Step 1: Preparing the Departmental Deposit
Step 2: Preparing the Deposit
Step 3: Additional Policies and Procedures
Preparing the Deposit
- Run two adding machine tapes on each batch of checks.
- Run a total on the adding machine before running each tape (there should be a 0.00* at the top of each check tape).
- If the adding machine has a counter, it should be turned on so the number of checks can be verified.
- At least one of the check tapes must be a "good" tape (no errors/corrections on the tape). Each check should be endorsed on the back (For Deposit Only, CMU and/or Department name). The endorsement can be stamped, typed, or hand written. This is particularly important when you have a large number of checks in your deposit.
- Watch for problem checks:
- are checks signed?
- are both the numeric and written amounts filled in AND are they for the same amount?
- are foreign/Canadian checks payable in U.S. dollars? If not, they must be discounted.
- is check made out to someone other than CMU or the depositing department? We have received checks made out to Central Michigan Newspaper (CMN) and Central Michigan Community Hospital (CMCH).
- Run two adding machine tapes on currency/coin.Run currency first and then coin.
- Run a Total on the adding machine before running each tape.There should be 0.00* at the top of each adding machine tape.
- Currency should be grouped by denominations (i.e. fifties, twenties, etc.) before running adding machine tape. Per Isabella Bank and Trust, currency should be strapped/clipped using the following guidelines:
- Coin in deposits should be wrapped if there is enough to fill a coin wrapper. The department's/organization's name and address or phone number should be written on each wrapper. Currency straps and coin wrappers are available free of charge at the Student Account Services and University Billing Office.
- Run one adding machine tape totaling together currency, coin, and check batches.Verify the amount against deposit total on departmental deposit form and include the adding machine tape with the deposit.