Step 1: Preparing the Departmental Deposit
Step 2: Preparing the Deposit
Step 3: Additional Policies and Procedures
Preparing the Deposit
**All checks must be paid to the order of Central Michigan University (CMU)**
- 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.
- Both tapes must reflect an accurate total of the checks to be deposited (no errors/corrections on the tape). Each check should be endorsed on the back (For Deposit Only, CMU). 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. Contact the Student Service Court for current exchange rates.
- is check made out to someone other than CMU or the depositing department? All checks must be made payable to CMU.
- Run two adding machine tapes on currency/coin. Run currency first and then coin.
- Currency should be grouped by denominations (i.e. tens, twenties, etc.) before running adding machine tape.
- Coin in deposits should be rolled if there is enough to fill a coin roll. Currency straps and coin rolls 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.