About FMO  |   Contacts  |   Forms  |   Documentation  |   Training  |   FMO SharePoint  |   Other Resources  

TAMU > Finance > FMO > Sales & Receivables > How do I prepare a deposit?

How do I prepare a deposit?

  • Total the Currency
    • Count the currency
    • Bundle the currency
      All currency should be face up, and secured with a rubber band. No staples or paperclips.
      Do not have more than 500 bills in each rubber band bundle.
      Only one denomination per bundle (i.e. only 1s or 5s or 10s …)
    • Indicate total amount of currency on the “currency” line on the deposit slip
  • Total the Coins
    • Count the coin
    • Place it in an envelope and seal it
    • Indicate amount of coin on the “coin” line on the deposit slip
    • If coin totals more than $10.00, a separate deposit for coin-only must be prepared. See coin deposit preparation instructions below.
  • Total the Checks
    • Be sure the checks are properly endorsed (This should be done immediately upon receipt of check). The endorsement should be in compliance with rule 21.01.02.M0.02.
    • Checks should all be face up, in the same direction
      Bundles should contain no more than 250 checks. Bundles should be secured with a rubber band. No staples or paperclips.
    • Run two tapes per bundle running a tape on the checks each time (please do not run a second tape from first tape).
      Verify that the tapes equal.
      Keep one tape for your records.
      Include the other tape with the corresponding check bundle.
    • Run two grand-total tapes of the totals of each check bundle
      Verify that the tapes equal.
      Keep one tape for your records.
      Put check bundles in order of taping and place the other grand-total check tape on top, wrap one rubber band around the batch.
    • Indicate grand-total amount of checks on the “check ID” line on the deposit slip
  • Total Deposit
    • Total the currency, coins and check amounts
    • Write this total in both total boxes on the deposit slip
    • Be sure this total matches your iPayment Payfile total.
  • Batching Deposit
    • Place currency and bank deposit slip (original – white copy) on top of banded checks.
    • Rubber band the entire packet again with one rubber band.
    • The other two slips (pink and yellow copy) should be retained for the department’s records.
  • Coin only deposit (More than $10.00 in coin)
    • Count the coin
      Mixed coin deposits are o.k.
      Do not wrap the coin.
    • Indicate amount of coin on the “coin” line on the deposit slip
    • Write this total in both total boxes on the deposit slip
    • Be sure this total plus your other deposit slip total matches your iPayment Payfile total.

Bagging the Deposit

  • On the plastic deposit bag fill out the following:
    • To: Wells Fargo
    • From: Department name
    • Amount: Total Deposit
    • Write the date from the deposit slip on the bag
  • Place batched deposit and coins (up to $10.00 in coin) in the bag.
  • Place coin-only deposit (more than $10.00) in an ‘A’ size bag or smaller.
    • All deposits must weigh less than 50 lbs and using the ‘A’ size bag or smaller will ensure that the coin-only deposit will meet that requirement.
  • Seal the bag by removing perforated strip.
  • Cut bag number from perforated strip and file.
    • Many users tape the bag number to their yellow copy of their deposit slip