U.S. Banking Information
Bankers Duties
To generate codes for all students in their own Virtual Enterprise Company
- Sign in using Reg Code No. located on top of form sent to your instructor from VEC.
- This number is also the same number as the Bank User ID.
- Key in the Instructor's Password to access the account
- Next click on Products and services. It is located along the left-hand side of the page
- Under Managers' facilities, select Generate application codes for students,
- Enter the number of students in you VE company
- Two columns of numbers will be generated: the applicationno and the keycode
- Print this screen and keep a copy for yourself.
- Give each student their own application number and code.
- A form called "Application codes for opening a personal checking account" can printed that you can use to write their applicationno and Keycode on.
- Print out a form for each employee in you company.
- Fill in their name, VE registration code of your firm, Applicationno and Keycode
- There is a deadline for them to use this information to set up checking accounts
- Write in this deadline on the form.
- You can now either give these sheets to each employee or you, as the banker, can setup accounts for them.
Instructions if Banker sets up student accounts
- Go to banking front page
- Click on the link Sign up for instant access
- Enter VE Registration code for your company.
- Enter the Applicationno.
- Enter the Keycode.
- Enter First name of student whose account you are making.
- Enter Last name of student whose account you are making
- Enter Their e-mail address. You can just make it up if you don't know it.
- Select "Budget Checking" from the drop-down box
- Click Submit
- Next you will see a "User Account Details" screen with checking account number and pasword for this account.
- You will notice a similarity between the user ID and the company ID. The first digits are the same.
- Print out and give this sheet to each employee.
- Either printout a copy for yourself or create a list with all employee names, account numbers and passwords.
- When a student signs in the next time, they use the textboxes to sign in.
Setting up payees for monthly company bills
- Payees are companies that your VE company makes monthly payments to for things like rent, water, electricity, Internet service, etc.
- Sign in as the banker using Company Registration Number.
- Use Instructor's password.
- Click Payees
- Take out your US Network Bank Standard Payment Rates for Companies
- You can key in the account number or Select the C for California to select the accounts to add.
- The account number for California Virtual Water is 610119060
- The account name appears on the screen
- Scroll to the right until you see Add Payee to add this company as a payee.
- Click Add Payee
- Continue adding payees for all of your expenses and California Virtual IRS and Franchise tax board for the company payroll taxes.
- Make sure to add California Virtual Loan - VEC if you have a business loan.
- For any other payees where there is no account, use the California Virtual Central Bank account number 610119230
Paying Company Monthly Bills
- Sign in as the banker using Company Registration Number.
- Use Instructor's password.
- Click Bill Payment
- Select Budget Checking account
- Look for payees in drop-down box
- Select payee
- Put in the amount that you need to pay. Remember some are fixed amounts like rent and others are based on the number of employees in your VE company.
- Enter the amount like 3500 and then key in a decimal and two zeros. Do not use commas or dollar signs
- Describe what the payment is for.
- Enter the date. You can use the calendar that pops up if you wish.
- Save and add another account
- Select payees until you are finished paying all the bills
- Do not forget to pay FICA, Medicare , FUTA and SUTA to the IRS. 610119184
- These amounts can be found on your payroll template that you used in determining the business contract.
Account Summary/Account Details
- To see deposits and withdrawls form account
- Sign in as using Company Registration number and instructor's password.
- Select Account Details or Account Summary
- Click Budget Checking
- You will see the activity and balances in the account.
- The Business contract including cost of goods sold will show as a deposit
- You will also see the the amount of the business loan deposited.
- There is also a signing bonus of $6,000 for each employee in the company that has been deposited
- You may pay this amount to each employee or leave it in the company bank account
- The reason for the signing bonus is to give students money in their accounts prior to going to the Bakersfield trade fair.
- You will also see amounts from other VE students who have purchased items from you at one of the trade shows and then paid you.
Paying Employees
- Sign in as the banker using Company Registration Number.
- Use Instructor's password.
- Click Bill Payment
- Select Budget Checking account
- Look for payees in drop-down box
- Select payee
- Put in the amount that you need to pay. Remember Net Pay not gross pay.
- Enter the amount like using a decimal before the cents.
- Describe what the payment is for: paycheck.
- Enter the date. You can use the calendar that pops up if you wish.
- The frequency is monthly/
- Stop after 7 payments - November through May
- Save and add another account
- Select payees until you are finished paying all the employees
Deposisting cash sales into your company account
- Cash sales need to be transferred for your instructor's account to the company account.
- Details are forthcoming