Virtual Enterprise Banker Training 2012

Overview of the US Network Bank Training for Managers: Coordinators/Bankers

Items to Be Covered At the Bank Training Branch Banker Job Description Accessing the US Network Banking System Bank Accounts Bank Account Types Exploring of US Network On-line Banking System Passwords and Security Setting up individual accounts for all employees Recording all usernames and passwords Depositing $6,000 Signing Bonus at the training for all employees Figuring out salaries and how to run a payroll for employees after the training using and Personnel Finance Assignment Proposed Ways to Stimulate the Economy

Items to Be Covered Today What you will learn today Branch Banker Job Description Personal and Business Checking Accounts Bank Account Types Passwords and Security Overview of On-line Banking System What you will do today Make visitor and teacher accounts Make individual employee accounts Record all usernames and passwords Deposit $6000 as a signing bonus before you train the employees Practice using the US Bank

Branch Banker Job Description The Banker position is one of the most vital jobs in the Virtual Enterprise Simulation. This training session will try to describe the duties and responsibilities of that position and give you an opportunity to begin to explore the job. Listed below are the primary jobs required of the branch banker. Establish company account Maintain records of company payments Responsible party for company payments Establishes individual customer accounts Maintains records of individual customer payments Responsible party for collections of past due accounts Reports individual employee delinquency Communicates regularly with your coordinator on employee payments Communicates regularly with central office on overdue account matters Train employees how to use the US Network Bank and services Set up a Visitor Account Set up coordinator account for your teacher

Accounts Types Budget Checking No opening deposit. No monthly service charge. No minimum required balance. Unlimited free electronic bill payment and transfers. Interest Checking Compounds interest on all balances, credited monthly. Unlimited free electronic bill payment and transfers. Other Products: JPMorgan Chase Bank - USVENet Card Savings account Certificates of Deposit Money Market account

Budget Checking This account is used to make outside payments for your company or personal bank account Has there is no minimum balance that must be maintained. All company accounts are Budget and all employee accounts will be set up initially as Budget Checking accounts No opening deposit. No monthly service charge. No minimum required balance. Unlimited free electronic bill payment and transfers. Each person in the company will start with $6000 as a hiring bonus to begin their account.

Interest Checking This account can be used to make outside payments for yourself. Interest Checking for personal accounts that maintain a $250 minimum account balance Compounds interest on all balances, credited monthly. Unlimited free electronic bill payment and transfers. There is a monthly service charge of $10 if the account is an Interest checking account.

JPMorgan Chase USVENet CARD Credit limit: $2,500. with No annual fee. When credit card accounts are set they will need get card information and a card must be made to be given to the account holder When a credit card is processed in your company account it will be automatically charged to the customer Interest charges can be avoided by paying the full outstanding credit card balance (= balance of the previous month) by the payment due date. A monthly minimum payment of 10% of your outstanding credit card balance is required to keep your account current. The checking account that you specify below, will be used for automatic payment of the minimum required payment per month. Payment due date is 21 days from the end of the previous month. If full payment of the outstanding balance is not received by the payment due date, interest is charged based on the daily balances of the account. Current APR: 18%. The minimum payment must be received by the payment due date, with a grace period of one month, to keep your account in Good Standing. I recommend that you require all employees to apply for and use their credit cards when they are at trade shows.

Savings Accounts Put you money to work for you Savings Account: Unlimited deposits and withdrawals. $ %1.30%$0.00 p/mo Money Market Account: Unlimited deposits and withdrawals. This account type has bill- payment capability. $2, %1.40%$7.00 p/mo $10, %1.51% $25, %1.65% Certificates of Deposit are term accounts with a maturity of 3, 6, 12 or 24 months in which there are no rights to make withdrawals for 6 days after the account is opened, unless an early withdrawal penalty is imposed. 3 Month CD$1, %1.51%$0.00 p/mo 6 Month CD$2, %1.60% 1 Year CD$25, %2.10% 2 Year CD$100, %2.25%

US Network Banking System

US Network Banking System

Exploring the US Network Bank Using your company Login information: Enter the Bank User ID and Password to log into the company bank account

Exploring the US Network Bank Company Bank Screen

Creating New Accounts Using your company Login information: Enter the Bank User ID and your Instructors Password to log into the company bank account, this information can be found in the Manager Manual under Banking Manuals

Creating New Accounts LOGIN TO BANK  Use Company User ID (RegNo ending in 4 zeros) & Manager’s Password provided by VEC, and click on Login button. Log-on with Company User ID Password is Manager’s Password: 2 words with a + between them

Creating New Accounts CREATE STUDENT ACCOUNTS (Bank Manager)  Select Service from the menu pane.

Creating New Accounts  Select Generate application codes for students from the link below Manager’s facilities heading.  Enter the number of new student accounts to be created in the input cell, then click Generate application codes. # of Students plus Coordinator plus Visitors’ Account plus extras

Creating New Accounts  PRINT THE NEXT SCREEN! These are the codes for applying for new accounts. Note that application codes are shown in two columns- Applicationno and Keycode. After this form printed, click on “printable form” for students

Creating New Accounts

Click the Sign up link at the bottom of the window to display the Student Checking Account Application form. Enter the following information in the screen shown below: 7-digit registration code (RegNo) for his/her firm. Applicationno and Keycode supplied by the firm’s accounting department or bank manager. First Name instead of Initials. Last Name preceded by Company Initials. HOC - Gersten address Account Type from dropdown menu. It is recommended that all students first open a Budget Checking account as there is no minimum deposit requirement. Click Submit Application button Alan HOC - Gersten

Record the Bank User ID and Password information in the next screen. A master copy of all the ID’s and passwords should be filed with the accounting department in case the information is misplaced. Use sheets provided to record the information.

To change your password: Log into your bank account. Select Service. Select Change Password. This screen appears on the next slide. The minimum required password length is 5 characters. Passwords are case-sensitive. Note: After changing passwords, employees must give the new information to the accounting department. PASSWORDS Employees may change their passwords when logged into their account. If password is forgotten, contact your Central Office

LOG INTO AN EXISTING ACCOUNT Enter User ID and Password and click Login button. URL – / / User ID Password

ADD NEW ACCOUNTS TO THE PAYEES LIST  Click Payees on the menu pane.  Click the View payees of dropdown box and select the country where your payee resides.  Click the State dropdown box and select the state where your payee resides.  Select either Corporate accounts or Personal accounts using the radio buttons.

View Payees State Corporate Personal  Locate the payee using the alpha buttons at the bottom of the screen, and the Next link until you get to the correct screen.  Add or delete payees by clicking the Add or Remove links at the right of each account (you may need to scroll to the far right depending on your display or screen settings). Note: The payee will only be added to the account of the user who is logged in. Each account holder will have to create their own payee list.

Alpha Buttons Click to Add Payee Click again to Remove Payee Click for Next payee page

MAKE A PAYMENT TO AN EMPLOYEE OR FIRM Click on the Bill Payment link on the menu pane. Click the From Account dropdown and select the account from which you wish to make payment. Click the To Payee dropdown list and select your payee. Click in the Amount box and enter the payment amount as a decimal value (do not enter a $ or commas). Click the Currency dropdown and select the currency type if other than USD. Click in the Description box and enter a brief description of the transaction. Click the Date calendar dropdown to the right of the date box to select the date for transaction to occur if different from date shown. Click the Frequency dropdown & select how often payment should be repeated. The default if One Time. Note: Pay close attention to the selections for Frequency to avoid a costly mistake. Click Save to process payment if the is the only payment you will make. Note: You may schedule additional transactions by clicking Save and Add another. Note: If necessary, Edit or Cancel the payment transaction

Non-Traditional Payments  The process to pay an international firm is the same as paying a domestic firm as shown in the previous section. However, note the following:  If you are billed in USD, pay in USD. The receiving firm will receive payment in their local funds, and the conversion calculation will be based on the current FOREX rate.  If you are billed in a foreign currency (e.g. Euro/CAD/GBP), select that Currency from the dropdown. Your account will be debited in USD based on the current FOREX rate.  The process to pay an with credit card is performed in the company account and can not be done in a personal account. To receive payment by credit card from a US Network Bank cardholder at trade fairs or for sales:  Select Process Credit Card Payment in the menu pane.  Click in the Credit Card No text box and enter the card number.  In the Exp. date area, select the credit card expiration date.  In the Amount text box, enter the amount of the sale using decimal entry (no $ or commas).  Select the To Account drop down, and select the account to which the payment will be made.

US NETWORK BANK REVIEW  Branch Banker Job Description  Types of Accounts: Checking (Business & Personal), Savings, and Credit Card  Opening a New Account  Passwords  Log into Existing Account  Viewing Account details  Transfer funds  Transactions Make Payments  Make Payments  Adding Payees or Deleting Payees  Viewing Pending and Successful transactions

Personnel Finance Assignment Examples

Shopping Mall – The Place for Electronic Commerce

Proposed Ways to Stimulate VE Economy and Enhance the VE Simulation Need to have more outside parties participate in the VE simulation. Need to have more money and transactions circulate in the simulation. Proposed to allow visitors, principals, teachers, business partners, parents and other interested parties to conduct transactions in the VE simulation. Give each visitor $1,000 to spend per classroom visit. Transfer money from designated company visitor account to company account after visitor sales by Branch Banker. By using this system the VE economy has just expanded. It is hoped that all visitors will now be treated as potential customers, not just visitors. This will force companies to work on sales techniques. The VEC central office will set these accounts up for each company in the month of October. It will be done in conjunction with the regional student training workshop.

Frequently Asked Questions with Possible Answers What happens if another individual or company will not pay their bills? Resend the Invoice to customer first. Contact Branch Banker of the company. Contact the CEO of the company if no reply. Contact the Coordinator of the company. What does the Branch Banker do in these cases? Remind the employee to pay the bill. Check to see that employee has paid the bill.

Frequently Asked Questions with Possible Answers What if someone pays the wrong party, individual or incorrect amount of money? If employees catches this mistake before end of day it was paid, delete it from Pending section of his/her account. Inform company or individual paid of mistake. Payee should return the money to payer. What does the Branch Banker do? Refund payer’s money from company account. Remind wrong party to refund money to payer.

Frequently Asked Questions with Possible Answers When do you run payroll ? Payroll can be run weekly. Payroll can be run on the 15 th & 30 th 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 checking account. Branch Banker will pay Payroll Taxes to VirtuIRS and VirtuFranchise Tax Board on every company employee from company checking account.

Frequently Asked Questions with Possible Answers What do you do if your passwords are stolen? Report this to the coordinator. Report this to Branch Banker. Edit Account and change passwords that were stolen or forgotten. Only Employees can change their passwords. How do we place money from visitor sales into our company account? Go to the Visitors’ Account for your company. Username and password to be set up by Coordinator. Set up your company as a payee in the Visitors’ Account. Pay your company from the Visitors’ Account the amount of visitor sales. There will be money placed in your company’s Visitors’ Account by the VEC.