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.
