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Mod 4 MOP Ch 8.3/8.4

Banking & Payroll

QuestionAnswer
Absolute accuracy Correctness that is 100 percent
Interest Money paid by the bank to depositors in return for the bank's use of the depositor's money
Check An order to a bank to pay a specific amount of money.
Check negotiable requirements 1)State the specific amount paid 2) Made payable to the payee 3)Carry the name of the bak that is making the payment 4) Date 5) Signature
Postdated checks A check dated in the future and cannot be cashed until that date.
Predated checks Check dated in the past and is acceptable only if the date is within a six-month period before the date on which you receive it.
Third-party checks A check written to the practice for a patients bills/services by a person unknown to the practice.
Checks annotated "paid in full" Should not be accepted by the practice as the amount of the check could be lower than the balance due.
Blank endorsement Signature of the person to whom the check is payable is placed on the back of the check.
Full endorsement The person, company, account number or bank to which the check is breing transferred, followed by the payee's name.
Restrictive endorsement Will list "for deposit" only on back of check along with the bank, person and account number
Deposit Checks and cash placed into a bank account belonging to the practive.
Returned checks Checks that are rejected by the bank due to missing signature, NSF or missing date.
NSF nonsufficient funds
Bank reconciliation Comparing the transactions on a bank statement to the checkbook transactions and balance
Electronic banking Banking by computer; accuracy and efficient
E-signature Unique identifier or "signature" created for each person through computer code.
Petty cash fund Small amount of cash to be used for small expenses to eliminate writing a check.
Payroll The total earnings of all the employees in the practice.
EIN Employer Identification Number-enables the IRS to track the financial activity of employers in meeting payroll and tax obligations.
Direct earnings Salaries or wages paid to employees
Salary Fixed amounts paid regardless of hours worked
Wages Pay based on an hourly or daily specific rate
Form W-4 List withholdings, completed by employee at beginning of employement
FICA Federal Insurance Contributions Act- Governs the Social Security system
FICA Tax Requires a certain amount of money be withheld for Social Security and Medicare. Employee and employer each pay half of the required contribution.
Congress Can change the FICA amount yearly.
Gross earnings Pre-tax earnings
Net earnings Earnings after taxes
FUTA Federal Unemployment Tax Act-helps out of work people for a specified time as they seek new employment.
EFT Electronic Funds Transfer
Deductions Amounts of money withheld from earnings.
ADP Automatic Data Processing-Service that processses payroll for an employer.
Net pay statement Itemized statement listing gross pay, deductions and net pay that is provided to an employee.
Voluntary deductions Amounts withheld/subtracted from gross earnings at the employee's request.
Banking duties 1)Accepting valid checks in payment for services rendered 2) Depositing cash, checks, money orders etc into practice's accounts. 3) Reconciling bank statements
FICA payments by an employer Must be paid to federal government monthly.
Indirect earnings Paid leaves or specific employer-paid benefit programs (vacation pay)
Created by: ROSSMIBOA