeption certificates 7AT Wage rate records 7
  Workers compensation reports 10 Warrants P
Withholding and exemption certificates 7AT
Leases 7AT W-2 Forms 7

Contact your DSWD representative today to learn more about the considerations to make during these life important decisions at 708-489-1680.

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