Crossword Genius

Everything packed into damp bag (6)

Ross

I believe the answer is:

wallet

I'm a little stuck... Click here to teach me more about this clue!

'bag' is the definition.
(thesaurus)

'everything packed into damp' is the wordplay.
I cannot really understand how this works, but
'everything' could be 'all' (all things) and 'all' is found in the answer.
'damp' could be 'wet' (similar in meaning) and 'wet' is found within the leftover letters.
No letters remain.
This explanation may well be incorrect...

Can you help me to learn more?

(Other definitions for wallet that I've seen before include "Pocket-sized money case" , "Pocket case for money and documents" , "Small flat money case" , "A man's pocket-book" , "Money holder" .)

I've seen this clue in The Sun.
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