Page 208 - Accounting Best Practices

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10–9 Adopt a Document-Destruction Policy
Exhibit 10.3 Detailed Document-Destruction Policy 197
Type of Record Retention
Accident Reports/Claims (Settled) 7 Years
Accounts Payable Ledgers/Schedules 7 Years
Accounts Receivable Ledgers/Schedules 7 Years
Advertisement for a Job Opening 1 Year
Age Records 3 Years
Applications for Advertised Job Openings 1 Year
Bank Reconciliations 1 Year
Capital Stock Records Permanent
Chart of Accounts Permanent
Checks (Canceled) 7 Years
Citizenship or Authorization to Work (I-9) 3 Years from Hire or 1 Year
after Separation
(Whichever Is Longer)
Contracts and Leases (Expired) 7 Years
Contracts and Leases in Effect Permanent
Deeds, Mortgages, Bills of Sale Permanent
Demotion Records 1 Year
Discrimination or Enforcement Charges 3 Years
Earnings per Week 3 Years
Employer Information Report Keep Most Recent Report
Employment Contracts 3 Years
Financial Statements Permanent
General Ledgers (Year-End) Permanent
Hazardous Materials Exposure/Monitoring 30 Years
Hiring Records 1 Year from Date Record
Made or Personnel Action
Taken, Whichever Is Later
Insurance Policies (Expired) 3 Years
Insurance Records, Claims, Reports Permanent
Insurance/Pension/Retirement Plans 1 Year after Termination
Internal Audit Reports 3 Years
Inventory Records 7 Years
Invoices to Customers 7 Years
Invoices from Suppliers 7 Years

(continues)