NUFinancials: Sealed Bag Deposit Process (Cash/Checks) Presentation
This article describes the sealed bag deposit process for receiving and depositing revenue.
Sealed Bag Deposit Process
Gather materials and equipment
Prepare checks, cash, and coins
Sealed Bag Bank Deposit Process
Seal and deliver the deposit bag
Summary: Initiate a sealed bag bank deposit
Introduction
Context
NU Departments with external sales:• Record earnings using NUFinancials with a Cash Receipt Ticket (CRT) that credits the revenue to an account (4XXXX).
The process involves you, NUFinancials, and Depository Services (interacts with Chase Bank).• Deposit earnings that include cash in a sealed bag in the NU bank account. Checks may also be deposited in sealed bags.
Objectives
This presentation names and describes:• The materials and equipment you need
• How to prepare cash, coins, and checks
• How to initiate a sealed bag bank deposit
• How revenue is credited to your chart strings
Gather materials and equipment
Deposits to Chase Bank from University departments consist of cash and checks only, because credit/debit card sales are handled via Automated Clearing House (ACH).For checks and cash (bills and coins), you must have:
• Deposit bag
• Deposit ticket
• Calculator with tape (or Excel as a work around)
• Paper clips or rubber bands for bills and checks
• Envelopes or coin rolls for change
• Endorsement stamp
Prepare checks, cash, and coins
• Separate checks, cash, and coins.
• Count and subtotal each medium.
– Use a calculator and print the calculator tapes.
– Or use Excel, print the spreadsheet, and cut it into strips.
• Attach tapes/strips to checks, bills, and coins.
• Create a final tape totaling those three subtotals.
Sealed Bag Bank Deposit Process
*Only Depository Services can void CRTs.
Prepare the deposit ticket
Prepare the deposit ticket
Prepare the deposit bag
Write the following:
1. TO: Chase Bank
30 S. Clark
Chicago, IL 60603
2. FROM: Northwestern University
Department Name and Address
3. PREPARED BY: Your name
4. Date
5. ACCOUNT #: XXXXX7808
6. Deposit amount
Create and Save the CRT
Commit the CRT

Load the Deposit Bag
• Cash in U.S. currency
• Checks drawn from U.S. banks
• Calculator tapes for bills, coins, and checks
Seal and Deliver the Deposit Bag
• Keep the seal tab for your records.
Deliver the deposit bag.
• Take the bag to Depository Services (DS) and bring your Wildcard.
• Or, arrange for armored car pickup.
• Retain the delivery receipt from DS or the armored car for your records.
Bank Deposit Process
Summary: Initiate a sealed bag bank deposit
- Gather materials and equipment
- Prepare checks, cash, and coins
- Count and wrap checks, bills, and coins
- Compare count to sales receipts
- Note the overages and shortages, if any
- Have a colleague check your work
- Count and wrap checks, bills, and coins
- Prepare deposit ticket and bag
- Fill out the deposit ticket
- Fill out the deposit bag
- Create and save CRT
- Have a colleague check your work
- Edit CRT as needed
- Commit the CRT
- Load the deposit bag
- Seal the deposit bag
- Deliver the deposit bag