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 RecordPeriodType of RecordPeriod
Accident reports (settled)7Ledgers and Journals:
Articles of incorporationP  Accounts payable ledger7
Bank deposit slips3  Accounts receivable ledger7
Bank Reconciliations3  Cash journal10
Bank Statements7  Customer ledger7
  General journal10
Capital stock:  General ledgerP
  Applications for authorizations and issuanceP  Journal entries – Year-endP
  Certificates (cancelled)P  Payroll journal10
  LedgerP  Plant ledgerP
  Transfer recordsP  Purchases journal10
Sales slips (cash and charge)7  Royalty journal10
Check Register10  Sales journal10
*Checks (paid and cancelled)7AD  Stock ledgerP
Contracts:  Voucher journal10
  Corporate20ATLicenses1AT
  Employee7ATMaintenance and repair records:
  Vendor7  Buildings7
Correspondence:  Machinery5
  Accounting5Manufactured stock records7
  Credit and collection7Minute booksP
  General3Mortgages7AT
  Personnel7ATNotes (cancelled)7
Cost accounting records5Note registerP
Options7AT
DeedsPPatent recordsP
Delivery receipts3Pension recordsP
Deposit slip copies3Petty cash records3
Dividend registerPPlant acquisition records7AD
Depreciation schedules7ADProperty records:
  Account ledgersP
Equipment leases (after expiration)6  AppraisalsP
Equipment repair records3  Damage reports7
Expense reports:  Deeds and titlesP
  Departmental5  Depreciation7AD
  Employee5  Plans and specificationsP
  PurchasesP
Fidelity bonds3AT  SalesP
Financial reports:  Taxes10
  AuditedPPurchase order copies3
  AnnualPPurchase invoices7
  Interim3Receiving reports3
Fire damage reports6Remittance statements3
Fixed asset records7ADRequisitions3
Franchise agreements10ATSales invoices7
Freight drafts, bills and claims5Securities (brokerage slips)7AD
Shipping tickets5
Garnishments3ATStockholder recordsP
Insurance policies (after expiration)3Surety bonds3AT
Inventory records7ADTax records (including worksheets,
Invoices (issued or received)7  bills and statements agent reports)10
Invoices – fixed assets7ADTax returns (copies):
  EstateP
Labor records:  GiftP
  Applications (employees)7AT  IncomeP
  Contracts7AT  Payroll7
  Daily time reports5  Personal property10
  Disability claims7AT  Sales and use10
  Earnings records7  Social security7
  Employee service records7ATTitle papersP
  Pay checks7Trademark recordsP
  Personnel files7ATTravel records (employees)3
  Salary and wage rate changes7ATUncollectible accounts records7
  Salary receipts7ATUnion (labor) contractsP
  Time cards, tickets and clock records5Vouchers (copies)7
  Unemployment claims7ATVoucher register10
  Witholding exeption certificates7ATWage rate records7
  Workers compensation reports10WarrantsP
Withholding and exemption certificates7AT
Leases7ATW-2 Forms7

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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