Certified Public Accountant
Contact us:
972-727-3341
NEWTON BUCKLEY, CPA
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Timetable for Keeping Records







ACCOUNTING RECORDS:


Accounts payable

Accounts receivable

Audit reports

Chart of Accounts

Depreciation schedules

Expense records

Financial statements (annual)

Fixed asset purchases

General ledger

Inventory records

Loan payment schedules

Purchase orders (1 copy)

Sales records

Tax returns



BANK RECORDS:

Bank reconciliations

Bank statements

Cancelled checks

Electronic payment records



CORPORATE RECORDS:

Board minutes

Bylaws

Business licenses

Contracts - major

Contracts - minor

Insurance policies

Leases/mortgages

Patents/trademarks

Shareholder records

Stock registers

Stock transactions



EMPLOYEE RECORDS:

Benefit plans

Employee files (ex-employees)

Employment applications

Employment taxes

Payroll records

Pension/profit sharing plans



REAL PROPERTY RECORDS:

Construction records

Leasehold improvements

Lease payment records

Real estate purchases







RETENTION PERIOD:


7 years

7 years

Permanent

Permanent

Permanent

7 years

Permanent

Permanent

Permanent

7 years

7 years

7 years

7 years

Permanent





2 years

7 years

7 years

7 years





Permanent

Permanent

Permanent

Permanent

Life + 4 years

Life + 3 years

Permanent

Permanent

Permanent

Permanent

Permanent





Permanent

7 years

3 years

7 years

7 years

Permanent





Permanent

Permanent

Life + 4 years

Permanent