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Types of Records 1 Yr 2 Yrs 3 Yrs 7 Yrs Perm
Accounts payable ledgers & schedules       x  
Accounts receivable ledgers & schedules       x  
Company policy & practice manual         x
Audit reports         x
Bank statements     x    
Bank reconciliations     x    
Canceled checks     x    
Charts of accountants         x
Contracts & leases       x  
    expired         x
    still in effect          
Correspondence          
    contributions     x    
    general     x    
    legal & important matters only         x
    routine vendors x        
Depreciation schedules         x
Election records         x
Employee personnel records (after termination)       x  
Employee W-2s and payroll tax returns       x  
Employee applications   x      
Financial records / schedules used in preparation of tax returns (from date return filed)          
Financial statements (year-end: other months optional)         x
General ledgers, end-of-year trial balances     x    
Insurance policies (including expired policies)         x
Inventories          
Invoices     x    
    from vendors     x    
    to customers     x    
Minutes of director and committee meetings (including bylaws and charter)         x
Ownership of property, real estate, patents, trademarks, copyrighted documents (from date ownership ends)       x  
Payroll records and summaries       x  
Pension documents and records         x
Petty cash vouchers     x    
Purchase orders     x    
Receipt records (sales, etc.)     x    
Sales records and journals     x    
Subsidiary ledgers     x    
Tax returns         x
Time sheets          
Vouchers for payment to employees for reimbursements, allowances, etc.        x  

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