You've finally finished switching your files over. The file cabinets are happy to no longer be overstuffed with an entire year and your happy to have room to move around in them while 2007 is still young. 2006 is packed away in boxes, probably sitting on the floor of your office where they will stay for the next few months because you know you'll be referring back to them a million times. And after that its off to the storage room, closet, warehouse, where ever you can find the room to store them. This is when the question always comes up, "How long do I have to keep this stuff anyway?"
Here is a list of some of the more common items cluttering up your office and how long to hang onto them:
~ 3 years - Most general correspondence, employment applications, petty cash vouchers
~ 7 years - A/P and A/R ledgers & schedules, invoices (from vendors and to customers) Purchase Orders, Sales Records, Payroll Records, Bank Statements.
~ Indefinity - Accountants audit reports, financial statements, general ledger, contracts still in force, deeds, mortgages & bills of sale, tax returns, minute books.
For a complete list of record retention rules click here and download our newsletter from the Helpful Tools & Tips section.
