U.S. Banking Information

Bankers Duties

  • To generate codes for all students in their own Virtual Enterprise Company
    1. Sign in using Reg Code No. located on top of form sent to your instructor from VEC.
    2. This number is also the same number as the Bank User ID.
    3. Key in the Instructor's Password to access the account
    4. Next click on Products and services. It is located along the left-hand side of the page
    5. Under Managers' facilities, select Generate application codes for students,
    6. Enter the number of students in you VE company
    7. Two columns of numbers will be generated: the applicationno and the keycode
    8. Print this screen and keep a copy for yourself.
    9. Give each student their own application number and code.
    10. A form called "Application codes for opening a personal checking account" can printed that you can use to write their applicationno and Keycode on.
    11. Print out a form for each employee in you company.
    12. Fill in their name, VE registration code of your firm, Applicationno and Keycode
    13. There is a deadline for them to use this information to set up checking accounts
    14. Write in this deadline on the form.
    15. 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
    1. Go to banking front page
    2. Click on the link Sign up for instant access
    3. Enter VE Registration code for your company.
    4. Enter the Applicationno.
    5. Enter the Keycode.
    6. Enter First name of student whose account you are making.
    7. Enter Last name of student whose account you are making
    8. Enter Their e-mail address. You can just make it up if you don't know it.
    9. Select "Budget Checking" from the drop-down box
    10. Click Submit
    11. Next you will see a "User Account Details" screen with checking account number and pasword for this account.
    12. You will notice a similarity between the user ID and the company ID. The first digits are the same.
    13. Print out and give this sheet to each employee.
    14. Either printout a copy for yourself or create a list with all employee names, account numbers and passwords.
    15. When a student signs in the next time, they use the textboxes to sign in.
  • Setting up payees for monthly company bills
    1. Payees are companies that your VE company makes monthly payments to for things like rent, water, electricity, Internet service, etc.
    2. Sign in as the banker using Company Registration Number.
    3. Use Instructor's password.
    4. Click Payees
    5. Take out your US Network Bank Standard Payment Rates for Companies
    6. You can key in the account number or Select the C for California to select the accounts to add.
    7. The account number for California Virtual Water is 610119060
    8. The account name appears on the screen
    9. Scroll to the right until you see Add Payee to add this company as a payee.
    10. Click Add Payee
    11. Continue adding payees for all of your expenses and California Virtual IRS and Franchise tax board for the company payroll taxes.
    12. Make sure to add California Virtual Loan - VEC if you have a business loan.
    13. For any other payees where there is no account, use the California Virtual Central Bank account number 610119230
  • Paying Company Monthly Bills
    1. Sign in as the banker using Company Registration Number.
    2. Use Instructor's password.
    3. Click Bill Payment
    4. Select Budget Checking account
    5. Look for payees in drop-down box
    6. Select payee
    7. 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.
    8. Enter the amount like 3500 and then key in a decimal and two zeros. Do not use commas or dollar signs
    9. Describe what the payment is for.
    10. Enter the date. You can use the calendar that pops up if you wish.
    11. Save and add another account
    12. Select payees until you are finished paying all the bills
    13. Do not forget to pay FICA, Medicare , FUTA and SUTA to the IRS. 610119184
    14. These amounts can be found on your payroll template that you used in determining the business contract.
  • Account Summary/Account Details
    1. To see deposits and withdrawls form account
    2. Sign in as using Company Registration number and instructor's password.
    3. Select Account Details or Account Summary
    4. Click Budget Checking
    5. You will see the activity and balances in the account.
    6. The Business contract including cost of goods sold will show as a deposit
    7. You will also see the the amount of the business loan deposited.
    8. There is also a signing bonus of $6,000 for each employee in the company that has been deposited
    9. You may pay this amount to each employee or leave it in the company bank account
    10. The reason for the signing bonus is to give students money in their accounts prior to going to the Bakersfield trade fair.
    11. 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
    1. Sign in as the banker using Company Registration Number.
    2. Use Instructor's password.
    3. Click Bill Payment
    4. Select Budget Checking account
    5. Look for payees in drop-down box
    6. Select payee
    7. Put in the amount that you need to pay. Remember Net Pay not gross pay.
    8. Enter the amount like using a decimal before the cents.
    9. Describe what the payment is for: paycheck.
    10. Enter the date. You can use the calendar that pops up if you wish.
    11. The frequency is monthly/
    12. Stop after 7 payments - November through May
    13. Save and add another account
    14. Select payees until you are finished paying all the employees
    Deposisting cash sales into your company account
    1. Cash sales need to be transferred for your instructor's account to the company account.
    2. Details are forthcoming