This is Going On Your 

                  "Permanent Record"

  The retention of business records are often mandated by federal, state, or local governments or other related requirements. It is important to know the length of time records should be retained. Here are the minimum requirements for some of the most common type of records:

   Accident reports/claims (settled cases) ..........................7 years

   Accounts payable ledgers and schedules .......................7 years

   Accounts receivable ledgers and schedules ....................7 years

   Audit reports ........................................................Permanently

   Bank reconciliations ....................................................2 years

   Bank statements .........................................................3 years

   Capital stocks and bond records; ledgers, transfer

    registers, stubs showing issues, records of interest

    coupons, options, etc. ..........................................Permanently

    Cash books ........................................................Permanently

   Checks (cancelled-see exception below) .......................7 years

   Checks (cancelled for important payments, i.e., taxes,

    purchases of property, special contracts, etc. Checks

    should be filed with the papers pertaining to the

    underlying transaction) ........................................Permanently

   Contracts, mortgages, notes and leases

    (expired) ...................................................................7 years

    (still in effect) .....................................................Permanently

   Correspondence (general/routine) ................................2 years

   Correspondence

    (legal and important matters only) ........................Permanently

   Deeds, mortgages, and bills of sale ................,.......Permanently

   Depreciation schedules .........................................Permanently

   Duplicate deposit slips .................................................2 years

   Employment applications .............................................3 years

   Expense analyses/expense distribution

    schedule ...................................................................7 years

   Financial statements

    (year-end, others optional) ..................................Permanently

   Garnishments .............................................................7 years

   General/private ledgers, year-end trial

    balance ..............................................................Permanently

   Insurance policies (expired) .........................................3 years

   Insurance records, current accident reports, claims,

    policies, etc........................................................Permanently

   Internal audit reports (longer retention periods may be

    desirable) .................................................................3 years

   Inventories of products, materials and

    supplies ....................................................................7 years

   Invoices (to customers, from vendors) .........................7 years

   Journals .............................................................Permanently

   Magnetic tape and tab cards ........................................ 1 year

   Minutes books or directors, stockholders, bylaws and

    charter ..............................................................Permanently

   Option records (expired) .............................................7 years

   Payroll records and summaries ....................................7 years

   Personnel files (terminated) ........................................7 years

   Petty cash vouchers ...................................................3 years

   Physical inventory tags ...............................................3 years

   Plant cost ledgers .......................................................7 years

   Property appraisals by outside

    appraisers .........................................................Permanently

   Property records, including costs, depreciation reserve,

    year-end trial balances, depreciation schedules,

    blueprints and plans ...........................................Permanently

   Purchase orders (except purchasing department

    copy) ........................................................................1 year

   Receiving sheets .........................................................1 year

   Retirement and pension records ..........................Permanently

   Requisitions ...............................................................1 year

   Sales records ............................................................7 years

   Scrap and salvage records (inventories,

    sales, etc.) ..............................................................7 years

   Stenographers' notebooks .......................................... 1 year

   Stock and bond certificates (cancelled)........................7 years

   Subsidiary ledgers ....................................................7 years

   Tax returns and worksheets, revenue agent's reports

    and other documents relating to determination of

    income tax liability ............................................Permanently

   Time books/cards .....................................................7 years

   Trademark registrations and copyrights ...............Permanently

   Training manuals................................................Permanently

   Union agreements ..............................................Permanently

   Voucher register and schedules ..................................7 years

   Voucher for payments to vendors, employees, etc.

    (includes allowances and reimbursement of

    employees, officers, etc., for travel and

    entertainment expenses) ..........................................7 years

   Withholding tax statements ........................................7 years