The following information is applicable if you will be preparing a Cash Receipt (CR) deposit:
Separate your checks, currency, and coin. Each one is listed individually on the Cash Receipt (CR) form. Note: Travelers checks and Money Orders are considered CHECKS, not currency, and dollar coins and rolled coin should be included in your COIN total.
**All checks received at the Bursar Offices are processed via Check 21 technology. The checks are imaged and virtually encoded and deposited to the bank electronically. The amount of the check is entered in the lower right-hand corner of the check. This enables the bank to electronically enter all the customer's information (account number, check number, and the amount of the check.) Departments should read and follow these steps in preparing their checks for deposit.
Please do not write in this space (See sample below).
**Checks written on foreign banks and/or checks written in foreign amounts (e.g. Canadian dollars, British pounds, Euros, etc.) require special processing. See the "Depositing Foreign Items" section for processing procedures.
The following steps should be taken to aid the processing of check deposits:
Remove the entire check stub, including any little pieces of the stub. It is very important that staples and any other debris be removed from the check because they can cause damage and down time to our scanning equipment.
Please keep the bottom and sides of the checks free from rips, tears, creasing, or folding. Be careful when bundling your checks so that they do not get torn or creased by the rubber band(s).
Make sure that the checks you are depositing have been signed on the front. The bank may return the check if it hasn’t been signed by the maker.
Whenever possible, checks should be made payable to the "University of Minnesota". If a check is payable to an individual, that individual must endorse the back of the check before the check can be deposited.
University financial policy requires all check instruments (e.g. checks, money orders, travelers checks, etc.) "be restrictively endorsed immediately upon receipt." Departments can use an endorsement stamp or they can clearly write the Department name, Area and Org on the back of each check. The Area and Org numbers indicated are used in charging any returned checks back to the department.
Check Endorsement Stamp Information
NOTE: ENDORSEMENT STAMPS MUST BE ORDERED THROUGH THE OFFICE OF THE BURSAR. To order stamps, please fill out the Bank Supplies Order Form (PDF) and then fax it to the East Bank Bursar at 624-0830
A suggested endorsement example is:
(Your Department Name)
(Area # - Org#)
Pay to the order of
Wells Fargo Minnesota, N.A.
Minneapolis, MN 55479
091000019
For Deposit Only
Regents of the University of Minnesota
Acct. # 0000XXXXXX
Per Federal Reserve Bank regulations, the endorsement must be no more than 1 ½ inches from the edge of the check in order to leave room for the necessary machine endorsements. Endorsement stamps should be no more than 1 ½ inches by 3 inches.
When depositing more than one check, you must attach an adding machine tape of the checks only. Your adding machine tape must list each check individually. Please do not multiply checks or include currency on the tape.
The checks must be batched in the same order as they appear on the adding machine tape. We look back at your adding machine tape if there is a discrepancy in encoding your checks, therefore it must match the order of the checks.
If you have a large number of checks, break the checks down into smaller batches of no more than 250 checks per batch. This is a bank requirement.
Add each batch of checks individually (no more than 250 per batch), total the group, and attach the adding machine tape to that batch. Continue with the remaining batches. To obtain a Grand Total of all of your checks, create an adding machine tape showing each individual batch total being added together, subtotaling after each addition. If using rubber bands, bundle carefully so that you do not tear the checks. (See example below)
Check batching/subtotaling example
Batch #1
Batch #2
Batch #3
Subtotal Tape
**Check batches must be banded together in the order that they appear on the subtotal tape.
Your subtotal tape should end with the Grand Total of the checks you are depositing. This is the figure you will record as your CHECK total on the Cash Receipt (CR) form.
Preparing your currency for deposit
Remember, travelers checks and money orders are considered checks. They should not be included in your currency total. Currency is only BILLS.
Separate your currency being deposited by denomination.
FACE all currency the same direction. (This means that the pictures of the presidents should all be face up, with their head at the top)
If you have enough bills, your currency must be strapped by denomination. When strapping currency, each strap must contain the same denomination - No mixing bills.
Currency should be strapped as follows:
*PLEASE VERIFY YOUR CURRENCY STRAPS TWICE.
Currency Straps are available through University Stores at: www.ustores.umn.edu If a department needs a very small amount of currency straps, please contact the Bursar Office as we may be able to provide them.
Your Department Name must be stamped or hand-written on the currency straps. For additional accountability, the department should include the initials of the person verifying the currency and the date.
If you are unable to strap in the above denominations, please leave currency loose. Do not use paper clips or rubber bands to separate bills. Bundle all loose bills together with a separate rubber band-Do not put loose bills between strapped bills
To obtain a Grand Total of currency, add your loose currency total to your strapped amounts. PLEASE VERIFY THIS TOTAL TWICE! This is the figure you will record as your CURRENCY total on the Cash Receipt (CR) form.
Preparing your coin for deposit
Separate your coin by denomination. If there is enough, it must be rolled as follows:
**PLEASE VERIFY YOUR COIN TOTAL TWICE BEFORE ROLLING.
Coin Rolls are available through University Stores at: www.ustores.umn.edu. If a department needs a very small amount of coin rolls, please contact the Bursar Office as we may be able to provide them.
Your Department Name must be stamped or hand- written on each coin roll. For additional accountability, the department should include the initials of the person verifying the coin and the date.
Do not tape coin to paper, cloth bags, or anything else. To avoid loss, loose coin should be placed in a sealed envelope.
To obtain a Grand Total of coin, add your loose coin total to your rolled amounts. PLEASE VERIFY THIS TOTAL TWICE! This is the figure you will record as your COIN total on the Cash Receipt (CR) form.
YOU ARE NOW READY TO PREPARE THE CASH RECEIPT (CR) FORM.
Sample-Cash Receipts Form
Multiple Page Cash Receipt Form
If you do not have enough budget lines on one page of the Cash Receipt Form, you may do a multiple page Cash Receipt deposit. If you are creating a multiple page Cash Receipt document, you need to do the following:
Make copies of the blank Cash Receipt form prior to starting your deposit (that way the CR number will be the same for all pages). You need to make THREE copies (1 set) per additional CR page (for example if you are going to process a 2 page CR form, you would need to make a minimum of 3 copies (one as the white copy of the 2nd page, one as the pink copy of the 2nd page, and one as the blue copy of the 2nd page).
Fill out the Cash Receipt information on all the pages (make sure the information appears on all pages in the set. The CR totals for Checks, Currency and Coin must be indicated on the 1st page of the multiple page CR document.
You must write the pages on the top of each page by the CR number area. For example, if your Cash Receipt is going to be 3 pages, you would indicate it like this:
The first page would read, "Page 1 of 3"
The second page would read, "Page 2 of 3"
The third page would read, "Page 3 of 3"
All subsequent pages other than the original set, must be cut off ABOVE the signature area. This prevents the Cash Receipt form from getting stuck in the Bursar Cashiering equipment.
THIS IS EXTREMELY IMPORTANT!
For an example of where to cut, See the DARK line on the sample below.
Sample-Multiple Page Cash Receipt Form (Subsequent pages)
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