NUFinancials: Sealed Bag Deposit Process (Cash/Checks) Presentation

Sealed Bag Deposit Process 

Introduction

Gather materials and equipment

Prepare checks, cash, and coins

Sealed Bag Bank Deposit Process

Prepare the deposit ticket

Prepare the deposit bag

Create and save the CRT

Commit the CRT

Load the deposit bag

Seal and deliver the deposit bag

Bank Deposit Process

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).

• Deposit earnings that include cash in a sealed bag in the NU bank account. Checks may also be deposited in sealed bags.

The process involves you, NUFinancials, and Depository Services (interacts with Chase Bank).

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 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
• 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

See Also:

• NUFinancials: Receiving and Depositing Revenue Course Guide
• NUFinancials: Receiving and Depositing Revenue Transcript

For additional assistance please contact the IT Support Center at 847-491-4357 (1-HELP) option 2, or consultant@northwestern.edu.