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Ch 15 business prac.

Account types, main terms, vocabulary

TermDefinition
Debit Bookkeeping entry that records increases in assets and expenses and decreases liabilities
Post To record a charge, payment, or adjustment on a ledger or account
Accounts receivable Record of all patients outstanding accounts showing how much each one owes for services rendered
Accounts payable Register or checkbook that lists amounts paid out for expenses of the business practice
Asset That which is owned by the business
Credit Bookkeeping entry that decreases assets and increases earnings
Proprietorship The owenr's net worth
Day sheet Register for recording all daily business transactions of patients
Liability monies owed for business expenditures
Single Entry accounting Easy to learn, accepted by state and federal authorities; errors not obvious, uses day sheet, general ledger
Double entry accounting Exact science, need advanced accounting skills
Pegboard accounting Foundation for computerized system, accurate and easy; have to know basic bookkeeping
Computerized accounting Expedites posting, expensive
Accounting The system of recording and summarizing business and financial transactions
Bookkeepers The recorders for accounting
Accounting system that increases accurate accounting, and incorporates electronic capabilities; adds credits, subtracts debits and computes running balance Computerized accounting
Most popular bookkeeping method used in Physician's offices, accurate and easy to learn Peg Board accounting
Accounting system that uses Basic terminology such as assets, capital, liabilities, and proprietorship, and the books must balance Double entry accounting
Accounting system uses general ledger or journal, accounts payable and accounts receivable Single entry accounting
Contract adjustment Private Insurance companies
Courtesy Adjustment Medicare program
ROA Received on account
On the daysheet, the total patients paid by cash and check must equal The total patients balance for that day
An amount divisible by 9 may indicate A transposed figure
An amount evenly divisible by 2 May indicate Posting to the wrong column
If a posting error occurs when writing 900 for 90, this type of error is called Sliding a number
At EOD, to reconcile cash and change drawer, the received should equal the cash amount on the Deposit slip
Petty cash is replenished Weekly or monthly
When replenishing the petty cash fund add the spent (paid) to the Leftover (cash on hand) and compare this total to amount est. for the fund; they should equal
Forms required using a pegboard system are Physicians daysheet, transaction slip, ledgers, deposit slip
Physicians daysheet Used as the journal sheet to record changes, adj. and payments
Transaction slip Used to record each patients series; acts as charge slip, gives receipt cash/check
Ledgers Used to post charges, payments and adj. for each patients services
Deposit slip Used to record cash/checks for bank deposits
Adj Adjustments
Pd Paid
B/F Balance forward
Recd Recorded
Physician accounts are kept On an Accrual basis
The accounts receivable is an Asset
In a physicians practice, pt accounts are known as Open accounts
A record containing listing of each pt seen in the office, services rendered, payments made, adjustments calculated in one day is called a Daysheet or daily journal
Debts, credits, posting, and calculations on a ledger card is listed with Fees posted in charge column, payments and adj in the credit column
To locate a transposition error you would Divide by 9
Totaling the balances of all pt accounts that indicate a balance due and comparing that total w/ the ending A/R figure on the daysheet is referred to as Accounts receivable control
A change drawer would typically have $50-$200
Manual bookkeeping skills are helpful because they Increase understandings of basic computations a computerized system usually does
In a medical office, daily bookkeeping tasks are usually performed by the MA
Created by: Gmtassa23