Story of a Big Player from Gangnam

An individual uses an OTP (One Time Password) card to generate a single-use password in transferring funds through a bank. An incorporated business uses a battery-powered device, TIME OTP instead, for the same purpose.

Manager Kim in the YS Tech Corporation went to the president's office carrying the TIME OTP and her maternity leave request form with her; her baby due date was around the corner.

"What is it?"

"This is my maternity leave request form."

The president took it with a smile.

"I requested 45 days of leave."

"Is the 45 day for a maternity leave the period guaranteed by labor law? Why don't you take more?"

"That's okay. Our grandmothers went back to work in a farm right after giving a birth to a baby; that's what I heard."

"That was a long time ago. Anyway, even though the labor law guaranteed only 45 days, you can use more if you need."

"And, this is…"

"Is that OTP?"

"I think it's better for you to start handling the finance by yourself, sir"

"Hmmm…"

"A small amount like the petty cash can be handled by Mr. Gun-Ho Goo. However, for a large amount of funds such as B2B discount, payments for raw materials, and wages, I believe it is better that you, the president, handle it."

"That's why you brought the OTP of our major banks to me, for me to hold it."

"Why don't you keep it and let Mr. Gun-Ho Goo use it whenever it is necessary to make payments. It's not like I don't trust him or anything like that; it is just that he's still new…"

"Hmm… it could be tiresome to me."

The president didn't feel comfortable giving full access of the company finance to Gun-Ho; at the same time, he also felt tiresome to do it himself.

"Does Mr. Gun-Ho Goo know the receiving payment dates for each client and how to apply the B2B discount for them?"

"I will make sure that he knows them. It's not difficult."

"Hmm…"

The president leaned back in his chair and thought for a moment.

"We are getting B2B payments through the Industrial Bank of Korea. What other banks do we receive B2B payments from?"

"Shinhan Bank, Kookmin Bank, and Woori Bank. We receive B2B from these three additional banks."

"Okay then, give me the OTP for the Industrial Bank of Korea from which we receive the B2B payments of our major client, Mulpasaneop Corp. For other banks' OTP, you can give them to Mr. Gun-Ho Goo and let him know that he should keep them only during your absence for maternity leave."

"I understood. On the 25th, the payday, we need to apply the early payment discount on Mulpasaneup B2B."

"I got it."

The president took the OTP of the Industrial Bank of Korea and placed it in his desk drawer.

"And, you take care of yourself, Manager Kim."

"Thank you, sir."

Manager Kim bowed to the president and left the president's office.

When Manager Kim came back to her desk, she asked Gun-Ho to come see her.

"Mr. Gun-Ho Goo, I am leaving today and not coming back tomorrow. I just handed in my maternity leave request to the president.

"Oh, tomorrow? Wow, so I have to handle all these work by myself."

"I will be on leave for 45 days. That is the minimum I could use under the labor law."

"For 45 days, I have to manage everything by myself… I am worried since there are things I still have to learn."

"This is the list of receiving payment dates for each client."

"The dates are all different for each client. The banks we are receiving the payments through are all different for each client as well."

"These are the TIME OTP for banks. If you push the button, a password will be produced."

"There are three of them."

"The OTP for our major bank, Industrial Bank of Korea, is with the president. These are for Shinhan bank, Kookmin bank, and Woori bank. The name of the bank is written on each OTP."

"Okay."

"You haven't done B2B early payment discount, have you? We just received 15,000,000 won from Seongil Industry today. The Internet Banking Service Certificate is stored in my computer. So when you need to make a payment, use my computer."

"Okay, I will do that."

"Why don't you come and sit in my chair?"

Gun-Ho sat on her chair. Her seat cushion looked very girly with a colorful floral pattern.

"Open the Shinhan Bank website. It is bookmarked."

Gun-Ho opened the Shinhan Bank website and logged in by entering the Internet Banking Service Certificate code as instructed by Manager Kim.

"On the top left, you will see B2B Electronic Payment. Click on it."

"Done."

"Then click on Sales Company."

"Done."

"Then click on Credit Sales and get into the Note Receivable."

"Done."

"Set the period for viewing to include today's date. Do you see the funds from Seongil Industry?"

"Oh, yes, I see it."

"The expiration date is until three months later, right? Go back and check the current account balance."

"Yes, for now… the balance is 12,000,000 won."

"As you did earlier, get into the B2B and view the accounts receivable. Then apply the early payment discount on the funds received by Seongil Industry."

"Like this? Aha, the discount is applied."

"Check the balance."

"It was 12,000,000 won… Ahh, now it is 26,850,000!"

"We received 15,000,000 won from Seongil Industry, but that is the amount we can get if we receive after three months. Since we applied the early payment discount, the bank charged 150,000 won for their service fee. That's why we actually received only 14,800,000 won."

"Ahh… I see."

"Okay, now, this is the list of the credit purchase payment dates for each client. We have to pay to Tier Chemical today. The amount is 18,000,000 won. Send the amount."

"Okay."

Gun-Ho tried to send the amount to Tier Chemical while fumbling.

"That was Woori Bank OTP, not Shinhan OTP."

"Oh, that's right!"

"Please be careful."

"I just sent it."

"Now, log out from the bank account, turn off the computer, and go back to your desk. Enter the receipt and payment we just made into the accounting program."

Gun-Ho went back to his desk and log into the Douzone software.

"I actually wrote down in my note what you did last time. So, I put 150,000 won as the discount loss for the note receivable and 14,850,000 won as cash received on the debit column. On the credit column, I put 15,000,000 won as note receivable from Seongil Industry… Like this?"

"That's correct. And go ahead journalize the credit purchase payment for Tier Chemical and enter it into the accounting program. Don't forget to include the wire transfer fee."

"Okay."

"Then print out the account payable/account receivable, and attach the corresponding bank statement with glue to the back. You take it to the president tomorrow morning and get his approval."

"I will do that."

"On the pay day, the 25th, we will have to process a large amount of funds. You need to get the Industrial Bank of Korea OTP from the president before you can actually execute the payments. Once you are done, give the Industrial Bank of Korea OTP back to the president."

"I understood."

"Now, it has been three months since you joined our company. You know how to cook lo mein. Hahaha."

Manager Kim gave Gun-Ho a broad smile.

"I wouldn't have been able to do it without you, ma'am. Just like a dog that spent three months in a restaurant could cook lo mein. Haha."

"Okay, then I will leave now. I trust you on the work."

"I will text you if I have any questions. Take care of yourself."

Gun-Ho started working alone in the accounting team. He didn't realize until now how hectic the work in the accounting team could get. There were way more tedious tasks in this job than physical labor job in a factory. Managing the source documents itself took a lot of time. He had to work until late at night every day. He once received a phone call from a company.

"This is Sangwon Trade. The payment due date has passed. Why aren't you sending the payment yet?"

"Sangwon Trade? Oh, okay. I will send the payment right away."

"Is this because Manager Kim is not there? This kind of things has never happened before."

"I am so sorry."

The president often called Gun-Ho in as well.

"Did we receive the payment from A Tech?"

"Oh, A Tech? Uhh… I will check."

A frown appeared on the president's face.

"Hey, Gun-Ho Goo! Why did you bring these source documents now? I was supposed to receive them several days ago."

"I am so sorry."

Gun-Ho had been sweating over the workload every day. Through accumulation of experience, however, he gradually became proficient at his work.