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Records Retention – How long do you keep business records?

Banking? AP back up? Customer files? Invoices to Customers? Other?

Answers

Topic Expert
Christie Jahn
Title: CFO
Company: Prime Investments & Development
(CFO, Prime Investments & Development) |

It depends on the item, some have longer retention periods. I found this document, which may help: https://www.cpa.net/resources/retengde.pdf

Anonymous
(Finance and Human Resources Manager) |

Thank you Christie - that is a great resource!

Luis Diaz
Title: Sr. Cost Accountant
Company: Aspen Surgical PR Corp.
(Sr. Cost Accountant, Aspen Surgical PR Corp.) |

Question: How about if the company was sold and have new owners? For example, I have journal vouchers 10 years old, and the company was sold and have new owners since 2010. Should I keep those vouchers from 2004, 2005, etc.?

Stephen Ettinger
Title: Tax Manager
Company: Epcor USA
(Tax Manager, Epcor USA) |

Regarding tax records:
Check and see if the acquired and acquiring companies had entered into a IRS Record Retention Agreement either before or after the transaction. If an agreement is in place it will layout the financial information, applicable time periods, format of rentention, etc. that should be kept. If either company was audited by a public accounting firm this question would be asked each year. A quick online search of "IRS Record Retention Agreements" will yield an abundance of information on this topic.

Good Luck!

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