Overview of Banking Training and Topics To Be Covered at the Training

Items to Be Covered Today At the Bank Training

Overview of On-line Banking System

Passwords and Security Front Office Back Office Branch Banker Job Description Bank Account Types and Easy

Searches Personnel Finance Assignment Proposed Ways to Stimulate the

Economy Communication Between Branch

Bankers When Problems Arise Loan Applications Business Contracts replacing

Phantom Contracts

• Making individual accounts for all employees

•Writing down all usernames and passwords

•Depositing two months back salary at the training for all employees

•Figuring out salaries and how to run a payroll for employees after the training

•www.salary.com

•www.paycheckcity.com

•Frequently Asked Questions with Possible Answers

Branch Banker Job Description

The VirtuBank Branch Banker position is one of the most vital jobs in the Virtual Enterprise Simulation. This document will try to describe the duties and responsibilities of that position. 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 customer delinquency Communicates regularly with other branch bankers on financial matters Communicates regularly with central office on overdue account matters Serves as watchdog over his financial institution rating

Overview of On-line Banking System

Overview of On-line Banking System

Overview of the VirtuBank of California

Checking

Checking accounts in the VirtuBank are the only accounts with which a customer can make outside payments – payments made to other individuals or companies. Transfers can be made to and from a savings account from a checking account.

Business Checking

Business Checking is an interest earning checking account available only to Virtual Enterprise Companies.

Business Checking is subject to a monthly Service Charge of $25. If a monthly is assessed, it will be deducted from your account on or near the first day of the month.

Interest – Interest on your account is compounded daily using a 365-day year, paid monthly, and calculated on your interest earnings balance. Your interest earning balance consists of your account balance at the end of each banking day. The interest rate is subject to market conditions, is determined by us from time to time, and can be changed by us as often as daily. While Business Checking accounts do earn interest, they do not earn as much interest as Savings accounts.

Personal Checking

Personal Checking is a non-interest earning account used by students, teachers, and visitors.

You must deposit a minimum of $100 to open a Personal Checking account. There is a monthly service charge of $9 in California.

Savings

Savings accounts in the VirtuBank System earn interest, but do not allow customers to make payments outside of their own account. There are no fees associated with VirtuBank savings accounts. Both Business and Personal Savings accounts in the VirtuBank System are functionally the same. If you would like to make a payment with money in your savings account, transfer the money from your savings account to your checking account, and then make the payment from your checking account.

Savings Interest

Interest – Interest on your account is compounded daily using a 365-day year, and is calculated on your interest earning balance. The interest rate is subject to market conditions, is determined by us from time to time, and can be changed by us as often as daily. Interest earned on your account will be paid on or near the first of each month.

www.virtualenterprise.org/virtubank/default.aspUsed By All Company EmployeesViewing Personal or Business

Checking/Savings accountsTransfer funds between Checking and

Savings accountsMake PaymentsViewing Pending and Successful

TransactionsAdd/Delete Payees

Front OfficeURL –

www.virtualenterprise.org/virtubank

username

password

Viewing Personal or Business Checking/Saving BalanceLog inClick on Checking or SavingsView Past Account Details for selected month (Figure 1.1)

Viewing Personal or Business Checking/Saving BalanceLog inClick on Checking or SavingsView Past Account Details for selected month (Figure 1.1)

Click here

Account details

Transfer funds between Checking and Savings accountClick on transferSelect From Account (Figure 1.2)Select To AccountEnter AmountType Memo (A very important step that should not be skipped)Click Submit ***

Transfer tab

Make PaymentsClick on PaymentSelect From AccountSelect To Payee (Figure 1.3) If payee not in the drop down list see Add PayeeType in Amount of PaymentType in a Memo/Invoice of the transaction (include invoice number if possible)Click Submit

Make Payments Account

Payee

Amount

Memo / Invoice Number

The next slide

discusses adding payees

Bank Account Types and Easy Searches

There will be seven major types of bank accounts on the VirtuBank. All accounts will fall under one of the five headings. By using some simple search words you can access all five types of accounts easily. The five types of accounts are as follows:

Individual Customer Accounts (Search = Person’s name) Coordinator Accounts (Search = Coordinator) Company Accounts (Search = California) Visitor Accounts (Search = Visitor Company Abbreviation) Out of California Company Accounts (Search = State Name or

Country Name) Dummy Accounts (Search = Company Name) Virtual Enterprise Center (VEC) Simulation Accounts (Search =

VEC)

Adding payees to make payments

The following searches should be tried at the training:

1. Individual Names

2. Company Name

3. California = Business Tag

4. VEC = Simulation Accounts

5. Visitor = Visitor Accounts

6. State Name = Business Accounts for other states

7. Coordinator = Teacher accounts

Search Results - for adding payees to make payments

These are the search results

using VEC

Note: the tag on the accounts are

VEC

The second part after – is the tag

Note: All accounts must have tags

Viewing Pending and Successful TransactionsClick PendingClick on Transaction (Figure 1.4)Click on Remove Completed/Cancel Active

Pending

TransactionsMemo

information will show up

here

Transaction status – all

transactions will clear at 12 midnight each

day

Add PayeesClick PayeesClick on Add PayeesClick on LookupLocate the Company or Name to add your payee list (Figure 1.5)Click on Add PayeeClick Submit

You can only pay companies or

individual if they appear on your

payee list.

In previous slides we discussed how to add

payees

Payees

Delete PayeeClick PayeesClick Delete PayeeClick to select Payee (Figure 1.6)Click to Submit

Delete payees

Pick the payee on your list you want to delete

Front Office Review

1. Passwords2. Viewing account details3. Transfer funds 4. Make Payments5. Adding Payees 6. Search Results 7. Viewing Pending and Successful

Transactions8. Add Payees9. Delete Payee

Personnel Finance Assignment

Shopping Mall – The Place for Electronic Commerce

Back Office

http://www.virtualenterprise.org/virtubank/backoffice/ Used By Branch Bankers and Coordinators Only Create New Accounts Modify Accounts Deactivate and reactivate Accounts Manually Deposit Run Reports Apply for a Loan Business Contract Application (to replace Phantom

Contracts) – Coming Soon

Back OfficeURLwww.virtualenterprise.org/virtubank/backoffice

Username

Password

Company Name

Making individual accounts for all employees

You need the name of all employees in your company

You are going to make accounts from them right now

Make sure you right down the names, usernames, and passwords as you make them

You decide on what you want the usernames and passwords to be

You can use numbers or letters for usernames and passwords – these are case sensitive

Writing down all usernames and passwords

Keep a spreadsheet or write down in safe place

You can change the usernames and passwords when you get back to your companies

Note: you are responsible for the security of these passwords

Create a New AccountLog inClick on New Account (Figure 2.1)Type in Name, Username and Password (Brach banker decides on Username and Password)Click on Submit

Click Here

Type in the Name User Proper

Capitalization

All accounts must have tags – the name of your

company

Username

Password

Modify AccountsClick on Modify AccountClick SearchSelect account to be modified and Click on EditEdit required information (Figure 2.2)

Click on Submit

Information can be checked or changed in these areas. Branch

bankers have the power to change account

passwords at any time.

Deactivate AccountsClick on Deactivate accountClick SearchSelect account and Click on DeactivateConfirm Selection (Figure 2.3)Click Deactivate

Select account for deactivation

Deactivate AccountsClick on Deactivate accountClick SearchSelect account and Click on DeactivateConfirm Selection (Figure 2.3)Click Deactivate

Reactivate Accounts – (If an account has been deactivated it will appear in the reactivate list)Click Reactivate AccountClick SearchSelected account and Click on ReactivateConfirm selection (Figure 2.4)Click reactivate

Reactivate Accounts – (If an account has been deactivated it will appear in the reactivate list)Click Reactivate AccountClick SearchSelected account and Click on ReactivateConfirm selection (Figure 2.4)Click reactivate

Manual DepositClick on Manual DepositClick SearchSelect Account for Manual DepositClick DepositType a Description (Figure 2.5)Type in AmountSelect Account (Checking/Savings)Click Submit

Manual DepositClick on Manual DepositClick SearchSelect Account for Manual DepositClick DepositType a Description (Figure 2.5)Type in AmountSelect Account (Checking/Savings)Click Submit

Depositing two months back salary at the training for all employees

You are going to deposit two months back salary into all individuals accounts

If you do not know each employees salary then use the below described web site to get an idea for employee salary

• www.salary.com

Figuring out salaries and how to run a payroll for employees after the training

• www.paycheckcity.com

• After the bank training you WILL NOT USE MANUAL DEPOISIT TO RUN PAYROLL

Reports (Statements)Click ReportClick StatementSelect the MonthClick SubmitSelect Customer Statement to view (Figure 2.6)Select Account to view (Checking or Savings)

Click these two items in proper

order

Reports (Statements)Click ReportClick StatementSelect the MonthClick SubmitSelect Customer Statement to view (Figure 2.6)Select Account to view (Checking or Savings)

Click on account or accounts that you want to

review their monthly

transactional statement

Reports (Payments Made to Companies)Click ReportClick Payments made to other CompaniesSelect the Month (Figure 2.7)Select CompanyClick Submit

Loan Applications

This needs to be done when you finish your business plan and presented it to your banking panel

The purpose of the business plan is to ask for a start-up loan

The tool to apply for the loan is in the Backoffice

Apply for a Loan (Loans are processed in 7-10 days)Click Loan ApplicationFill in all required fields (See Figure 2.8)Click Submit (After Loan approval you are able to view Loan Document and Payment Schedule under loan application in the Back Office)

After applying for a loan (Loans are processed in 7-10 days) wait for a loan document and payment schedule to appear in your BackofficeDownload, read, sign, and return to VEC your loan documentRead, review, and following instruction to starting paying your loan each monthNote: your loan money will automatically appear in your company account

Business Contracts Button (replacing Phantom Contracts) will be added soonLook for it between the Loan Application and Help Button

Business Contracts

This year we want you to use the Business Contracts (form is placed in the BackOffice).

Contract will be with the VEC for gross monthly salaries plus Cost of Goods sold to the VEC as outlined in the Contract.

You will not use the Manual Deposit Tab for the Business Contract money this year.

Proposed Ways to Stimulate the VE Economy and Enhance the VE Simulation We need to have more outside parties participate in the VE

simulation. We need to have more money and transactions circulate in the

simulation. It is proposed that we allow visitors, principals, teachers, business

partners, parents and other interested parties to conduct transactions in the VE simulation.

We will give each visitor $1,000 to spend per classroom visit. Local branch bankers will transfer money from designated company

visitor account to company account after visitor sales. 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 15th & 30th of the month. Payroll can be run at the end of the month.

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

company checking account using Front Office. Branch Banker will pay Payroll Taxes to VirtuIRS and

VirtuFranchise Tax Board on every company employee from company checking account using Front Office.

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. Go into Back Office to Edit Account and change

passwords that were stolen or forgotten. Only Branch Banker can change passwords.

Frequently Asked Questions with Possible Answers

How do we place money from visitor sales into our company account? Go to the Visitors’ Account for your company via Front

Office. Username and password will be given to 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.