Checking - Janet L. Belch
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VirtuBank California
California Virtual Enterprise
On-Line Banking Manual
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VirtuBank California Banking Manual
Table of Contents
|Virtual Enterprise Banking Workshop |3 |
|Checking |5 |
|Business Checking |5 |
|Personal Checking |5 |
|Savings |5 |
|…... . | |
|t and most of | |
|Front Office |6 |
| |7 |
|Viewing Personal or Business Checking/Savings Accounts |7 |
|Transfer Funds between Checking and Savings Accounts |8 |
|Make Payments |8 |
|Viewing Pending and Successful Transactions |9 |
|Add Payees |9 |
|Delete Payees | |
|Back Office |10 |
| |11 |
|Create a New Account |11 |
|Modify Accounts |12 |
|Deactivate Accounts |12 |
|Reactivate Accounts |13 |
|Manual Deposit |13 |
|Reports/Bank Statements |14 |
|Reports (Payments Made to Companies) |14 |
|Apply for a Loan |15 |
|Loan Approval |15 |
|Apply for a Business Contract | |
|Branch Banker Job Description |16 |
|Bank Account Types and Easy Searches |17 |
|Proposed Ways to Stimulate the VE Economy |18 |
|Banking WorkFlow |19 |
|VirtuBank Standard Payment Rates for Companies |21 |
|Personal Finance Assignment Lesson |22 |
|Percentage Chart for Expenses |23 |
|VirtuBank Standard Payment Rates for Individuals |25 |
Virtual Enterprise Banking Workshop
Front Office – All customer accounts are held within the online banking program, Front Office. Front Office is the software program used by the VirtuBank for individual accounts. Individual users and companies will pay bills, access records, and access information using this system. All Branch Bankers will use the company account in Front Office to pay employee salaries, company bills, and payroll taxes.
Back Office – All Branch Bankers will work within the online banking program Back Office. Back Office is the administrative program for the VirtuBank. Branch Bankers will pay bills, access records, deposit money, access user information and perform all other job duties in the Back Office.
Branch Banker Job Description – All Branch Bankers need to review the Branch Banker Job Description include in the Banking Manual.
Account Searches – All Branch Bankers need to review and explain the Bank Account Types and Easy Searches document that will be used by all users in the Front Office.
VE Economy – All Branch Bankers need to review the Proposed Ways to Stimulate the VE Economy document and explain this to all bank users in your company.
Passwords – Two (2) passwords will be supplied to each individual company at the student training workshop. These two (2) passwords are for the following: Front Office company account and Back Office Branch Banker account. If these passwords are lost or stolen, please communicate with the VEC Office immediately.
Modify Accounts: Checking Passwords & Changing Passwords – This can be done in the Back Office using the Modify Account button. Using the search field, type in the individual’s name that you are trying to check or change their password.
Deactivate and Reactivate Accounts – These two (2) functions can be found in the Back Office. Using the search field, find an individual’s name to deactivate or reactivate an account.
New Accounts – By using the New Account button in the Back Office, a new customer account can be created. The new employee’s name followed by the name of their company will be placed in the entry form along with this employee’s user name and password. Branch Bankers will do this at the Student Training Workshop. As other employees are added to the company, this process can be repeated for new employees. Automatically, $100 will be deposited in each employee’s checking and savings account. This money does not need to be accounted for in your company records.
Employee Signing Bonus – By using the Manual Deposit button in the Back Office, each individual company member will be given an automatic $6,000 signing bonus for joining the company. Starting in November each individual company employee is expected to start completing his or her Personal Finance Assignment. Please review the Personal Finance Curriculum unit that is located on the Virtual Enterprise website under the Curriculum tab. In this unit you will find the bills that are required to be paid monthly by each individual student.
Reports – In the Back Office, using the Reports button, Branch Bankers are able to see payments made to all companies. This can be done by clicking on the Payments Made to Companies tab and selecting the company. Please make sure that your coordinator is aware of how to use this tab. Also, the Branch Banker can run individual employee and company Bank Statements on a monthly basis.
Paying Company Bills – The company bills must be paid using the company checking account in Front Office. By using Front Office these bills are to be paid starting the first month your company is open for business and continue throughout the year. It is the Branch Banker’s (or Accounts Payable Clerk) responsibility to make sure that company bills are paid monthly. There is a list of company bills in this manual. Also, each company is to pay their employees’ salaries and payroll taxes out of the company checking account on a monthly basis.
Paying Bills: The Importance of Writing Memos & Invoicing Customers – In the Front Office under the Payment tab, the Branch Banker needs to stress the importance of filling out the memo field when employees and the company makes payments. Bills should not be paid without including an invoice number and memo in the memo field on the payment form. If companies do not send an invoice or bill, the company and/or employee needs to e-mail that individual company and request that an invoice or bill be sent. A copy of this e-mail should then be filed and turned in with employees’ monthly personal finance assignments. Company employees, as well as the company, should have copies of invoices or bills in order to pay other companies. The only bills that the company and its employees must pay without an actual invoice are the bills to the various VirtuCompanies, such as VirtuElectric.
Loan Application – In the Back Office, the Branch Banker will find the Loan Application tab. In conjunction with the company Business Plan, the banker or Accounting Vice President/CFO should apply for a Business Loan. Complete the online Business Loan Application in the Back Office. All fields need to be filled in for the loan to go through; otherwise, the loan application form will reappear. Once submitted correctly, the loan will take 5-7 days to be processed. The company will be notified of the successful completion of this loan process. Once approved, the money will automatically be deposited into the company checking account. The Loan Documents and Payment Schedule (amount to be paid each month to the VirtuBank) will then appear in the Back Office under the Loan Application tab.
Business Contracts - The purpose of the Business Contract made with the Virtual Enterprise Center is to provide the Gross Monthly Payroll of all company employees. If the company is a product-based company, Cost of Goods sold to the VEC for this payroll amount must be added into the contract request. For example, if the total company gross payroll every month is $100,000 and the cost of goods that the company is selling to the VEC in this contract is $25,000 each month, the total amount of the Business Contract will be $125,000. The $25,000 will then go out of the company account to pay for the cost of goods; the remaining $100,000 will go to pay the company employees their Net Monthly Salaries and the entire Federal (withholding, Social Security, & Medicare) and State (withholding & CSDI) Payroll Taxes each month.
The Branch Banker will apply for the company Business Contract with the VEC using the Business Contract tab in Back Office. All fields must be filled in for the Contract to be successfully submitted; the actual Contract will then appear in Back Office if successful.
Business Contract will appear in Company Checking account on the 1st of every month after application. For example, if submitted prior to November 1st, contact will appear on the 1st of every month, beginning in November and ending in April. However, if submitted after November 1st, contract money will appear every month, beginning in December and ending in April. If submitted after December 1st, contract money will appear every month, beginning in January and ending in April, and so on.
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 Service Charge 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.
• 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.
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Front Office
Used By All Company Employees
• View Personal or Business Checking/Savings account balances
• Transfer funds between Checking and Savings accounts
• Make Payments
• View Pending and Successful Transactions
• Add/Delete Payees
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If you already have a UserName and Password in the VirtuBank and you would like to access your account, simply type in that information in the appropriate place beneath the word “LOGIN”. If you don’t have a UserName and Password, or would like to apply for a new checking and/or savings account, contact your Branch Banker, which should be a student working within your own company.
Front Office
Viewing Personal or Business Checking/Saving Account Balances:
• Log in
• Click on Checking or Savings
• View Past Account Details for selected month (Figure 1.1)
Figure 1.1
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Transfer Funds between Checking and Savings Accounts:
• Click on transfer
• Select From Account (Figure 1.2)
• Select To Account
• Enter Amount
• Type Memo (A very important step that should not be skipped)
• Click Submit ***
Figure 1.2
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***If incorrect payment was made, see Pending/Successful Transaction
Make Payments:
• Click on Payment
• Select From Account
• Select To Payee (Figure 1.3)*** Type in Amount of Payment
• Type in a Memo/Invoice of the transaction (include invoice number if possible)
• Click Submit
Figure 1.3
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*** If payee not in the drop down list, see Add Payee
Viewing Pending and Successful Transactions:
• Click Pending
• Click on Transaction (Figure 1.4)
• Click on Remove Completed/Cancel Active
Figure 1.4
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Add Payees:
• Click Payees
• Click on Add Payees
• Click on Lookup
• Locate the Company or Name to add your payee list (Figure 1.5)
• Click on Add Payee
• Click Submit
Figure 1.5
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Delete Payees:
• Click Payees
• Click Delete Payee
• Click to select Payee (Figure 1.6)
• Click to Submit
Figure 1.6
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Back Office
Used By Branch Bankers and Coordinators Only
• Create New Accounts
• Modify Accounts
• Deactivate and Reactivate Accounts
• Manually Deposit
• Run Reports
• Apply for a Loan
• Apply for a Business Contract
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Back Office
Create a New Account:
• Log in
• Click on New Account (Figure 2.1)
• Type in Name, Company Tag (Name of your Company) UserName and Password
• Click on Submit
Figure 2.1
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Modify Accounts:
• Click on Modify Account
• Click Search
• Select account to be modified and Click on Edit
• Edit required information (Figure 2.2)
• Click on Submit
Figure 2.2
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Deactivate Accounts:
• Click on Deactivate account
• Click Search
• Select account and Click on Deactivate
• Confirm Selection (Figure 2.3)
• Click Deactivate
Figure 2.3
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Reactivate Accounts:***
• Click Reactivate Account
• Click Search
• Selected account and Click on Reactivate
• Confirm selection (Figure 2.4)
• Click reactivate
Figure 2.4
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*** If an account has been deactivated, it will appear in the reactivate list.
Manual Deposit:***
• Click on Manual Deposit
• Click Search
• Select Account for Manual Deposit
• Click Deposit
• Type in a Description (Figure 2.5)
• Type in an Amount
• Select Account (Checking or Savings)
• Click Submit
Figure 2.5
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*** Manual Deposit is not to be used for depositing Employee payroll.
Reports (Bank Statements):
• Click Report
• Click Statement
• Select the Month
• Click Submit
• Select Customer Statement to view (Figure 2.6)
• Select Account to view (Checking or Savings)
Figure 2.6
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Reports (Payments Made to Companies):
• Click Report
• Click Payments made to other Companies
• Select the Month (Figure 2.7)
• Select Company
• Click Submit
Figure 2.7
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Apply for a Loan:***
• Click Loan Application for help in start-up costs for business
• Fill in ALL fields to assure correct submittal (See Figure 2.8)
• Click Submit
Figure 2.8
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***Loans are processed in 7-10 days.
Loan Approval:
• Go into Back Office several days after application
• Click Loan Application
• If submitted correctly and approved, the following should appear:
o Loan Document
o Payment Schedule for monthly repayment of Loan
Apply for Business Contract:***
• Click on Business Contract for help with monthly payroll
• Fill in ALL fields to assure correct submittal (Figure 2.9)
• Click Submit
Figure 2.9
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***Business Contract will appear in Company Checking account on the 1st of every month after application. For example, if submitted prior to November 1st, contact will appear on the 1st of every month, beginning in November and ending in April. However, if submitted after November 1st, contract money will appear every month, beginning in December and ending in April. If submitted after December 1st, contract money will appear every month, beginning in January and ending in April, and so on.
NOTE: The purpose of the Business Contract made with the Virtual Enterprise Center is to provide the Gross Monthly Payroll of all company employees. If the company is a product-based company, Cost of Goods sold to the VEC for this payroll amount must be added into the contract request. For example, if the total company gross payroll every month is $100,000 and the cost of goods that the company is selling to the VEC in this contract is $25,000 each month, the total amount of the Business Contract will be $125,000. The $25,000 will then go out of the company account to pay for the cost of goods; the remaining $100,000 will go to pay the company employees their Net Monthly Salaries and the entire Federal (withholding, Social Security, & Medicare) and State (withholding & CSDI) Payroll Taxes each month.
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 |
|• Establish company account - The VEC Office will establish company bank accounts, the username & password for the account. This |
|information will be given to the branch banker and coordinator. This password and username should be shared will only the few |
|established people in the company that need to know the information. |
|• Maintain records of company payments - As part of company ratings, records of company bill payments must be maintained. You |
|will have to show proof monthly that all bills have been paid in full in a timely fashion. |
|• Responsible party for company payments – Company branch bankers are directly responsible for making sure bills get paid. This |
|responsibility should not be delegated to anyone else. A list of mandatory start-up bills can be found at this link. You will |
|start this process by completing the linked form called Start-up Verification. This form must be completed six weeks after you are|
|open for business or sooner. This task is one of your second quarter requirements. |
|• Establishes individual customer accounts - Each company branch banker is responsible for overseeing the process of making sure |
|that all branch bank customers have individual accounts. They are responsible for activating, processing, and maintaining all |
|local bank customer accounts. |
|• Maintains records of individual customer payments - They will oversee and report information to the VEC Office on individual |
|branch bank customers. They will be asked to give monthly reports on the status of branch bank accounts. |
|• Responsible party for collections of past due accounts - They banker is the collection person by other virtual enterprises to |
|make sure payments due are made by companies and individuals. Branch bankers will be involved in direct communications (email or |
|fax) to make sure that all customers are in good standing in their personnel finance in the simulation. The VEC Office will not be|
|involved in collection, unless documentation of communication between banks has failed to produce a resolution. |
|• Reports individual customer delinquency - They will be involved in reporting delinquent payments to other branch bankers and |
|the VEC Office. It is the responsibility to monitor customer accounts to make sure bills are being paid monthly. They need to work|
|with their VE coordinator in this process notifying them of past due accounts. |
|• Communicates regularly with other branch bankers on financial matters – Banker is required to communicate and produce reports to|
|other banks and the VEC Office on financial matters. This will be done for company and individual accounts. This communication |
|will be ongoing on a daily, weekly, and monthly basis via email. |
|• Communicates regularly with VEC Office on overdue account matters- Banker required to communicate and produce reports to other |
|banks and the VEC Office on overdue accounts. This will be done for company accounts and individual accounts. This communication |
|will be ongoing on a daily, weekly, and monthly basis via email. |
|• Serves as watchdog over his financial institution rating - They fill the role of watchdog over the good credit rating and |
|financial standing in the Virtual Enterprise simulation. It is there responsibility to safeguard that all due payments are being |
|made. |
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) |
|• Individual Customer Accounts - When adding an individual account please have the following two items correct: the individuals |
|first / last name and full VE company name of employment. Example: Brenda Ramirez – Stockdale Property Management. Please place a |
|hyphen (-) between the name and company. Accounts not following these instructions will be deleted from the system. |
|To search for an individual on the VirtuBank – 1. Go to Payees, then to Add Payees, and then to Lookup Payee. When you get to the |
|lookup feature, type in the employee’s company name. Example: Kali Business Designers or Universal Connections. |
|• Coordinator Accounts - This account is completed for you by the VEC central office. These accounts must have the following two |
|items correct: the individuals first / last name and the title coordinator. Example: Nancy Phillips – Coordinator. Please place a |
|hyphen (-) between the name and coordinator. Accounts not following these instructions will be deleted from the system. |
|To search for a coordinator on the VirtuBank – 1. Go to Payees, then to Add Payees, and then to Lookup Payee. When you get to the |
|lookup feature type in the word coordinator. This will bring up a list of all coordinators. |
|• Company Accounts - This account is completed for you by the VEC central office. These accounts must have the following two |
|items correct: the full name of the company and the words company account. Example: Night Owl--California. Please place a hyphen |
|(-) between the name and company account. Accounts not following these instructions will be deleted from the system. |
|To search for a company on the VirtuBank – 1. Go to Payees, then to Add Payees, and then to Lookup Payee. When you get to the |
|lookup feature type in the California. This will bring up a list of all company accounts. |
|• Out of California Company Accounts - This account is completed for you by the VEC central office. These accounts must have the |
|following two items correct: Name of out of State Company and the area the company is located. Example: Barton Industries – New |
|York. Please place a hyphen (-) between the name and state. Accounts not following these instructions will be deleted from the |
|system. |
|To search for an out of California account on the VirtuBank – 1. Go to Payees, then to Add Payees, and then to Lookup Payee. When |
|you get to the lookup feature type in the state name. This will bring up a list of all the state’s accounts. The basic states are |
|New York, South Carolina, & Virginia. We will be adding other state and countries in the future. |
|• Dummy Accounts - When adding a dummy account please has the following two items correct: the company name and full VE company |
|abbreviation that created the account. Example: Pacific Bell – UC (for Universal Connections). Please place a hyphen (-) between |
|the name and company. Accounts not following these instructions will be deleted from the system. |
|To search for a dummy accounts on the VirtuBank – 1. Go to Payees, then to Add Payees, and then to Lookup Payee. When you get to |
|the lookup feature type in the company abbreviation. Example: Jazzy Juice (JJ) or Le Grain De Cafe (LG). |
|• Virtual Enterprise Center (VEC) Simulation Accounts – These accounts are created by the Virtual Enterprise Central office and |
|they are usually used to fill in where virtual companies do not exist. Examples of these types of accounts: California VirtuWater,|
|The VirtuBank of California, VirtuFranchise Tax Board of California, VirtuInternal Revenue Service, VirtuTelephone Company, etc. |
|To search for a Virtual Enterprise Center (VEC) Simulation Accounts go on the VirtuBank – 1. Go to Payees, then to Add Payees, and|
|then to Lookup Payee. When you get to the lookup feature type in VEC. Example: VirtuGasoline - VEC or UC Southern California |
|VirtuGas Company - VEC. |
Proposed Ways to Stimulate the VE Economy and Enhance the VE Simulation
The following are some ways in which to stimulate your company’s sales and the Virtual Enterprise Economy:
1. We need to have more outside parties participate in the VE simulation.
• Visitors, principals, teachers, business partners, parents and other interested parties may conduct transactions in the VE simulation.
• Each visitor will be given $1,000 to spend per classroom visit.
• Each coordinator will transfer the visitor sales’ money from his/her account into the company bank account after the Sales and Accounting Departments produce a spreadsheet with all the sales and their amounts from a visit.
2. We need to have more money and transactions circulate in the simulation.
• 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 VE Coordinator will be given funds in their personal bank account to cover these visitor transactions.
Banking WorkFlow
|Topic/Task: |
|Company Banking/Banker |
| |
|Recommended Department(s) Responsible: |
|Accounting/Finance |
| |
|Objective: |
|Set up and keep accurate and complete financial records for employees and company. Pay all company bills, company & employee |
|payroll taxes, sales & corporate taxes, and merchandise/inventory costs. |
| |
|Timeline: |
|Quarter 1: Steps 1 - 5 should be completed by October 31st for the 10-hour company or by the end of the month before the month |
|the 5-hour company opens (i.e., December 31st for January opening). |
|Quarters 2 thru 4: Steps 6 - 14 should be completed every month, November through April and/or May. Five-hour companies may |
|need to readjust some time lines depending upon opening of the company. |
| |
|Steps to Complete: |
|Modify the following procedures, as needed, depending on the type of product or service that your company offers. |
|Step 1: Set up checking and savings accounts for the company and each company employee by using the Back Office format |
|(VirtuBank guidelines) given out at Workshop during Quarter 1. Each employee should have a log-on and password to get into |
|their individual accounts. |
|Step 2: Place one month's gross pay (no taxes taken out) in each employee's checking account, depending upon what payroll & |
|CEO/CFO have determined as position salaries), by the end of October. Use the MANUAL DEPOSIT feature in Back Office this time |
|only! DO NOT DEPOSIT EMPLOYEES' PAY USING THIS FEATURE FOR ANY OTHER MONTH. |
|Step 3: Establish a Personal Finance file folder for each employee in the company. Keep folder in the branch banker's files or |
|Personal Finance files. |
|Step 4: Establish Company Finance folders for each month in which to place employees' payroll checks, company bills, company |
|statements, etc. Keep in Accounting/Finance files. |
|Step 5: Design and develop, if necessary, checks and deposit slips for each company employee with which to pay their bills and |
|deposit their payroll checks. Others may also do the design work in the Accounting/Finance Department. |
|Step 6: Run copies of Monthly Fixed Living Expenses, Weekly Fixed Living Expenses, Flexible Personal Purchases, and Check |
|Register forms for each employee at the beginning of each month. Copies of these forms are found at |
|(Personal Finance Curriculum/Personal Finance Lesson & Sample Section). |
|Step 7: Place 1 copy of Monthly Fixed Living Expenses, Flexible Purchases, and Check Register forms and 4 copies of Weekly |
|Fixed Living Expenses form in each employee's Finance folder by 1st of each month. |
|Step 8: Accept personal checks from each employee when they pay their fixed weekly expenses at the end of each week and when |
|they pay their fixed monthly living expenses by the 10th of each month. Accept checks for employees' personal purchases |
|throughout the month. |
|Step 9: Check employees' accounts by the 15th and 30th of each month to see that they have sufficient funds to cover expenses. |
|Stamp or hand-write "Paid" on each check. Return cleared checks to employees' Personal Finance folders. Return "non-sufficient |
|funds" or NSF checks to employees. |
|Step 10: Review employees' Personal Finance folders at the beginning of each week to see if they are paying their bills, |
|recording payments, and income on check register. Remind employees and coordinator of non-payments via memo. |
|Step 11: Run a monthly statement by the end of each month, or earlier, for each employee so he/she may reconcile his/her bank |
|statement and check register. Determine specific date to run statements on that same date each month. |
|Step 12: Deposit each employee's payroll check(s) into his/her personal account when he/she turns in check with deposit slip. |
|DEPOSITS TO EMPLOYEES WILL COME OUT OF THE COMPANY'S CHECKING ACCOUNT. |
|Step 13: Pay all company bills out of company account after receiving list from Accounts Payable by the 10th of each month. |
|Step 14: Pay employee and company payroll taxes after receiving list from Payroll by the 10th of each month. For example, |
|November's payroll taxes should be paid by the 10th of December. |
|Step 15: Pay company sales taxes, if applicable, after receiving amount from Account Payable by the 10th of each month. |
|Step 16: Pay VirtuBank for merchandise/inventory monthly, if applicable, to fill both Business and VEC Contract orders and |
|individual orders after receiving amounts from Accounts Payable. |
| |
VirtuBank Standard Payment Rates for Companies
2006-07
|VEC Company |Total Amount to Be Paid |Rates for Monthly Service |Dates Payments Are Overdue |
|California VirtuWater - VEC | |$3.00 per person in company |Starting November 1 bill must be paid by|
| | | |10th of each month |
|Southern California VirtuGas | |$3.00 per person in company per |Starting November 1 bill must be paid by|
|Company - VEC | |month |10th of each month |
|VirtuElectric- VEC | |$30 per person per company a |Starting November 1 bill must be paid by|
| | |month |10th of each month |
|VirtuGasoline - VEC | |($2.50 a gallon) |Starting November 1 bill must be paid by|
| | |60 gallons must be purchased per|10th of each month |
| | |month per company vehicle | |
| | |($150.00 per month) | |
|VirtuTelephone Company - VEC | |$25 per person per company a |Starting November 1 bill must be paid by|
| | |month |10th of each month |
|The VirtuBank of California - | |Loan Payments and Rental |Starting November 1 bill must be paid by|
|VEC | |Payments (if not with a Virtual |10th of each month |
| | |Company) | |
|VirtuInsurance of California – | |$30 per person per month (if not|Starting November 1 bill must be paid by|
|VEC | |with a Virtual Company) plus |10th of each month |
|Business and Workman’s Comp | |Workman’s Comp | |
|VirtuCarInsurance of California | |$250 per month per vehicle (if |Starting November 1 bill must be paid by|
|- VEC | |not with a Virtual Company) |10th of each month |
|VirtuFranchise Tax Board of | |California State Taxes to be |Paid when needed monthly for Payroll |
|California - VEC | |paid to this account (State |Taxes for company employees and for |
| | |Income, SDI, and Sales Taxes |Corporate Taxes for company |
| | |7.25%) | |
|VirtuInternal Revenue Service - | |Federal Taxes to be paid to this|Paid when needed monthly for Payroll |
|VEC | |account (Federal Income, Social |Taxes for company employees and for |
| | |Security, and Medicare) |Corporate Taxes for company |
|VirtuRed Cross - VEC | |All charitable contributions |Paid when needed monthly |
| | |paid to this account | |
|The VirtuBank of California - | |Make any other payment that you |Starting November 1 bill must be paid by|
|VEC | |can not find a place to pay to |10th of each month |
| | |this account | |
|Virtual Internet Service Company| |$350.00 per month for high speed|Starting November 1 bill must be paid by|
|- VEC | |internet service |10th of each month |
|VirtuProperty Management - VEC | |$3,500 per company per month (if|Starting November 1 bill must be paid by|
| | |not with a Virtual Company) |10th of each month |
Personal Finance Assignment Lesson
|How do I complete a Personal Finance Assignment? |
|One of the goals of the Virtual Enterprise course is to provide "real-world" experiences affording you the opportunity to learn |
|in an interactive environment. In an attempt to simulate what your life might be like upon entering the workforce, you will be |
|given the responsibility of maintaining your own personal finances. |
|Upon receiving your job assignment and salary, the Branch Bank Manager will deposit one (1) month's gross salary in your |
|VirtuBank account and you will be required to do the following: |
|• Fill out your W-4 Form and turn it in to your company's Payroll Clerk or Branch Bank Manager. |
|• Determine your fixed weekly and monthly living expenses and your flexible purchase expenses by using the Percentage Chart for |
|Expenses (at end of this assignment). |
|• Produce your fixed and flexible weekly and monthly expenses using Excel or Template to be kept in your Personal Finance |
|Folder. |
|• Write checks by November 10th to pay for your fixed monthly living expenses and write checks weekly to pay for your fixed |
|weekly living expenses. Also, pay these expenses by electronically transferring the correct amounts from your VirtuBank account |
|to correct "real" Virtual Enterprise companies and/or "mock" VirtuCompanies. |
|Fixed Monthly Living Expenses should include, but not limited to, the following: |
|EXPENSE: |
|COMPANY*: |
| |
|Rent (or mortgage payment) |
|Any Real Estate Virtual Enterprise, the VirtuBank, or VirtuProperty Mgt. |
| |
|Renters Insurance |
|The VirtuBank of California (Virtubank of California) |
| |
|Electricity (utility) |
|VirtuElectric Company |
| |
|Gas (utility) |
|Southern California VirtuGas Company (VirtuGas Company) |
| |
|Water (utility) |
|California VirtuWater |
| |
|Telephone (utility) |
|VirtuTelephone Company |
| |
|Cable TV (utility) |
|The VirtuBank of California (VirtuBank of California) |
| |
|Car Insurance |
|VirtuCar Insurance of California |
| |
|Savings Account |
|Transfer from Checking to Savings |
| |
|*It is possible new "real" Virtual Enterprise companies will be established to take the place of the "mock" VirtuCompanies. |
|Fixed Weekly Living Expenses should include, but not limited to, the following: |
|EXPENSE: |
|COMPANY*: |
| |
|Gasoline |
|VirtuGasoline |
| |
|Food |
|VirtuBank or a VirtuCompany selling food |
| |
|Household Supplies |
|VirtuBank or a VirtuCompany |
| |
|*There will be a variety of "real" VirtuCompanies to buy the above from. |
|• Record all fixed living expense checks in your Check Register. Balance your checkbook. |
|• Make individual flexible personal purchases from a minimum of four (4) to six (6) different Virtual Enterprise companies |
|monthly to keep money flowing in the virtual network. |
|Flexible Personal Purchases should include, but not limited to, the following: |
|EXPENSE: |
|COMPANY: |
| |
|Entertainment (CDs, DVDs, concerts, etc.) |
|Various VirtuCompanies |
| |
|Clothing, Jewelry, Shoes |
|Various VirtuCompanies |
| |
|Investments (401Ks, IRAs, Stocks, etc.) |
|Various VirtuCompanies |
| |
|Car Purchase or Lease |
|Various VirtuCompanies |
| |
|Personal Items (Stationary, Make-Up, etc.) |
|Various VirtuCompanies |
| |
|Gifts (Flowers, Toys, Baskets, etc.) |
|Various Virtu Companies |
| |
|Electronics (TVs, VCRs, Computers, etc.) |
|Various Virtu Companies |
| |
|Sporting Goods (Skate Boards, Skis, etc.) |
|Various Virtu Companies |
| |
|• Write checks for personal purchases and electronically transfer purchase amount(s) to the various Virtu Companies you have |
|bought from upon receipt of payment invoice. Record all of these purchases upon payment in your Check Register and balance your |
|checkbook. |
|• Upon receiving your first monthly paycheck (by November 30th), you will be required to do the following: |
|• Deposit your paycheck in your company's local branch bank with the branch bank manager. |
|• Follow your weekly and monthly budget for fixed living expenses and flexible personal purchases to pay bills for December. |
|NOTE: It is possible that these amounts, fixed and flexible, may change throughout the year. |
|You will be responsible for depositing your paychecks and paying your bills each month, November through May. The responsibility |
|of maintaining your personal finances is important in "real-life" and equally important in the virtual world. Therefore, |
|maintaining your virtual personal finances will be worth ____% of your first semester grade and ____% of your second semester |
|grade. |
| |
| |
|Percentage Chart for Expenses |
|Percentages are always changing due to income and family. However, a general rule is that the more money earned, the less |
|percentage for food and rent if you are a single person. The proposed budget should be divided into 2 categories: Fixed and |
|Flexible. Fixed expenses are costs that are predictable and occur regularly in your Virtual Enterprise monthly and weekly |
|expenses. Flexible expenses fluctuate in amount and many occur less regularly. The following is an example of percentages for |
|individual categories for a single person that earns about $20,000 a year (if more or less is earned, then there would be |
|adjustments to the percentages): |
|Fixed Monthly VE Living Expenses: |
|Rent or mortgage payment |
|22% (may range from 12%-22%) |
| |
|Renters Insurance |
|1.2% (may range from 0.3%-1.2%) |
| |
|Utilities* |
|6.7% (may range from 6.4%-7.1%) |
| |
|*Electricity, Gas, Water, Telephone, Cable TV (Note: Check web sites for examples of individual costs for these utilities. |
|The percentage given is for all utilities. You may want to wait and see what electricity bill is first, then adjust other |
|payments.) |
| |
|Car Insurance* |
|Will vary as to type of car, year, etc. |
| |
|*You may use your current car insurance rates or check web sites for examples of car insurance costs. |
| |
|Savings |
|10% (increase as able) |
| |
|*Car Purchase (personal monthly payment) |
|5.5% (may range from 5.5%-8.1%) |
| |
|*Investments (personal monthly payment) |
|5.5% (may range from 5.5%-10%) |
| |
|Fixed Weekly VE Living Expenses: |
|Food* |
|13% (may range from 13%-20%) |
| |
|*Percentage given is for a month. Once you figure your monthly food costs, divide by 4 for your weekly food costs. |
|*You need to consider meals away from home as possibly increasing your food costs or as possible entertainment, especially if |
|there is a VE company that fits this category. |
| |
|Gas for car* |
|3.2% (may range from 3.2%-4.5%) |
| |
|*Percentage given is for a month. Once you figure your monthly gas costs, divide by 4 for your weekly gas costs. |
|*You may want to consider using the actual amount that you presently pay for gas per week. |
| |
|Household Supplies* |
|5.1% (may vary from 5.1%-7.6%) |
| |
|*This may include cleaning supplies, paper goods, linens, etc. |
|*Percentage given is for a month. Once you figure your monthly supplies costs, divide by 4 for your weekly costs. |
| |
|Flexible Weekly/Monthly VE Personal Expenses: |
|Entertainment* |
|4.7% (may range from 4.7%-5.5%) |
| |
|*This expense may include items such as CDs, DVDs, concert/movie tickets, meals out, etc. |
| |
|Clothing/Shoes/Jewelry |
|5.5% (may range from 5.2%-6.5%) |
| |
|Personal Items* |
|3.2% (may range from 3.2%-4.8%) |
| |
|*This expense may include items such as cosmetics, health care items, etc. |
| |
|Gifts* |
|3.5% (may range from 2.3%-4.8%) |
| |
|*This expense may include items such as artwork, baskets, parties, jewelry, etc. |
| |
|Miscellaneous |
|9.3% (may range from 9.3%-10% |
| |
|NOTE: Expenses are figured on net pay, not gross pay. |
VirtuBank Standard Payment Rates for Individuals
2006-07
|California VirtuWater - VEC |1010100100002046 |$20 per person per month |Starting November 1 bill must be paid by|
| | | |10th of each month |
|Southern California VirtuGas |1010100100002045 |$50 per person per month |Starting November 1 bill must be paid by|
|Company - VEC | | |10th of each month |
|VirtuElectric- VEC |1000100100000446 |$130 per person per month |Starting November 1 bill must be paid by|
| | | |10th of each month |
|VirtuGasoline - VEC |1010100100002049 |($2.50 a gallon) |Starting November 1 bill must be paid by|
| | |60 gallons must be purchased per|10th of each month |
| | |month per vehicle ($150.00 per | |
| | |month) | |
|VirtuTelephone Company - VEC |1010100100002048 |$25.00 per person per month (if |Starting November 1 bill must be paid by|
| | |not with a VE company for Cell |10th of each month |
| | |Phone) | |
|The VirtuBank of California - |1010100100002050 |Loan Payments and Rental |Starting November 1 bill must be paid by|
|VEC | |Payments (if not with a Virtual |10th of each month |
| | |Company) | |
|VirtuProperty Management - VEC | |Apartment or Home Rental (if not|Starting November 1 bill must be paid by|
| | |with a Virtual Company) |10th of each month |
|VirtuCar Insurance of California|1000100100002131 |$300 per month per vehicle (if |Starting November 1 bill must be paid by|
|- VEC | |not with a Virtual Company) |10th of each month |
|VirtuFranchise Tax Board of |1010100100002052 |California State Taxes for paid |Employees do not need to pay this |
|California - VEC | |to this account (State Income |account unless they owe money to CA for |
| | |Taxes) |State Income Taxes |
|VirtuInternal Revenue Service - |1010100100002051 |Federal Taxes for paid to this |Employees do not need to pay this |
|VEC | |account (Federal Income Taxes) |account unless they owe money to IRS for|
| | | |Federal Income Taxes |
|VirtuRed Cross - VEC |1000100100000443 |All charitable contributions |Paid when needed monthly |
| | |paid to this account | |
|The VirtuBank of California - |1010100100002050 |Make any other payment if you |Starting November 1 bill must be paid by|
|VEC | |cannot find a place to pay for a|10th of each month |
| | |purchase | |
|Virtual Internet Company - VEC |1000100100000572 |$99.00 per person per month high|Starting November 1 bill must be paid by|
| | |speed internet service (if not |10th of each month |
| | |with a Virtual Company) | |
|Virtual Cable TV Company - VEC |1000100100000570 |$99.00 per person per month |Starting November 1 bill must be paid by|
| | |cable TV. Service (if not with |10th of each month |
| | |a Virtual Company) | |
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