Bank Manager Training
2015
Overview of the
US Network Bank
Training for
Coordinators/Bank Managers
Today’s Schedule
Session I- Personal Banking
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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
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Passwords and Security
Overview of Firm Banking
Ways to Stimulate the economy
Using the Marketplace
Business Banking Procedures
FAQ
Introductions
State Your Name
Your Company
School You are From
Personal Banking
Session I
Role of the US Network Bank
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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 Description
Listed below are the primary responsibilities.
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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.
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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 Types
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Budget Checking No opening deposit. No monthly service charge. No minimum
required balance. Unlimited free electronic bill payment and transfers. No service charge.
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Interest Checking Compounds 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 Portal
Go to veinternational.org
Using your login and password
Accessing the Data Portal
Features of the Network Bank
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.
MAKE A PAYMENT TO AN EMPLOYEE OR FIRM
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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 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 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 FIRM
Paying 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 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 Manager
Go to www.sausd.us/century
Click Faculty And find me (Gersten, Alan) and go to my teacher web
page
Click VE Student Training Resources Review
Frequently Asked Questions (FAQ)
with 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%)
Frequently Asked Questions (FAQ)
with Possible Answers
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)
with 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.
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Note: Employees can change their passwords, if they do you will need
have them inform you of the change
Break Time
Session II
will begin in 10 min.
Company Banking
Session II
Session II - Schedule
Company Banking
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Setting up New accounts
Passwords and Security
Overview of Company/Firm Banking
Special Transactions
Using the Marketplace
Business Banking Procedures
FAQ
Firm 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 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 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 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 FIRM
Paying 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 Transactions
Business Contract Deposit
Can 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 Money
This 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 Deposit
This 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 Payments
This 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 Checks
People 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 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 Contract
With 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 Money
Start-up Capital Deposit
This 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 Loan
Business Loan Deposit
This 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 Loan
This 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 Money
Starting Money
This 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 Checks
VEI Check
These 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 Marketplace
When 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 Marketplace
Product Manager
This 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 Marketplace
A 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 Marketplace
After 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
Frequently Asked Questions (FAQ)
with Possible Answers
How do you know how much to pay for company bills?
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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
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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.
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Shipping costs are usually paid by the customer and then that money needs to be sent
to the shipping company and not kept.
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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)
with 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)
with 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.
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What is the Branch Bankers role?
 Branch Banker will pay company employees from company bank
account.
Frequently Asked Questions (FAQ)
with 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.
Banker Manager Resources
Go to www.sausd.us/century
Click Faculty And find me (Gersten, Alan) and go to my teacher web
page
Click VE Student Training You will find a number of things you can
use this year.
Final Questions?
Contact Information
Alan.Gersten@sausd.us
714-796-7433