FMCSA Record Retention & Recordkeeping Basics FMCSA Record Retention & Recordkeeping Requirements1.
Record Retention Guidelines for Restaurants · Record Retention Guidelines for Restaurants...
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Auditors’ report & annual financial statements........................ Bank statements, deposit slips, bank reconciliations............... Canceled checks: - Fixed assets......................................................................... - General................................................................................. - Payroll................................................................................... - Taxes (payroll related)........................................................ - Taxes (income).................................................................... Cash disbursements journal........................................................ Cash receipts journal.................................................................... Chart of accounts.......................................................................... Correspondence (general)............................................................ Correspondence with customers and/or vendors..................... (routine) Deeds, mortgages, bills of sale.................................................... Electronic payment records......................................................... Employee expense records.......................................................... Fixed asset records....................................................................... (invoices, canceled checks, depreciation schedules) Freight bills and bills of lading..................................................... General journal.............................................................................. General ledger ............................................................................... Internal reports (miscellaneous).................................................. Inventory listings and tags........................................................... Invoices: purchases from vendors............................................... Notes receivable ledgers and schedules.................................... Notes payable ledgers and schedules......................................... Patent/Trademark/Licenses and related papers........................ Payroll journal................................................................................ Petty cash vouchers...................................................................... Purchases....................................................................................... Purchase journal............................................................................ Purchase orders............................................................................. Receiving sheets............................................................................ Requisitions.................................................................................... Sales commission reports............................................................ Sales records (POS)....................................................................... Scrap and salvage records (inventories, sales, etc.).................. Stockroom withdrawal forms...................................................... Subsidiary ledgers......................................................................... (accounts receivable, accounts payable, equipment) Time cards and daily time reports.............................................. Training manuals........................................................................... Trial balance - year-end................................................................. Vouchers for payments to vendors, employees, etc................. (includes allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses) Accident reports and settled claims............................................... Fire inspection and safety reports.................................................. Insurance policies (still in effect)..................................................... Insurance policies (expired).............................................................. Record Retention Guidelines for Restaurants Accounting Records Insurance Records Tax Records These Record Retention Guidelines provide a general guideline for the retention of many records, but the specific holding periods for any record retention policy should be given careful scrutiny by management and legal advisors in light of any pending investigations, regulated industry requirements or contract covenants. The guidelines we have provided may vary by state, regulatory entities and are subject to occasional change. In addition to these general guidelines, each business should consider any industry standards which may affect the holding period of records due to the unusual legal circumstances. IRS or state adjustments................................................................. Payroll tax returns............................................................................ Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints and plans......................................................................... Sales and use tax returns................................................................. Tax returns and work sheets, revenue agents’ reports, and other documents relating to determination of income tax liability, canceled checks for tax payments............................................................................... When it comes to retaining your records, it can be tough knowing when to throw them away. Our restaurant professionals can help you figure out when to keep or toss your records. www.hhcpa.com/restaurant Permanently 7 years Permanently 7 years 7 years 7 years Permanently Permanently Permanently Permanently 2 years 2 years Permanently 7 years 7 years Permanently 7 years Permanently Permanently 3 years 7 years 7 years 8 years Permanently Permanently 7 years 7 years 7 years Permanently 7 years 1 year 1 year 3 years 7 years 7 years 1 year 7 years 7 years Permanently Permanently 7 years 7 years after settlement 6 years Permanently 7 years Permanently 7 years Permanently Permanently Permanently Articles of incorporation and bylaws.............................................. Buy-sell agreements......................................................................... Capitol stock and bond records: ledgers, transfer registers, stubs showing options, etc............................................. Contracts and leases (still in effect)................................................ Contracts and leases (expired)........................................................ Employment agreements................................................................ Legal correspondence...................................................................... Minutes.............................................................................................. Option records (expired)................................................................... Partnership agreements.................................................................. Property appraisals by outside appraisers..................................... Stock certificates and ledgers......................................................... Legal Documents Permanently Permanently Permanently Permanently 7 years 7 years Permanently Permanently 7 years Permanently Permanently Permanently
Transcript of Record Retention Guidelines for Restaurants · Record Retention Guidelines for Restaurants...
Auditors’ report & annual fi nancial statements........................Bank statements, deposit slips, bank reconciliations...............Canceled checks: - Fixed assets......................................................................... - General................................................................................. - Payroll................................................................................... - Taxes (payroll related)........................................................ - Taxes (income)....................................................................Cash disbursements journal........................................................Cash receipts journal....................................................................Chart of accounts..........................................................................Correspondence (general)............................................................Correspondence with customers and/or vendors.....................(routine)Deeds, mortgages, bills of sale....................................................Electronic payment records.........................................................Employee expense records..........................................................Fixed asset records.......................................................................(invoices, canceled checks, depreciation schedules)Freight bills and bills of lading.....................................................General journal..............................................................................General ledger...............................................................................Internal reports (miscellaneous)..................................................Inventory listings and tags...........................................................Invoices: purchases from vendors...............................................Notes receivable ledgers and schedules....................................Notes payable ledgers and schedules.........................................Patent/Trademark/Licenses and related papers........................Payroll journal................................................................................Petty cash vouchers......................................................................Purchases.......................................................................................Purchase journal............................................................................Purchase orders.............................................................................Receiving sheets............................................................................Requisitions....................................................................................Sales commission reports............................................................Sales records (POS).......................................................................Scrap and salvage records (inventories, sales, etc.)..................Stockroom withdrawal forms......................................................Subsidiary ledgers.........................................................................(accounts receivable, accounts payable, equipment)Time cards and daily time reports..............................................Training manuals...........................................................................Trial balance - year-end.................................................................Vouchers for payments to vendors, employees, etc.................(includes allowances and reimbursement of employees,o� icers, etc., for travel and entertainment expenses)
Accident reports and settled claims...............................................
Fire inspection and safety reports..................................................Insurance policies (still in e� ect).....................................................Insurance policies (expired)..............................................................
Record Retention Guidelines for Restaurants
Accounting Records Insurance Records
Tax Records
These Record Retention Guidelines provide a general guideline for the retention of many records, but the specifi c holding periods for any record retention policy should be given careful scrutiny by management and legal advisors in light of any pending investigations, regulated industry requirements or contract covenants. The guidelines we have provided may vary by state, regulatory entities and are subject to occasional change. In addition to these general guidelines, each business should consider any industry standards which may a� ect the holding period of records due to the unusual legal circumstances.
IRS or state adjustments.................................................................Payroll tax returns............................................................................Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints and plans.........................................................................Sales and use tax returns.................................................................Tax returns and work sheets, revenue agents’ reports,and other documents relating to determinationof income tax liability, canceled checks for tax payments...............................................................................
When it comes to retaining your records, it can be tough knowing when to throw them away. Our restaurant professionals can help you fi gure out when to keep or toss your records.
www.hhcpa.com/restaurant
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Articles of incorporation and bylaws..............................................Buy-sell agreements.........................................................................Capitol stock and bond records: ledgers, transferregisters, stubs showing options, etc.............................................Contracts and leases (still in e� ect)................................................Contracts and leases (expired)........................................................Employment agreements................................................................Legal correspondence......................................................................Minutes..............................................................................................Option records (expired)...................................................................Partnership agreements..................................................................Property appraisals by outside appraisers.....................................Stock certifi cates and ledgers.........................................................
Legal DocumentsPermanentlyPermanently
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Child labor certifi cates and notices.............................................Employment application...............................................................(from date of termination)Employment eligibility verifi cation (I-9 form)............................(from date of termination)Garnishments.................................................................................Help wanted ads and job opening notices..................................Personnel fi les................................................................................(from date of termination)Records of job injuries causing loss of work...............................Safety: chemical and toxic exposure records.............................Union agreements and individual employee contracts.............(from date of termination)Withholding statements...............................................................
Personnel RecordsActuarial reports...............................................................................Allocation and compliance testing.................................................Brokerage/Trustee statements supporting investments.............Financial statements........................................................................General ledger and journals............................................................Information returns (form 5500)....................................................Internal Revenue Service/Department of Labor correspondence................................................................................Participant communications related to distributions, terminations, benefi ciaries......................................Plan and trust agreements..............................................................
Employee Benefi t Plan Records
www.hhcpa.com/restaurant
These Record Retention Guidelines provide a general guideline for the retention of many records, but the specifi c holding periods for any record retention policy should be given careful scrutiny by management and legal advisors in light of any pending investigations, regulated industry requirements or contract covenants. The guidelines we have provided may vary by state, regulatory entities and are subject to occasional change. In addition to these general guidelines, each business should consider any industry standards which may a� ect the holding period of records due to the unusual legal circumstances.
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Record Retention Guidelines for Restaurants
