Sterling & Re Balances
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Postby admin » Tue Sep 15, 2015 9:02 am
Dear Re-Member.
Over the coming days there will be a few changes made to your online account to bring both Re and Sterling together.
During the early phase of launch there was a lot of confusion about which currency is being credited or debited.
It was felt that with all the other issues going on at that time, it was best to leave alone, in the knowledge that any payments in the near future would not impact the overall balances on your account once all movements were properly aligned.
To try and explain the complexity of running two accounts simultaneously with difficult triggers and exchange rate, without at least a couple of months transactions would have been an unnecessary burden on an already overloaded workload. Basically it can wait.
NEW HISTORY & BALANCE SCREEN.
When you log in you will notice that your history screen has changed to show two columns, Sterling & Re T.
Until now we have only used the Re T and debited from that ledger, whilst tracking the Sterling in the background.
Now when you issue your payments it will be debited from your £ Sterling Balance @ 1:1 and from your Re Balance 1:0.5
All local currencies are converted back to sterling as normal before being debited
Paying down your balance.
There are a number of ways this can be achieved.
1. Claiming hours worked in Public (Public Work); this includes any work you have obtained via an employee, including unemployment benefits. Simply post a copy of your Pay Slip, Pay cheque, Giro and the corresponding amount will be credited to your Sterling account. PLEASE MAKE SURE YOUR PUBLIC ID (NI or SS etc) NUMBER IS INCLUDED.
2. Claiming hours worked in Private; this has a limit of 8 hours per day, based upon the 3rd rule of 1/3 work, 1/3 sleep, 1/3 leisure. Simply post a certified statement of activities undertaken. This is claimed in hours and charged at £12.00 per hour. This will be posted to your Re balance. For some selective skilled work, members will be able to claim a higher rate. ( a list will be provided shortly along with rate)
3. Monthly Membership Fee are credited to your Re T account @ 1:2 ratio i.e
The attached example shows how account 999999AB pays in $60 dollars membership fee, his monthly Giro cheques for $2,800 and claims 30 hours painting his house. At the same time issues various cheques, one for $1500.00 in his local currency and one for €4560.00 to a company in Germany and so on. Obviously most members will only be paying in their local currency, but in this example we want to demonstrate the variables.
columns.pdf
New History & Balance Screens
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When claiming Private Work and to avoid unnecessary multiple entries, record your activities on a separate monthly ledger and get each activity signed off. Then post one entry to your account. There will be an online form in the receipt section which you will be able to download and fill out for those who want a ready made form..
NEW BALANCE
Member can now view the available balance across multiple currencies.
Please note the spending power of Re is 2:1.
This will become more relevant with the launch of the forthcoming trading /exchange platform.
CORRECTIONS
Any transactions which you believe are listed incorrectly please send an email to administration@werebank..com
WeRe Bank.