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Medical Terminology
Fuchsia Module- Accounts Payable
| Term | Definition |
|---|---|
| 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
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