Sample Document Retention Schedule
Every business should know its requirement for retaining documentation relating to all of its business dealings. To assist the members along these lines, the MRAA worked with the law firm that provides legal representation benefits for the MRAA, Bellavia Blatt, to create an all-encompassing schedule that outlines how long you should retain individual documents. Bellavia Blatt researched a host of websites, including those of accounting and law firms to create this list.
MRAA disclosure: The following list of documentation retention periods are for illustration purposes only. Your obligation to retain particular documents will vary. Pleae check with legal counsel before implementing your document retention process. MRAA makes no representations to the legality of these retention periods.
If you are interested in exploring the services of Bellavia Blatt, you and view more information about their services here: Legal Services. For when legal needs appear, the MRAA has arranged an agreement with Bellavia Blatt, whose legal advisors are on standby to provide marine dealers like you with advice on subjects such as dealer agreements, real estate and lease agreements, employment practices, consumer complaints and more.
| Sample Document Retention Schedule | |
| Document | Retention Period |
| Accident Reports/Claims (Settled Cases) | 10 years |
| Accounts Payable Ledgers & Schedules | 7 years |
| Accounts Receivable Ledgers & Schedules | Permanent |
| Appraisals | 7 years |
| Audit Reports (Certified, IRS, Warranty) | Certified/IRS: Permanent Warranty: See State Law and Manufacturer’s Policies |
| Bank Reconciliations | Permanent |
| Bank Statements | Permanent |
| Book of Registry | See State Law |
| Capital Stock and Bond Records, Ledgers, Transfer Registers, Stubs Showing Issues, Records of Interest Coupon, Options, Etc. | Permanent |
| Cash Books | 7 years |
| IRS Form 8300 Cash Reporting Forms | Permanent |
| Charts of Accounts | 7 years |
| Checks (Cancelled – See Exception Below) | Permanent |
| Checks (Cancelled for Important Payments, i.e., Taxes, Special Contracts. Checks should be filed with the Transaction Documents) | 10 years |
| Contracts, Notes, & Leases | Permanent |
| Correspondence (General) | Permanent |
| Correspondences(Legal and Important Matters Only) | Permanent |
| Correspondence (Routine/with Customers & Vendors) | 3 years |
| Credit Applications (Approval/Denied) | 5 years |
| Customer Declaration Forms | 7 years |
| Customer Files/Deal Jackets | 10 years |
| Daily Plate Issuance Log | Permanent |
| Deeds, Mortgages and Bill of Sales | Permanent |
| Deposit Slips | Permanent |
| Depreciation Schedules | Permanent |
| Employee Personnel Records(Post Termination) | 7 years |
| Employment Applications | Permanent |
| Expense Analyses/Expense Distribution Schedules | 7 years |
| Financial Statements – Year End,Other Months Optional | Permanent |
| Garnishments | 5 years |
| General/Private Ledgers(Year-End Trial Balance) | Permanent |
| Gifts, Records of Gifts | 7 years |
| Group Disability Reports | Permanent |
| Incorporation Records Made or Received | Permanent |
| Inspection Records | 7 years |
| Insurance Policies | 7 years |
| Insurance Records, Accident Reports,Claims & Policies | 10 years |
| Internal Audit Reports (Longer Retention Periods may be Desirable) | 7 years – Expired;Permanent – Still in Effect |
| Internal Reports (Miscellaneous) | 5 years |
| In-Transit Permits (ITP) | Permanent |
| Inventories of Products, Materials & Supplies | 2 years |
| Invoices | 2 years |
| Invoices (Vehicles) | 10 years |
| Invoices – to Customers/from Vendors | Permanent |
| Journals | Permanent |
| MV-50 (Certificate of Sale) | 4 years |
| MV-TCR (Temporary Registration) | Permanent |
| Notes Receivable Ledgers and Schedules | 7 years |
| Odometer Statements | Permanent |
| OSHA Records | Permanent |
| Parts Purchase Orders | 10 years After Expiration – Assigned;11 years After Expiration – Unassigned |
| Payroll Records and Summaries | 7 years |
| Petty Cash Vouchers | 10 years After Expiration |
| Physical Inventory Tags | Permanent |
| Property Appraisals by Outsider Appraisers | 6 years |
| Property Records, Blueprints and Plans | 6 years |
| Property Records, Including Costs,Depreciation Reserves, Year End,Trial Balances, Depreciation Schedules | 7 years |
| Purchase Orders | 8 years |
| Receiving Sheets | Permanent |
| Regulation Disclosure Statements | 7 years |
| Repair Estimates | 5 years |
| Repair Records/Invoices | Permanent |
| Requisitions | 5 years |
| Retail Installment Contracts | 6 years |
| Retirement and Pension Records | Permanent |
| Sales Commission Reports | 3 years |
| Scrap and Salvage Records(Inventories, Sales, etc.) | 2 years |
| Extended Service Contracts | 3 years |
| Shipping and Receiving Reports | 7 years |
| Stock and Bond Certificates (Cancelled) | 3 years |
| Tax Returns and Worksheets, Revenue Agents’ Reports and Other Documents Relating to Determination of Income Tax Liability | Permanent |
| Time Cards | 2 years from Date of Last Entry |
| Trademark Registrations and Copyrights | Permanent |
| Unemployment Tax Returns | Permanent |
| Uniform Hazardous Waste Manifests | 5 years |
| Union Agreements | 5 years |
| Underground Storage Tanks Records, Installation, Maintenance and Closure | 2 years |
| Vouchers, Voucher Register and Schedules | 2 years |
| Withholding Tax Statements | Permanent |
| Work Orders (Repairs) | 2 years |
| Work Papers (Minors) | 2 years |
