Record Retention and Destruction Policy

Record Retention Time Periods

 

 


The Record Management, Retention, and Destruction is a detail policy template which can be utilized on day one to create a records management process.  Included with the policy are forms for establishing the record management retention and destruction schedule and a full job description with responsibilities for the Manager Records Administration.

The areas included with this policy template are:

  • Record retention requirements for SOX sections 103a, 302, 404, 409, 801a and 802.
  • Policy
  • Standard
    • Scope
    • Responsibilities
    • Record Management
    • Compliance and Enforcement
    • Email Retention and Compliance
  • Job Description Manager Record Administrator
  • 12 forms for Record Retention and Disposition Schedule

 

 

Years

 

 

1 2 3 4 5 6 7 8 9 10 PERM
 

Accounting Records

                     
 

Bank statements, reconciliations & deposit slips

                     
 

Dividend checks (canceled)

                     
 

Expense reports

                     
 

Monthly/interim financial statements

                     
 

Inventory count & costing sheets

                     
 

Fixed asset acquisition invoices (after disposal)

                     
 

Accounts payable ledgers (computer runs)

                     
 

Accounts receivable ledgers (computer runs)

                     
 

Cash books & cash register tapes

                     
 

Subsidiary ledgers

                     
 

Monthly trial balances

                     
 

Checks

                     
 

Payroll (individual time report & earnings records)

                     
 

Vouchers

                     
 

Audit reports

                     
 

General ledgers & journals

                     
 

Annual financial statements

                     
 

Income tax returns & work papers

                     
 

Payroll tax returns & W-2’s

                     
 

Corporate Records

                     
 

Mortgages, notes & leases (after expiration)

                     
 

Bylaws, charter & minute books

                     
 

Checks (taxes, property & fulfillment contracts)

                     
 

Contracts & agreements (after termination)

                     
 

Copyrights, trademark & patent registrations

                     
 

Deeds & easements

                     
 

Partnership agreements or corporate documents

                     
 

Labor contracts

                     
 

Capital stock & bond records 

                     
 

Patents

                     
 

Proxies

                     
 

Retirement & pension records

                     
 

Correspondence

                     
 

General

                     
 

License, traffic & purchase

                     
 

Production

                     
 

Legal 

                     
 

Insurance

                     
 

Policies (after expiration)

                     
 

Accident reports

                     
 

Fire inspection reports

                     
 

Group disability records

                     
 

Safety reports

                     
 

Claims (after settlement)

                     
 

Personnel files (after termination)

                     
 

Employment applications (not hired)

                     
 

Payroll (time cards)

                     
 

Discrimination charges (after settlement)

                     
 

Performance reviews (after termination)

                     
 

Contracts (after expiration)

                     
 

Daily time reports

                     
 

Disability & sick benefits records

                     
 

Personnel files (after termination)

                     
 

Withholding tax statements

                     
 

Employee manuals & polices (after replaced)

                     
 

Worker’s Compensation documents

                     
 

Purchasing and Sales

                     
 

Purchase orders

                     
 

Requisitions

                     
 

Sales contracts

                     
 

Sales invoices

                     
 

Shipping & receiving 

                     
 

Export declarations

                     
 

Freight bills

                     
 

Manifests

                     
 

Shipping & receiving reports

                     
 

Waybills & bills of lading