Forms Retention **The following are guidelines and not to be used in place of legal advice. Accident reports and claims (settled cases), 7 years Accounts payable ledgers and schedules, 7 years Accounts receivable ledgers and schedules, 7 years Audit reports of accountants, Permanently  Bank reconciliations, 1 year Capital stock and bond records; ledgers, transfer registers, stubs showing issues, record of interest coupons, opinions, etc., Permanently Cash books, Permanently Charts of accounts, Permanently Checks (canceled but see exception below), 7 years Checks (canceled for important payments, i.e. taxes, purchases of property, special contracts, etc. (checks should be filed with the papers pertaining to the underlying transaction), Permanently Contracts and leases (expired), 7 years Contracts and leases still in effect, Permanently Correspondence (routing) with customers or vendors, 1 year Correspondence (general), 3 years Correspondence (legal and important matters only), Permanently Deeds, mortgages, and bills of sale, Permanently Depreciation schedules, Permanently Duplicate deposit slips, 1 year Employee personnel records (after termination), 3 years Employment applications, 3 years Expense analysis and expense distribution schedules, 7 years Financial statements (end-of-year, other months optional), Permanently General and private ledgers (and end-of-year trial balances), Permanently Insurance policies (expired), 3 years Insurance records, current accident reports, claims, policies, etc., Permanently Internal audit reports (in some situations, longer retention periods may be desirable), 3 years Internal reports (miscellaneous), 3 years Inventories of products, materials and supplies, 7 years Invoices to customers, 7 years Invoices from vendors, 7 years Journals, Permanently Minutes, books of directors and stockholders, including by-laws and charter, Permanently Notes receivable ledgers and schedules, 7 years Option records (expired), 7 years Payroll records and summaries, including payments to pensioners, 7 years Petty cash vouchers, 3 years Physical inventory tags, 3 years Plant cost ledgers, 7 years Property appraisals by outside appraisers, Permanently Property records including costs, depreciation reserves, end-of-year trial balances, depreciation schedules, blueprints and plans, Permanently Purchase orders (except purchasing department copy), 1 year Purchase orders (purchasing department copy), 7 years Receiving sheets, 1 year Requisitions, 1 year Sales records, 7 years Savings bond registration-records of employees, 3 years Scrap and salvage records (inventories, sales, etc.), 7 years Stenographer's notebooks, 1 year Stock and bond certificates (cancelled), 7 years Stockroom withdrawal forms, 1 year Subsidiary ledgers, 7 years Tax returns and worksheets, revenue agents' reports and other documents relating to determination of income tax liability, Permanently Time books, 7 years Trade mark registrations, Permanently Voucher register and schedules, 7 years Vouchers for payments to vendors, employees, etc. (included allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses), 7 years