Chicago Auto Trade Association

Records Retention

Friday, July 22, 2022 9:00 AM | Anonymous member (Administrator)

Dealers periodically ask how long they need to keep certain documents or at what point can they be disposed of. The enclosed analysis, put together over 20 years ago by Crowe Chizek (now Crowe LLP), continues as an accurate and comprehensive analysis of these concerns, and continues to provide direction to our dealer members:

Records Retention Checklist

Type	Years
Accident reports and claims (settled cases)	10
Accounts payable ledgers and schedules	7
Accounts receivable ledgers and schedules	7
Audit report of accountants	Permanently
Bank reconciliations	7
Bank statements	7
Capital stock and bond records ledgers, transfer registers, stubs showing issues, record of interest coupons options, etc.	Permanently
Cash disbursement journal	7
Cash receipts journal	7
Chart of accounts	Permanently
Checks (canceled, but see exception below)	7
Check (canceled for important payments, i.e., taxes, purchases of property, special contracts, etc.) (Checks should be filed with the papers pertaining to the underlying transactions)	Permanently
Contracts and leases (expired)	7
Contracts and leases still in effect	Permanently
Correspondence (general)	5
Correspondence (legal and important matters only)	Permanently
Credit application (denied)	2
Credit application (approved)	No requirement
Customer files	10
Deeds, mortgages, and bills of sale	Permanently
Depreciation schedules	Permanently
Deposit slips	7
Duplicate deposit slips	2
Employee personnel records (after termination)	6
Employee withholding records	7
Employment applications	6
Expense analyses and expense distribution schedules	7
Financial statements (end of year, other months optional)	Permanently
General and private ledgers (end-of-year trial balances)	Permanently
Gifts, records of gifts	Permanently
Group disability reports	8
Incorporation records made or received	Permanently
Insurance policies (expired)	4
Insurance policies reports, and claims (current)	Permanently
Internal audit reports (in some situations longer retention periods may be desirable)	3
Internal reports (miscellaneous)	3
Inventories of products, materials, and supplies	7
Invoices to customers	7
Invoices from vendors	7
Invoices (vehicles)	10
Journals	Permanently
Minute books of director and stockholders, including bylaws and charger	Permanently
Notes-receivable ledger and schedules	7
Odometer statements	7
OSHA records	6
Payroll register	Permanently
Petty-cash vouchers	3
Property appraisals by outside appraisers	Permanently
Property records (including costs, depreciation reserves, end-of-year trial balances, depreciation schedules, blueprints, and plans)	Permanently
Purchase orders	7
Repair orders	7
Retail installment contract (assigned)	10
Retail installment contract (not assigned)	11 years after expiration
Retirement and pension records	Permanently
Service contracts/extended warranty	10 years after expiration
Shipping and receiving reports	7
Stock and bond certificates (canceled)	Permanently
Subsidiary ledgers	7
Tax and legal correspondence	Permanently
Tax returns and worksheets, revenue agent’s reports, and other documents relating to determination of income tax liability	Permanently
Tax Form 8300	5
Trademark registrations	Permanently
Vouchers for payments to vendors, employees, etc. (including allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses)	7
Underground storage tanks	Permanently
Uniform hazardous-waste manifests	3
Unemployment tax returns and work papers	5

Chicago Automobile Trade Association
18W200 Butterfield Rd.
Oakbrook Terrace, IL 60181
(630) 495-2282

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