Record Keeping
- The Art of Record Keeping for Artistsby Joyce E. Martelli, CPA and Fiber Artist
- Includes record keeping template
- A website to view your credit cards and bank records in one place: http://www.mint.com
Records Retention Guide:
|
Record |
Retain |
|
Accident report/claims (settled cases) |
7 years |
|
Accounts payable ledgers and schedules |
7 years |
|
Accounts receivables ledgers and schedules |
7 years |
|
Audit Reports |
Permanently |
|
Bank Reconciliations |
2 years |
|
Bank Statements |
7 years |
|
Cash Books |
Permanently |
|
Checks (canceled-see exception below) |
7 years |
|
Check (canceled for important payments, ie.e. taxes, purchases of property special contracts, etc. Checks should be filed with the papers pertaining to the underlying transaction) |
Permanently |
|
Contracts, mortgages, notes and leases |
|
|
• Expired |
7 Years |
|
• Still in effect |
Permanently |
|
Correspondence (general) |
2 years |
|
Correspondence (legal and important matters only) |
Permanently |
|
Correspondence (routine with customers and/or vendors) |
2 years |
|
Deeds, mortgages, bills of sale |
Permanently |
|
Duplicate Deposit Slips |
7 years |
|
Expense Analysis/Expenses distribution schedules |
7 years |
|
Financial Statements (year-end, other optional) |
Permanently |
|
General/private ledgers, year-end trial balances) |
Permanently |
|
Insurance Policies (expired) |
3 years |
|
Insurance Records, current accident reports, claims, policies, etc. |
Permanently |
|
Inventories of products, materials and supplies |
At least 4 years |
|
Invoices (to customer/from vendors) |
7 years |
|
Journals |
Permanently |
|
Notes receivables ledgers and schedules |
7 years |
|
Payroll records and summaries |
At least 4 years |
|
Personnel files (terminated) |
7 years |
|
Petty cash vouchers |
3 years |
|
Property Appraisals by outside appraisers |
Permanently |
|
Property records, including costs, depreciation schedules, blueprints, plans) |
Permanently |
|
Purchase Orders |
7 years |
|
Receiving Sheets |
1 year |
|
Retirement records |
Permanently |
|
Tax Returns and worksheets, revenue agents reports, and other documents relating to determination of income tax liability |
7 years |
|
Trademark Registrations & Copyrights |
Permanently |
|
Withholding tax Statements |
7 years |