Record Retention

As a business, you are required to keep documents for a period of time. These records can take up a lot of storage; whether that be in your office or on your computer hard drive. The general rule of for record retention is seven years, with some exceptions. Below are some recommended lengths of time to retain business records for all types of businesses:

Retain records for 7 years:

Bank statements and reconciliations
Payroll tax records
Inventory records
Sales records
Travel and Entertainment documents

 

Retain records indefinitely:

Income tax returns
Year-end financial statements
Depreciation schedules
Retirement and pension records

 

If you would like more information, contact BWTP P.C. or Melissa McDonnell at 314-576-1350.

Melissa McDonnell is an Accounting Services member with BWTP P.C.

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