MOLLY MAID General Operations Manual Copyright 2015, Molly Maid, Inc. 3.1 Requirements It is important to hold onto your business records only as long as they are useful or necessary to meet legal requirements. Retaining unnecessary records will soon use up all available storage space. The retention periods shown here are intended as general guidelines only. Before destroying any business records, always seek legal counsel. Type of Document Retention Period Accident reports/claims (settled cases) Check with your state laws Accounts payable ledgers and schedules 7 years Accounts receivable ledgers and schedules 8 years Audit reports Permanently Bank statements 3 years Cash books Permanently Chart of Accounts Permanently Canceled checks (for important payments, contracts, assets purchases, tax payments, etc.)(File them with the papers pertaining to the underlying transaction.) Permanently Canceled checks (except those noted above) 7 years Contracts and leases (expired) 7 years Contracts and leases still in effect Permanently Correspondence, general 2 years Correspondence, legal and important matters Permanently Correspondence, routine with customers 2 years Employee personnel records (after termination) 7 years Financial statements (year-end) Permanently General ledgers, year-end trial balances Permanently Insurance policies (expired) 3 years Insurance records, accident reports, claims, policies, etc. Permanently Internal audit reports (miscellaneous) 3 years Inventory records 7 years Invoices to customers 7 years Payroll records, summaries, and tax returns 7 years Petty cash vouchers 3 years
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