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Medical Terminology

Fuchsia Module- Accounts Payable

TermDefinition
disclaimer a denial of responsibility; a denial of legal claim
drawee a bank or facility on which a check is drawn or written
drawer the person who writes the check
e-banking electronic banking via computer/internet
endorser person who signs his/her name on the back of the check
holder the person who presents the check for payerpayment
maker one who signs the check or negotiable instrument
m-banking banking thru mobile devices
negotiable legally transferable (checks, money orders, cashier's checks)
payee person named on a draft or check as the recipient of the amount shown
payer the person who writes a check in favor of the payee
Power of Attorney (POA)/Attorney In Fact a legal statement in which a person authorizes another person to act as his/her agent
principal a capital sum of money due as a debt or used as a fund for which interest is either charged or paid
reconciliation the process of proving that a bank statement and checkbook balance are in agreement
Uniform Commercial Code (UCC) unified set of rules covering many business transactions; adopted in all 50 states
accounts payable debts incurred and not yet paid
accounts receivable amounts owed to the physician
accounts receivable trial balance method of determining that the journal and the ledger are in balance
accrual basis of accounting income is recorded when earned & expenses are recorded when incurred
admonition counsel or warning against fault or oversight
assets liabilities + capital; property owned
balance sheet a financial statement for a specific date that shows total assets, liabilities, & capital of the business
bookkeeping the recording part of accounting
cash basis of accounting income is recorded when received & expenses are recorded when paid
cash flow statement a financial summary for a specific period that shows the beginning balance on hand, the receipts & disbursements, & the balance on hand at the end of the period
controls a standard of comparison to make sure answers obtained are accurate
disbursement journal a summary of accounts paid out (monies paid out, date & number of check, & purpose of pymt)
entry a record or notation of an occurrence, transaction, or proceeding
equities the monetary value of a property or of an interest in a property in excess of claims or liens against it
in balance the state in which the total ending balances of patient ledgers equals the total of accounts receivable
invoice a paper describing a purchase and the amount due
liabilities things that are owed; debts
packing slip an itemized list of articles included in a shipping package
petty cash fund a fund maintained to pay minor, unexpected expenses
statement a request for payment; receipt for itemized services
statement of income & expense/profit & loss a summary of all income & expenses for a given period
subsidiary supporting other documents or records
trial balance a method of checking the accuracy of accounts
restrictive endorsement "For Deposit Only"
balance forward account balance before you write the check
cashier's check bank's own check signed by the cashier
ABA # where the bank is located
Electronic Fund Transfer (EFT) direct deposit
daily journal a chronologic record of the practice
3 Cardinal Rules of Bookkeeping Be accurate, keep columns straight, write legibly
Created by: ginaliane