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 |