To Shred, or not to shred, that is the question:
As junk mail, tax returns, and various documents from work pile up; it can get pretty confusing trying to figure out what you should keep in your records and for how long. Office and garage space is a limited resource, so only storing the documents you’re required to keep is important. Mansfield Shredding’s Document Timeline will guide you in making these decisions easily; of course, individual circumstances could vary; so check your states local laws and regulations regarding document management and destruction.
| DOCUMENT TYPE | RETENTION PERIOD |
| A | |
| Accident reports and claims (settled cases) | 7 years |
| Accounts payable ledgers and schedules | 7 years |
| Accounts receivable ledgers and schedules | 7 years |
| Articles of incorporation | Permanently |
| Audit report of accountants | Permanently |
| B | |
| Bank deposit slips | 3 years |
| Bank reconciliation | 1 year |
| Bank statements (not including cancelled checks) | Permanently |
| Bills of lading | 6 years |
| Brokerage statements (annual) | Permanently |
| Budgets | 2 years |
| C | |
| Capital stock & bond records:ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc. | Permanently |
| Cash books | Permanently |
| Cash projections | 2 years |
| Checks-cancelled | 7 years |
| Checks-cancelled (important payments: taxes, property purchase, contracts) | Permanently |
| Contracts, mortgages, notes andLeases (expired) | 7 years |
| Contracts (current) | Permanently |
| Copyright registration | Permanently |
| Correspondence (routine) with customers or vendors | 1 year |
| Correspondence (general) | 3 years |
| Correspondence (legal or important) | permanently |
| Credit memos | 3 years |
| D | |
| Deeds, mortgages and bills of sale | Permanently |
| Depreciation schedules | 3 years after full depreciation |
| Duplicate deposit slips | 2 years |
| E | |
| Employee expense reports | 3 years |
| Employee payroll records (w-2, w-4, annual earnings records, etc.) | 6 years |
| Employee personnel records (after termination) | 3 years |
| Employment applications | 3 years |
| Employment applications (not hired) | 1 year |
| Expense analysis and Expense Distribution schedules | 7 years |
| F | |
| Financial statements (end of year) | Permanently |
| Freight bills | 4 years |
| G | |
| Garnishments | 7 years |
| General and private ledgers(end of year trial balances) | Permanently |
| I | |
| Insurance policies (expired) | 6 years |
| Insurance records, current accident reports, claims, policies, etc. | 7 years |
| Internal audit reports | 7 years |
| Internal reports (misc.) | 3 years |
| Internal work orders | 3 years |
| Inventories of products, materials, and supplies | 3 years after superseded |
| Invoices to customer | 7 years |
| Invoices from vendors | 7 years |
| J | |
| Journals | Permanently |
| Junk Mail | None |
| M | |
| Minute books | Permanently |
| N | |
| Notes receivable ledgers and schedules | 7 years |
| O | |
| Option records (expired) | 7 years |
| P | |
| Patents | Permanently |
| Payroll records and summaries | 8 years-Permanent |
| Petty cash vouchers | 3 years |
| Physical inventory tags | 3 years |
| Plant cost ledgers | 7 years |
| Production and sales reports | 3 years |
| Property appraisals | Permanently |
| Property records (costs, depreciation reserves, year end balances, blueprints) | Permanently |
| Purchase Journals | Permanently |
| Purchase orders | 1 Year |
| Purchase orders (department copy) | 7 years |
| R | |
| Receiving sheets | 1 year |
| Requisitions | 1 year |
| Retirement and pension records | Permanently |
| S | |
| Sales commission reports | 3 years |
| Sales records | 7 years |
| Scrap and salvage records | 7 years |
| Subsidiary ledgers | 7 years |
| T | |
| Tax returns and worksheets | 7 years |
| Telephone logs/message books | 3 years |
| Time books/cards | 6 years |
| Trademark registration | Permanently |
| Training manuals | Permanently |
| U | |
| Union Agreements | Permanently |
| V | |
| Voucher register and schedules | 7 years |
| Voucher for payments to vendors, employees ect. | 7 years |
| W | |
| Withholding tax statements | 6 years |