Preparing a Deposit | Financial Management Operations (2024)

How do I prepare a deposit?

1. 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, 5s, 10s, etc.)
   • Indicate total amount of currency on the "currency" line on the deposit slip
2. Total the Coin
   • Count the coin
   • Place it in an envelope and seal it
   • Indicate total amount of coin on the "coin" line on the deposit slip
   • If coin totals more than $10.00, a separate coin-only deposit must be prepared (see Coin-Only Deposit instructions below)
3. Total the Checks
   • Be sure the checks are properly endorsed (This should be done immediately upon receipt of check).
   • Bundle the checks
     • 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
4. Total Deposit
   • Total the currency, coin and check amounts.
   • Write this total in both total boxes on the deposit slip.
   • Be sure this total matches your iPayment Payfile total.
5. Batching Deposit
   • Place currency and original bank deposit slip (white copy) on top of banded checks.
   • Rubber band the entire packet again with one rubber band.
   • The other two slips (pink and yellow copies) should be retained for the department's records.
6. Coin-Only Deposit (More than $10.00 in coin)
   • Count the coin
     • Mixed coin deposits are okay.
     • 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

1. 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
2. Place batched deposit and coins (up to $10.00 in coin) in the bag
3. 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.
4. Seal the bag by removing perforated strip
5. Cut bag number from perforated strip and file
   • Many users tape the bag number to their yellow copy of their deposit slip.