What To Shred?

You might think that  you don’t have much confidential information that needs to be shredded? Think again! Here is a list of the type of information that absolutely should be shredded.

 

  • Account records and ledgers

  • Activity sheets

  • Advertising

  • Applications

  • Appraisals

  • Bank statements

  • Bids and quotes

  • Budgets

  • Business plans

  • Canceled checks

  • Client lists

  • Contact lists

  • Corporate tax records

  • Correspondence

  • Customer records

  • Disciplinary reports and promotions

  • Educational reports

  • Expense reports

  • Financial statements

  • Forecasts

  • Formulas, product plans and tests

  • General service information

  • Health and safety reports

  • Internal reports

  • Legal Documents

  • Lottery tickets

  • Maps and blueprints

  • Marketing plans

  • Medical records

  • New product information

  • Payroll documents

  • Performance appraisals

  • Personnel files

  • Plastic credit and ID cards

  • Research and development reports

  • Sales forecasts

  • Specification drawings

  • Strategic reports

  • Strategies Supplier purchase orders

  • Supplier reports

  • Supplier specifications

  • Test scores and class rosters

  • Training information programs

The below information can be used to audit your companies retention and security policies.

 

Businesses must maintain book and records so that an accounting of the business activities may be performed. Whether it be for an audited financial report, a compilation, a review, a tax return, or a specific management report, businesses must gather, summarize and analyze facts and figures to support reports, tax returns and conclusions. After the report is issued and/or the tax return is filed, the next important question is just how long must these business records be retained. Before finalizing an entity’s record retention procedures, it is recommended that the IRS regulations, state and local government retention requirements and the AICPA’s Filing and Record Retention Procedures Guide be reviewed.


Please note: The suggested retention periods shown are not offered as final authority, but as guideposts against which to compare your needs. There may be several situations, for historical or reference purposes, for example, that necessitate longer periods than legally required. In addition, many specific industries require retention periods that are different than rated here for specific terms. In most cases, the period of retention listed in this guide provides a more conservative retention period.

 

1 YEAR

  • Correspondence with Customers and Vendors

  • Duplicate Deposit Slips

  • Purchase Orders (other than Purchasing Department copy)

  • Receiving Sheets

  • Requisitions

  • Stenographer’s Notebooks

  • Stockroom Withdrawal Forms

 

3 YEARS

  • Employee Personnel Records (after termination)

  • Employment Applications

  • Expired Insurance Policies

  • General Correspondence

  • Internal Audit Reports

  • Internal Reports

  • Petty Cash Vouchers

  • Physical Inventory Tags

  • Savings Bond Registration Records of Employees

  • Time Cards For Hourly Employees

 

7 YEARS

  • Accident Reports, Claims

  • Accounts Payable Ledgers and Schedules

  • Accounts Receivable Ledgers and Schedules

  •  Bank Statements and Reconciliations

  • Cancelled Checks

  • Cancelled Stock and Bond Certificates

  • Employment Tax Records

  • Expense Analysis and Expense Distribution Schedules

  • Expired Contracts, Leases

  • Expired Option Records

  • Inventories of Products, Materials, Supplies

  • Invoices to Customers

  • Notes Receivable Ledgers, Schedules

  • Payroll Records and Summaries, including payment to pensioners

  • Plant Cost Ledgers

  • Purchasing Department Copies of Purchase Orders

  • Sales Records

  • Subsidiary Ledgers

  • Time Books

  • Travel and Entertainment Records

  • Vouchers for Payments to Vendors, Employees, etc.

  • Voucher Register, Schedules

FOREVER

  • Audit Reports from CPAs/Accountants

  • Cancelled Checks for Important Payments (especially tax payments)

  • Cash Books, Charts of Accounts

  • Contracts, Leases Currently in Effect

  • Corporate Documents (incorporation, charter, bylaws, etc.)

  • Documents substantiating fixed asset additions

  • Deeds

  • Depreciation Schedules

  • Financial Statements (Year End)

  • General and Private Ledgers, Year End Trial Balances

  • Insurance Records, Current Accident Reports, Claims, Policies

  • Investment Trade Confirmations

  • IRS Revenue Agents. Reports

  • Journals

  • Legal Records, Correspondence and Other Important Matters

  • Minutes Books of Directors and Stockholders

  • Mortgages, Bills of Sale

  • Property Appraisals by Outside Appraisers

  • Property Records

  • Retirement and Pension Records

  • Tax Returns and Worksheets*

  • Trademark and Patent Registrations

 

* Tax records are not required to be kept forever, but situations may arise in the future where the documents could come in handy.

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