Files and how to Keep Them

Keep your personal records and your business records separate per IRS!

Permanent Files

• Keep these in a safe-deposit box or fire-safe (you may want to keep photocopies handy in your office):

  • Company/Corporate Records

    • Certificate of Incorporation

    • Corporate Seal

    • Resolutions

    • Meeting Notices and Minutes

    • Tax Identification Documents

    • Insurance policies

  • Backups of electronic Accounting files and critical Operating files

• Keep these in a file drawer:

  • Operating files:

    • Customer agreements and correspondence Insert or link Customer List here

    • Vendor agreements and correspondence Insert or link Vendor List here

    • Employee files and records Insert or link Employee List here

    • Bank agreements and correspondence

    • Credit Card agreements and correspondence

    • Loan agreements and correspondence

    • Professional agreements and correspondence, for example, Attorney, CPA, Bookkeeper

    • Equipment/asset history files Insert or link Asset List here

  • Subject Files Inset or link file list here

  • Active Project Files - (you may want to keep these in an “active” file on desktop or credenza, for example) Insert or link file list here

• Annual Files – (may be electronic, e.g. in QuickBooks®)

Keep any hard copies in an active file and store the old records in a “transfer file” by Year:

• Accounts Receivable/Income(Customer Invoicing and Payment Records)

  • Keep paper “backup” in a file organized by customer or date

• Accounts Payable/Expense (Vendor Bills and Payment Records)

  • Keep paper “backup” in a file organized by vendor or date

• Payroll (Employee Time, Expense and Payment Records)

  • Keep paper “backup” in a file organized by employee or date

• Tax Returns, Reports and other records

• Unreconciled bank transactions – deposits and withdrawals (reconcile, then move to…)

  • Reconciled Bank Statements and checks/deposits

• Unreconciled credit card transactions – charges and credits (reconcile, then move to…)

  • Reconciled and paid Credit Card Statements

• Financial Reports – Profit & Loss, Balance Sheet, Cash Flow

• Other Reports – Sales, Inventory

• Closed Project Files

• Closed Operating Files - mark “Closed” and file with the year in which they closed

Consult your Attorney and CPA for advice on how long to keep Annual Files.

You can view a sample suggested file retention schedule at www.bankersbox.com.