Record Retention Guide

Westchester tax preparation firm Herman & Company CPA’s, P.C. has all the answers to your personal finance questions!

The American Institute of Certified Public Accountants has developed and distributed detailed a guide for record retention. We reproduce below selections that may be of particular interest to housing cooperatives and condominiums and their residents.

Keep Permanently
Appraisals by outside appraisers
Audit reports
Blueprints and plans
Bylaws
Capital stock and bonds records
Cash books
Charter
Charts of accounts
Cancelled checks for

  • important payments
  • taxes, special contracts

* file with papers for the transaction
Contracts, mortgages,

  • leases in effect

Correspondence on

  • legal matters

Deeds, mortgages, bills of sale A A A A
Depreciation schedules
Year end financial statements
General ledgers, year-end

  • trial balance

Insurance records,

  • current accident reports, claims, policies

Journals
Minute books of directors, stockholders
Retirement and pension records
Tax returns and related worksheets
Training manuals
Union agreements
Vouchers/payment to employees, vendors

Keep for 7 Years
Accident reports/claims (settled cases)
Accounts payable ledgers and schedules
Cancelled checks (see exceptions at left)
Expense analyses/expense distributions
Expired contracts, mortgages, leases
Garnishments
Inventories of products, materials, supplies
Invoices
Notes receivable ledgers and schedules
Option records (expired)
Payroll records and summaries
Personnel files (terminated)
Purchase orders
Stock and Bond certificates (cancelled)
Subsidiary ledgers
Time books/cards
Voucher registers and schedules
Withholding tax schedules

Keep for 3 Years
Bank statements
Employment applications
Insurance policies (expired)
Internal audit reports
Internal reports (miscellaneous)
Petty cash vouchers
Sales commission reports

Keep for 2 Years
Bank reconciliations
General correspondence
Duplicate deposit slips

Keep for 1 Year
Magnetic tape and tab cards
Purchase orders
Requisitions

 

 

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Any U.S. tax advice contained in the body of this website is not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.