Care must be taken to ensure preservation of good financial records. Permanent financial records are those required for legal and/or tax reasons. Financial records kept permanently include capital asset records, the general ledger, subject files, tax records, the minutes of the Financial Management Committee, and audit records.

The management of financial records must conform to the retention schedule for such records. Many financial records are temporary and should be preserved in the office of origin only as long as legally required for audit or tax purposes. Most financial records from academic or service departments, institutes, centers, student organizations, and auxiliary enterprises should only be retained in the office for their useful life.