how long do you keep accounts for
A Decade of Records. How long you should keep your business records on file depends on the action, expense or event the document records, according to the Internal Revenue Service. Documents that pertain to transactions and payments should be kept for at least 10 years, according to Financial Web.his means you must have accounts payable records available so you may document gain or loss on a sale or disposal of an asset for the length of time in which the asset remains in service. Afterward, you must keep all records and receipts pertaining to the asset for an additional three years, according to QBalance.com.