Accounting Responsibilities

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Accounting Responsibilities Part 1
Accounts receivable and Daily Bookkeeping
Accounts Receivable- money owed to the practice
Bookkeeping- Organized and accurate record-keeping system of financial transactions for a business
The accounts receivable total changes every time a charge, payment or adjustment is made to an account
Manual Accounting
Called the pegboard system or “one write” system
Day sheet tracks daily transactions, payment, charges for service and adjustments to pts accts (legal Doc)
Ledger card
Financial record of the pt (legal Doc) (patient Statement)
Filed alphabetically in a ledger tray
Ledgers are kept forever; they are not shredded at the end of the year
Posting
Applying a charge, payment or adjustment to a pts ledger card
< > Brackets around a number indicates the opposite of the columns usual meaning
Superbill, encounter form, multipurpose billing form or charge slip
Preprinted statement lists of dx, procedure codes & charges used for each patient’s visit
What do you with an account balance when an account is sent to collection?
Record in the adjustment column the amount of the balance being sent to collections
Banks and their services
Types of Accounts
Checking
Savings
Money Market-combo of savings acct and interest-bearing checking accts
Bank Fees
Monthly Service Fee
Overdraft protection
Returned check fee
Types of Checks
Standard business checks
Used daily to pay expenses
Certified checks
Customer ck, stamped I signed by the bank to verify amt of ck is being held in the acct to be paid
Cashier Checks
Written by the bank and sold to the customer for the amount, plus a fee charged by the bank

Traveler’s checks
Signed when they are bought at the bank and then signed again when they are used
Available in denominations of $10, $20, $50, etc.
Money Orders
Not checks, purchased at the bank or post office .
Guarantee payment to the recipient.
Stale Check
Check that has not been cashed within a certain amount of time
Banking Responsibilities
Writing Checks for Accounts payable
Money owed by the practice
Manual writing
1. Write Legibly
2. Complete all fields, including the memo. Explain in the Memo what the check was written for, in case of a question later.
3. Record on the check stub the date, amount, payee and the new balance
Manual writing
Keep the stubs in the checkbook until the end of the year
Voided checks and stubs stay I the checkbook
At the end of the year stubs are filed with the fiscal or end of the year records
Stubs are kept for the life of the practice
Receiving checks and Making Deposits
Endorse sign checks with the office name and account number on the back either by signature or stamp
Total the checks and cash received
Check the total against the payments on the day sheet
Prepare a deposit slip
Reconciling Bank Statements
Compare your records to the statement
It lists all the transactions that have occurred since the last closing date
Statements are reconciled monthly with your checkbook.
All checks and deposits listed
All amounts correct
Run a reconciliation balance
Do your numbers
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