QuickBooksGal: End of Year Record Retention Guide

End of Year Record Retention Guide

Getting ready to store your financial records for 2009?
Here's a handy guide to help you decide what to keep and what to toss.

Record Retention Guide
Type of Record	Retention Period
Bank Statements	7 Years
Business Licenses	Until Expired
Cash Register Tapes	3 Years
Check Registers	Keep Permanently
Canceled Checks	3 Years
Deeds, Titles, Title Insurance	Length You Own the Property
Financial Statements	Keep Permanently
General Ledger	Keep Permanently
Inventory Records	7 Years
Invoices/Bills - Accounts Payable	3 Years
Invoices - Accounts Receivable	3 Years
Phone/Utility Bills	3-6 Years
Property, Plant & Equipment Records	Keep Permanently
Purchase Orders	3 Years
Receiving Reports	3 Years
Tax Returns & Related Backup	10 Years Minimum
Time Cards or Tickets	3 Years
Travel Expense Records	7 Years