An apparatus for processing and conveying indexed stacks of sheets produced from wide stock, comprising: a cutting station for successively severing the stock lengthwise to produce parallel rows of side-by-side layers; a lengthwise conveyor for conveying the parallel rows of layers in a conveying direction; a spacing station disposed downstream of the cutting station for spacing the layers apart from one another in the direction transverse to the conveying direction; an index punching station disposed downstream of the spacing station and having a row of punches for removing parts of the lengthwise edges of at least some of the layers, at least some of the layers in each row being different from adjacent layers in the row; and, a transverse conveyor, adapted for incremental stepped conveying, disposed downstream of the index punching station, for receiving the spaced, punched layers and for producing stacks of indexed layers as the conveyor steps from one end of the row to the other. The apparatus may further comprise: a binding punching station disposed upstream of the index punching station; a printing station for printing an index inscription on a top sheet of the layers of sheets, disposed upstream of the index punching station; and, a laying-on station for an intermediate sheet, disposed upstream of the printing station.