Do you what Record Retention Guide is?

Record Retention Guide is a step which we need to follow to keep the files or documents protected thereby maintaining the records permanently. Another added advantage is the records could be used when we want to refer it later. Record Retention Guide for Business Documents:

Duration: 1 year

• Documents related to vendors and customers
• Deposit slips which are not original
• Details of purchasing
• Sheets which needs to be received
• Applications
• Notebook of Stenographer
• Withdrawal forms which are used in Stockroom

Duration: 3 Years

• Documents such as Bank Statements
• Records of Employees containing Personal Details
• Applications regarding employment
• Insurance policies which are expired
• Needs the documents for employees every 1 hour with the help of time cards.
• Reports which are generated within the organization

Duration: 6 Years

• Reports about accidents and claims
• checks which are canceled
• Records in relation to employment
• Documents and records specifying sales
• Coupons which are paid for employees and vendors

Duration: Forever

• CPAs /Accountants that contains Audit reports
• Documented Tax returns, records and files saved in worksheets
• Details in the Journals
• History of the checks which are canceled and payment details
• Confirmations for Investments
• Properties which are Mortgaged
• Reports of IRS revenue

Record Retention Guide for Personal Documents:

Duration: 1 year

Only year statements are necessary and no need to worry about quarterly and monthly statements.

Duration: 3 years

• Statements consisting of credit card
• Documentation of medical bills
• Insurance policies which are expired

Duration: 6 years

• Tax returns and documents related to Tax returns
• Receipt mentioning sales
• Reports of accidents and claims

Duration: Forever

• Records such as Pension record, Retirement record
• Documents and records which are authorized

Record Retention Guide for Emergency:

• Records and documents of car, stock, property and bond
• Receipts of sales and credit cards
• Files containing insurance policies