Checks (includes money orders and traveler’s checks):
- As check payments are received, review each check for:
- Current date.
- Check is made payable to University of Nebraska–Lincoln.
- Dollar amounts (numerical and word) are correct and are the same.
- Signature of maker is on the check.
- Identifying information of maker is legibly imprinted or written on the check.
Once a maker walks away it is much more difficult to correct.
- Promptly endorse all checks, money orders, and traveler’s checks.
- Checks must be submitted with an adding machine tape which shows a clear at the top of the tape. The checks must be in the exact order they appear on the tape. NOTE: If you only have one check, it is not necessary to include an adding machine tape with it.
- It is nice, but not necessary, to have larger sized checks on the bottom of a pile of checks. They are less likely to be damaged by the rubber band when this is done.
- Checks should be grouped into stacks of approximately 100 checks per adding machine tape.
- When there is more than one group of checks being remitted for a deposit, there needs to be an adding machine tape (again showing a clear at the top) summarizing the groups. The groups should be submitted to us in the exact order they appear on the tape.
- Cash is reported and summarized entirely separately from checks. Bills should all be facing the same direction and grouped by denomination. All denominations except for $1 bills are banded by groups of $500. $1 bills are banded by groups of $50.
- For convenience, yours as well as ours, currency should be paper-clipped by groups of $100 for $5, $10 and $20 bills and by groups of $25 for $1 bills. By doing this periodically, you know at the end of the day they have been counted and can simply band or count them by group during the balancing process.
- When bundled, currency must have an adding machine tape summarizing amounts by denomination. This tape must show a clear at the top.
- When a coin envelope is used, it too needs an adding machine tape summarizing the coin contained in the envelope. Again, the tape must show a clear at top.
|Check(s) are not endorsed.||ALL checks must be endorsed.|
|Check is not signed.||Each check must be signed.|
|No clear at beginning of tape. (Tape cannot be used)||Clear at the beginning of tape.|
|One tape for cash and checks.||Use individual adding machine tapes for cash and and checks. (The tapes for checks are actually sent to the bank).|
|No tape with checks.||A tape must be included whenever two or more checks are included in a deposit.|
Why is the adding machine tape used?
- Identifies where a discrepancy occurs, and
- Must be sent to bank for final processing (checks).
Revised: March, 2016