|
Source: Accounting Office Management & Administrative Report
Rules for Length of Retention of Administrative Files, in Years
| Record type |
Retention period |
| Canceled checks, bank statements, deposit slips |
10 |
| Invoices |
7 |
| Correspondence |
1+ |
| Daily cash reports, remittance advices |
1 |
| Disability benefits |
6 after expiration of settlement |
| Discrimination charges by employees |
4 after settlement |
| Employee contracts |
7 after termination |
| Employee medical history |
6 after termination |
| Equipment records |
3 after disposition |
| Expense reports |
7 |
| HR and related correspondence |
7 |
| INS 1-9 forms |
3 from date of filing or 1 year after determination, whichever is longer |
| Interim financial statements |
7 |
| Leases and contracts |
10 after termination |
| Other periodic financial reports |
3 |
| Payroll data and authorization |
7 |
| Personnel counseling records |
7 after termination |
| Personnel data, applications, and contracts for former employees |
7 after termination |
| Applications, resumes, or other job ads and replies |
7 after termination for employees; 1 after selection process is complete for others |
| Documents related to promotion, demotion, layoff, or discharge |
7 after change in status |
| Salary rates and changes |
3 after termination |
| Vendor invoices, petty cash slips Warranties, service agreements |
1 after expiration |
| |
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(Source: Melvyn Ockner, Berdon LLP)
Reprinted with permission from Accounting Office Management & Administrative Report, June 2006, p.1 and 10. For subscription information contact Institute of Management & Administration, Inc., 3 Park Avenue, 30th Floor, New York, NY 10016-5902. One-year subscription $349. 212-244-0360, [email protected]. For the complete article, click here. |
