Bank Manager Training Bank Manager Training

20152015

Overview of the Overview of the US Network BankUS Network Bank

Training forTraining forCoordinators/Bank ManagersCoordinators/Bank Managers

Today’s ScheduleToday’s Schedule

Session I- Personal Banking• Role of the US Network bank• Bank Managers Job

Description• Bank Account Types• Initial Bank Log in• Basic Features of the Bank• Personal Starting Money• Personal Finance• Banking Resource• FAQ

Session II- Company Banking• Passwords and Security• Overview of Firm Banking • Ways to Stimulate the economy• Using the Marketplace• Business Banking Procedures• FAQ

IntroductionsIntroductionsState Your NameState Your NameYour Company Your Company

School You are FromSchool You are From

Personal BankingPersonal Banking

Session ISession I

Role of the US Network Bank

Business is conducted between students and student run virtual business both Nationally and Internationally

Each employee is being paid a salary and with that money everyone becomes a consumer in the virtual economy

The US Network bank is the point of transactions for all of the virtual enterprise network

The US Network Bank is accessed through the Portal.

Bank Managers Job DescriptionBank Managers Job Description

Listed below are the primary responsibilities. Responsible to make all company monthly payments Maintains records of individual customer payments Works with accounting to produce monthly accounting reports Pays sales tax, corporate taxes and payroll taxes quarterly Cash employee paychecks Train employees how to use the US Network Bank and services

Optional tasks and responsibilities. Monitor individual employee accounts Reports individual employee delinquency Setting up employee loan programs Developing Individual Retirement Accounts (IRA’s) Developing a direct deposit system with in your company

Personal Accounts TypesPersonal Accounts Types

Budget CheckingNo opening deposit. No monthly service charge. No minimum required balance. Unlimited free electronic bill payment and transfers. No service charge.

Interest CheckingCompounds interest on all balances, credited monthly at 7%. Unlimited free electronic bill payment and transfers. Monthly service charge of 10.00, requires $500 balance.

Note: Employee the first time they log into the account will be asked to choose the type of account that they want. It is highly recommended that you tell them to create a budget checking accounting

Accessing the Data PortalAccessing the Data PortalGo to veinternational.orgUsing your login and password

Accessing the Data PortalAccessing the Data Portal

Account summary: shows what accounts are available and current balance

Account details: shows individual transactions in chronological order

Bill payment: is where you go to pay for something; ie. purchases, services…

Funds transfer: allows for transfer between accounts-currently not available

Scheduled transactions: This screen displays all transactions that are scheduled, but have not processed through the clearing house. In case of an error in your entry, you can edit or delete any transaction.

Payees: Where you find people, firms or virtual services you need to pay.

Features of the Network BankFeatures of the Network Bank

MAKE A PAYMENT TO AN EMPLOYEE OR FIRMMAKE A PAYMENT TO AN EMPLOYEE OR FIRM Click on the Payees link on the menu pane.

Payees need to be added to your account before you will have the ability to pay them. You will cash paychecks and send the pay from the company account to their personal bank accounts.

MAKE A PAYMENT TO AN EMPLOYEE OR FIRMMAKE A PAYMENT TO AN EMPLOYEE OR FIRM

You can do a search to find people, firms and virtual services. To add one or more, click the check box and then the add button at the bottom. Type in VEI-WEST and search, add a few new payees.

MAKE A PAYMENT TO AN EMPLOYEE OR FIRMMAKE A PAYMENT TO AN EMPLOYEE OR FIRM

When you enter you will see the list of payees that currently have added and that you can make payments to. The list should have all the employees in your company as you will be transferring money for their pay checks here. As you add employees to your roster they will appear.

MAKE A PAYMENT TO AN EMPLOYEE OR FIRMMAKE A PAYMENT TO AN EMPLOYEE OR FIRMPaying a Bill:

To payee under the drop down menu you will see the list of payees that you have added, you can select one to pay.

Description: (alert very important)

It is very important that you train your employees to use this and describe what the payment is for. This will help when and if your teacher requires you to verify that employees have done their monthly bill payments

Frequency allows you to make reoccurring payments automatically. You can set how many times this payment is made.

Make a test payment for 0.01 and save it.

MAKE A PAYMENT TO AN EMPLOYEE OR FIRMMAKE A PAYMENT TO AN EMPLOYEE OR FIRM

Scheduled transactions

This is the list of the payments you have made during a day. They payments will be processed each night at midnight, so you check here before you log out to make sure you have not double paid anything or have recorded the wrong amount.

If you find a mistake you can delete the payment or edit it to make a correction.

Personal Finance and the Banker ManagerPersonal Finance and the Banker Manager

Go to www.sausd.us/century

Click FacultyAnd find me (Gersten, Alan) and go to my teacher web page

Click VE Student TrainingResources Review

Frequently Asked Questions (FAQ) Frequently Asked Questions (FAQ) with Possible Answerswith Possible Answers

What does the Bank Manager do if company employees do not pay bills? Remind the employee to pay their bills. Follow up and check to see that employee has paid the bill. Let your coordinator know that an employee is not paying bills

Options

Assign grades to personal finance and paying bills.

Assess a finance charge to late payments (usually around 15%)

What if someone in your company pays the wrong party, individual or incorrect amount of money?

If employees catches this mistake before end of day it was paid, edit it or delete it from scheduled transactions section of his/her account.

Inform company or individual of the mistake and show them the correct way to make the payment.

Payee should return the money to payer.

What does the Bank Manager do? Refund payer’s money from company account. Ask the party who received the money to refund money to payer or if it

is an employee you can log into their account and correct the error, making sure that you put a clear memo for the transaction.

Frequently Asked Questions (FAQ) Frequently Asked Questions (FAQ) with Possible Answerswith Possible Answers

What do you do if your passwords are stolen? Report this to the coordinator. Edit Account and change password that were stolen or forgotten. This is

done in the Company Admin and will be covered in session II.

Note: Employees can change their passwords, if they do you will need have them inform you of the change

Frequently Asked Questions (FAQ) Frequently Asked Questions (FAQ) with Possible Answerswith Possible Answers

Break TimeBreak Time

Session II Session II will begin in 10 min.will begin in 10 min.

Company BankingCompany Banking

Session IISession II

Session II - ScheduleSession II - Schedule

Company Banking• Setting up New accounts• Passwords and Security• Overview of Company/Firm Banking • Special Transactions• Using the Marketplace• Business Banking Procedures• FAQ

Firm AdministrationFirm Administration

This is where you will add employees to the roster, If your teacher has completed this section, then all the employees have been added to the system.

To access the roster you need to log into the admin account and go to Firm Admin

Adding EmployeesAdding Employees

This is where you will add employees to the roster, If your teacher has completed this section, then all the student have been added to the system.

If no one is in the list you will add the student here. If you have a list of students from your company we will start adding them now.

Click the button at the top right

Exploring the Data PortalExploring the Data Portal

The first name, last and gender are the only required information.

You can go back later and add information as needed by clicking the employee name. Notice the Access boxes, if they are selected this person will have access to the firm bank and marketplace while in their personal bank account

Please add yourself at this time if you are not on the list and give yourself access to both the firm bank and wholesale marketplace

Features of the Network BankFeatures of the Network Bank

Account summary: shows what accounts are available and current balance

Account details: shows individual transactions in chronological order and can be download as an Excel sheet

Bill payment: is where you go to pay for something; ie. purchases, payroll, services…

Funds transfer: allows for transfer between accounts-currently not available

Scheduled transactions: This screen displays all transactions that are scheduled, but have not processed through the clearing house. In case of an error in your entry, you can edit or delete any transaction.

Payees: Where you find people, firms or virtual services you need to pay.

MAKE A PAYMENT TO AN EMPLOYEE OR FIRMMAKE A PAYMENT TO AN EMPLOYEE OR FIRMPaying a Bill:

To payee under the drop down menu you will see the list of payees that you have added, you can select one to pay.

Description: (alert very important)

It is very important that you train your employees to use this and describe what the payment is for. This will help when and if your teacher requires you to verify that employees have done their monthly bill payments

Frequency allows you to make reoccurring payments automatically. You can set how many time this payment is made

Make a test payment for 0.01 and save it.

Special TransactionsSpecial TransactionsBusiness Contract DepositCan be equal to 75% of your monthly gross payroll x 2 from out of network funds that will be despoited into your company account. They is applied for under Accounting-Reference-Request for Funds Typically you must have a written contract that must be attched to the submission.

Start Up Capital Deposit-Seed MoneyThis is the amount of money that the owners kick in to start their company, the money exchanged for common shares of stock in the company at $10 per share. This money will be used to buys all the things the company needs to run the business on day one and to help pay employees the first couple months of operation.

Business Loan DepositThis is the estimated operating expenses for the company fro the next 6 months, this money must be paid back as a monthly loan payment. You will apply for this in the portal under submital Forms. To get a loan you will need to have a loan request letter, amortization table and business plan to upload for the application

Starting Money/ Miscellanous PaymentsThis is the starting amount for the employees in your firm. Each employee can start with $5000 This money can help them put their first and last month’s deposit for rent or for a down payment on a car. The total of this deposit is the number of employees x $5000. You will need to set you a coordinator account and request the regional coordinator to deposit the money into the account. You will then send the employee all their money individually

VEI ChecksPeople who are not part of the network will purchase using checks. They can not exceed 2000 each and must be scanned and sent in for payment through the Request for Funds form

Business ContractBusiness Contract

Business Contract Deposit

Look at the transaction that occurred on February 4th. They are identical. You will see this in the bank each month after you have set up your business contract. This is the job of the sales department and it is an virtual contract with a company or business to business contract.

Purpose of the Business ContractWith only one hour a day of actualy work in the business we would never be able to generate enough money to pay employees. The business contract is there to simulate the money that would be earned if we had a full time business running. Half of the business contract deposits are used for paychecks the other half to pay for the COGS (Cost of Goods). The COGS need to be sent to the central office to pay for your wholesale vendor through Wholesale Market Place order each month.

Start-up Capital-Seed MoneyStart-up Capital-Seed Money

Start-up Capital DepositThis is the amount of money that the owners kick in to start their company, the money exchanged for common shares of stock in the company at $10 per share. This money will be used to buys all the things the company needs to run the business. The owners in return get stocks certificates stating the number of shares of the company they own. They should have all the same amount.

Purpose of Start-up Capital This money will be used to buys all the things the company needs to run the business. Things like desks, computers, office supplies, software, chairs, copiers, delivery trucks, payroll for the first couple months etc…This money is spent as soon as it is deposited in the form of payments for the assests that you brought to start the business

Business LoanBusiness Loan

Business Loan DepositThis is the estimated operating expenses for the company fro the next 3-6 months, this money must be paid back as a monthly loan payment. It can also be used to expand the company in times of growth

Purpose of the Business LoanThis is typically what companies are trying to get when they create a business plan, the plan is presented to investors or banks to obtain a loan for a new business or a growing business. This can be a risk for investors, if the business fails they can lose their money, that is why a strong business plan has a better chance of getting the loan.

Starting MoneyStarting Money

Starting MoneyThis is a the money received from a the central office. To receive this your coordinator will need to set up a coordinator account in your company roster and activate that account. Once the account is activated, contact the central office and they can deposit that equals $5000 x number of employees.

This helps with the simulation of real life each person in the company starts with a set amount of money ($5000). This will help them to buy a car, have money to put down for down payment for renting an apartment or just to get going with personal finances.

VEI ChecksVEI ChecksVEI CheckThese checks will be used to purchase from your company at trade shows, school events, grand opening or any public sales opportunies. The checks are limited to $2000 maximum and must be scanned and submitted under the Request for Funds in the accounting resources. Once the scanned images of the checs have been received they will deposit the requested amount in your company account and are considered paid.

Wholesale MarketplaceWholesale MarketplaceWhen your company is buying the products they sell from the manfucturer or distributor, they are considered to be buying wholesale. When you sell to your customers that is considered retail. To buy from the whole you need to access it from the Data Portal

Most people in the company will not need access to the Wholesale Marketplace unless they are in the accounting or sales department. The sales department should order the initial inventory at the beginning of your company operations and then should be tracking product inventories and will reorder when supplies get low in your warehouse or storage.

Wholesale MarketplaceWholesale MarketplaceProduct ManagerThis is where you will put all the items that you will be buying from the wholesaler or distributor. Essentially you will create a list of all your company products. Each product will have a category , name, product or SKU number, a wholesale price (the price you pay for it) You will click the add button to add a product to the list of things you can buy.

Wholesale MarketplaceWholesale MarketplaceA completed category looks like this below and it becomes a shopping cart for you to buy from the wholeseller. It works just like a store.

Wholesale MarketplaceWholesale MarketplaceAfter submitting an order you will have 30 days to play the invoice and typically that is your job. It is very important to make sure you pay the invoice the correct way. 1. pay it to the VEI-WEST Wholesale Market 2. pay correct amount 3. Include the invoice number in the description

How do you know how much to pay for company bills? Utilites, supplies, rent, loan and marketplace orders will be generated by the

company and should be paid every month. The rates can be found on my website under VE Student Training

Special Payments• Sales tax is always .7% of the products purchased and must be paid every month

based on sales. Use the State and Local Sales Tax Return found under taxes.

• Shipping costs are usually paid by the customer and then that money needs to be sent to the shipping company and not kept.

• All emplyee payroll taxes will be determined by the accounting department and should be paid quarterly using the withholding Tax Form 941

Frequently Asked Questions (FAQ) Frequently Asked Questions (FAQ) with Possible Answerswith Possible Answers

What happens if individual or company will not pay their bills to your firm?

1. Resend the Invoice to customer first.

2. Contact Branch Banker of the company.

3. Contact the CEO of the company if no reply.

4. Contact the Coordinator of the company.

Frequently Asked Questions (FAQ) Frequently Asked Questions (FAQ) with Possible Answerswith Possible Answers

When does a company pay their employees? Payroll can be run weekly. Payroll can be run on the 1st & 15th of the month. Payroll can be run at the end of the month. All employees will endorse and deposit their paychecks with you.

What is the Branch Bankers role? Branch Banker will pay company employees from company bank

account.

Frequently Asked Questions (FAQ) Frequently Asked Questions (FAQ) with Possible Answerswith Possible Answers

What do you do if you get new employees?

1. Have your coordinator add new employees to the system under Admin

2. Have them Log into their account so you can find them in the system

3. Train them how to use the bank and request starting money from the regional coordinator

4. Deposit the starting money in their account.

What do you do if you get lose employees?

1. Log into the employee account and send all the money to your firms coordinator account

2. Have your coordinator deactivate the employee in the company roster under admin.

Frequently Asked Questions (FAQ) Frequently Asked Questions (FAQ) with Possible Answerswith Possible Answers

Banker Manager ResourcesBanker Manager Resources

Go to www.sausd.us/century

Click FacultyAnd find me (Gersten, Alan) and go to my teacher web page

Click VE Student TrainingYou will find a number of things you can use this year.

Final Questions?Final Questions?

Contact InformationContact Information

Alan.Gersten@sausd.usAlan.Gersten@sausd.us714-796-7433714-796-7433