Record Keeping for Businesses

Have any ex-employees you still have records on? You have to keep records of employees a certain time, depending on application times, an how much you cant to keep around for how long, simply as a business concern.

Overall, you don’t have to keep everything forever. Below is a partial listing of much of those requirements you can print out for your use or for the benefit of your employees.

You should pay attention to how those records are being eliminated. Don’t just throw them in the dumpster.payday loans That doesn’t work anymore, what with criminals going around and looking in the bins to see what they can get to help them steal identities.

Shred them.

This is not legal advice, but a partial list of record keeping requirements.

RECORDKEEPING in a AUTO DEALERSHIP

Accounts Payable  7 years

Accounts Receivable 7 years

Audits of accounts by Accountants permanent record

Bank account reconciliations 5 years

Bond records permanent record

Capitol Stocks permanent record

Cash ledgers permanent record

Charts of your accounts permanent record

Cancelled Checks 7 years

Contracts and leases that have expired 7 years

Contracts and leases not expired permanent while in effect

Correspondence 1 year

Correspondence for legal affairs permanent record

Credit applications 7 years for approved contract

Credit applications 25 months for non-approved applications

Deeds permanent record

Mortgages permanent record

Bills of Sale for property (not vehicles) permanent record

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Depreciation records and schedules permanent record

Deposit slips 1 year

Employee personnel 3 years after termination

Employee position applications 3 years

Financial statements permanent record

General ledgers permanent record

Insurance policies 3 years after expiration

Insurance reports, records, claims permanent record

Internal audit and reports 3 years

Inventories of products and supplies 7 years

Invoices for customers 7 years

Invoices for products from vendors 7 years

Invoices for services from vendors 7 years

Minutes of meetings permanent record

By-laws and changes permanent record

Odometer statements 5 years

Payroll records 7 years

Petty cash records 3 years

Property appraisals permanent record

Purchase orders (non vehicle) 1 year

Purchase orders for vehicles 5 years

Sales records for vehicles 5 years, 2 years onsite, 3 years offsite but available

to DMV investigations.

Tax returns and documents permanent record

Time books for employees 7 years

Trade mark registration materials permanent record

About Monty King
Monty King has worked at the Oregon Legislature and ran political campaigns, graduating from the University of Oregon with a degree in Public Affairs in 1978 (while working at the Oregon Legislature) He is a 3 time Viet Nam Veteran.

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