Financial Record Storage Chart
Use this checklist to ensure that you're saving the right financial records for tax purposes and keeping them for an appropriate amount of time.
Record Type
Income tax reports, protests, court briefs, appeal
How long? Indefinitely
Annual financial statements
How long? Indefinitely
Books of account, such as the general ledger
How long? Indefinitely
Subledgers
How long? 3 years
Canceled, payroll and dividend checks
How long? 6 years
Income tax payment checks
How long? Indefinitely
Bank reconciliations, voided checks, check stubs and register tapes
How long? 6 years
Sales records such as invoices, monthly statements, remittance advisories, shipping papers, bills of lading and customers' purchase orders
How long? 6 years
Purchase records, including purchase orders and payment vouchers
How long? 6 years
Documents substantiating fixed-asset additions, depreciation policies and salvage values assigned to assets
How long? Indefinitely
Personnel and payroll records, such as payments and reports to taxing authorities, including federal income tax withholding, FICA contributions, unemployment taxes and workers' compensation insurance
How long? 6 years
Corporate documents, including certificates of incorporation, corporate charter, constitution and bylaws, deeds and easements, stock, stock transfer records, minutes of board of director meetings, retirement and pension records, labor contracts and license, patent, trademark and registration applications.
How long? Indefinitely
Entrepreneur Editors' Picks
-
Formerly Enslaved Black Man Nearest Green Taught Jack Daniel Everything He Knew About Whiskey. Today, the Founder of Uncle Nearest Premium Whiskey Celebrates His Legacy.
-
Leadership Lessons From the Exclusive Creativity School That 'Packs 5 Years Learning Into 5 Days'
-
3 Expert-Backed Strategies for Staying Calm in Times of Confrontation
-
The CEO of Wayfair Has Helped Revolutionize Digital Shopping for 20 Years. Here's How He Handles Rocky Economic Conditions.
-
This Founder Went to Prison When He Was 15 Years Old. That's Where He Came Up With the Idea for a Company Now Backed By John Legend.
-
3 Signs You're Letting Pride Get in the Way of Being Successful
-
Chip and Joanna Gaines and Shonda Rhimes Found Incredible Success By Using This One Entrepreneurial Strategy. Here's How You Can Too.
