Spring Cleaning Record Retention List

It’s that time of year again: Spring cleaning. With the weather turning to sunshine, you are probably ready to clear out the accumulated clutter and reclaim valuable space.

Are you faced with the same stack of documents that you confronted last year? Are you unsure what to keep and what to discard? Do you wonder just how long is long enough?

Your Rea & Associates advisor can give you the guidance you need. But for now, here are some guidelines for common items:

Retention period

• Employment applications – 3 years
• Employee expense reports – 3 years
• Payroll records and summaries – 8 years
• Credit memos – 3 years
• End-of-year trial balances – Permanently

Your Rea contact can advise you on retaining vital documents for an appropriate length of time depending on the circumstances unique to your business. We invite you to contact one of our offices for more information.

This article was originally published in Illuminations: Facts & Figures from people with a brighter way, a Rea & Associates enewsletter, June 6, 2012.

Note: This content is accurate as of the date published above and is subject to change. Please seek professional advice before acting on any matter contained in this article.