In a paper bill depositing/dispensing apparatus, when a roof plate and a stage plate move from a depositing/dispensing unit to a temporarily accumulating unit along with a deposited bill, rotations of a pick roller, a separator, a feed roller and a conveyance roller are driven to carry a bill to a conveyance path that connects to a bill storing unit, and a partial paddle wheel stops by orientating its round surface, not provided with paddles, toward a path of the carried bill. When a bill is dispensed, the separator, the feed roller and the conveyance roller rotate in a bill carry-in direction to carry the bill conveyed from the conveyance path in the temporarily accumulating unit, and the partial paddle wheel beats a rear end of the carried bill with paddles to align the rear end of the bill at a bottom position d.