General Inquiries

Rentention Period for Keeping Finance Documents

  • 1.  Rentention Period for Keeping Finance Documents

    Posted 28 days ago
    Hi all,

    ​Just want to gather some insight as to how long other companies retain (especially physical) copies of HR files (timecards, employee files, aand the list goes on...) and especially Finance files and source documents (AP bills and credit card payments etc, AR receipts and deposits etc, Invoices/Job packets, Banking/Cash statements, etc).

    We received various feedback from legal and financial/accounting professionals, and we are coming to general conclusion of:
    - 10 years for HR and
    - 7 years for Finance (except for 12 years for invoice/job detail files as Statute of Repose in PA is 12 years)

    1. How long do you keep these records?
    2. On a general note -- Do you keep items longer than is necessary, or do you keep only what is necessary and/or compliant? Perhaps, where do you find more risk in the previous question?

    Any feedback, suggestions, and/or things to consider would be greatly appreciated.  We are moving our storage area and soon-to-be purging.

    Thank you...

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    Michael Bittle
    Bookkeeper
    A&A Machinery Moving, Inc.
    Morrisville PA
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