A feed module for feeding value documents, in particular bank notes, to a value-document processing apparatus, has a receiving device in which one or more value documents to be processed can be inserted. The receiving device includes a first aligning element which the value documents lying in the receiving device are aligned to with a first edge of the value documents when the receiving device is in a first state, and a second aligning element which the value documents lying in the receiving device are aligned to with a second edge of the value documents when the receiving device is in a second state. A positioning device through which the receiving device is brought from the first state to the second state.