The following suggested retention periods (7-10 years) are based on legal requirements as well as practical considerations:

7-Years 

• 1096 and 1099 forms
• 941 and 944 forms
• Accounts payable ledgers and schedules
• Contracts and leases (expired)
• Depreciation schedules
• Electronic payment records
• Employee benefit plan records
• Employment taxes
• Ex-employee files (retain screening forms permanently)
• Expense records
• FICA
• General ledgers
• Housing allowance forms
• Inventory Records
• Loan payment schedules
• Maps (if of historical importance, retain permanently)
• Notes receivable ledger and schedules
• Option records (expired)
• Parsonage allowance forms
• Payments to pensioners
• Payroll records
• Petty cash receipts
• Property appraisals
• Purchase orders
• Salary reduction agreements (employee)
• Sale of donated property valued over $5,000 forms
• Sales records
• Scrap and salvage records (inventory, sales, etc.)
• Stock and bond records
• Subsidiary ledgers
• Tax returns and other IRS documents
• Time books
• Vouchers for payments to vendors and employees
• W-2 and W-3 forms
• Wills, bequests

10-Years 

• Annual contribution credit statements
• Cancelled checks-ordinary checks
• Check stubs
• Deposit Slips
• I-9 forms
• Invoices to customers and from vendors
• Receipts
• W-4 forms

You may want to keep some records longer than suggested.

Related Posts:

How Long Should We Keep Church Records-Summary

Church Records Retention: Keep These 1-3 Years

Church Records Retention: Keep These for 7-10 Years

Church Records Retention: Keep These Permanently