Business Records to Retain for 7 Years

Accounting Records

• Auditor’s report/annual financial statements
• Cancelled checks for fixed assets + income taxes.
• Cash disbursements
• Cash receipts journal
• Chart of accounts
• Deeds, mortgages, bills of sale
• Fixed asset record
• General journal
• General ledger
• Patent/trademark papers
• Purchase journal
• Year-end trial balance

Insurance Records

• Active insurance policies

Tax Records

• IRS adjustments
• Property basis records
• Sales and use tax returns.
• Tax return and cancelled check for tax payments

Legal Documents

• Articles of incorporation
• Buy-sell agreements.
• Active contracts and leases
• Legal correspondence
• Partnership agreements
• Stock certificates and ledgers
• Minutes

Employee Benefit Plan Records

• Actuarial reports
• Financial statements
• General ledger and journals
• Information returns (Form 5500)
• IRS/Department of Labor correspondence
• Plan and trust agreements

Documents & Forms