Just like any other business, a medical practice must keep accurate financial records! Things have changed a lot with the use of computers.
Bookkeeping is part of an accounting system, not the system itself.
A system of recording, classifying, analyzing, and summarizing financial transactions; this includes both money coming into the business and money going out of the business
Cash method- income is recorded when money is received (income) and the expenses are recorded when the bill is paid (disbursements). Accrual method-income is recorded when a service is performed or a product is sold, even if payment for the sale or service does not occur until later. Expenses are recorded at the time when a product arrives or a service is delivered to the business.
Routing # on the left Account # next to routing number. Check # in upper R corner Make sure correct date, amount, and signed. Ask for ID if you do not know the person. Only accept checks for correct amount. Only one endorsement
Bank Draft Cashiers check-drawn on from bank Certified check- yours, bank seals as certified Limited Check- only 30,60 90 days(payroll) Money order Traveler’s check Voucher check- detachable voucher form which specifies what check is for.
Online banking is called e-banking Protected by passwords. Change passwords often on work computers keep track of what they are. Electronically deposited money is called direct deposit.
The ABA number is number issued to each bank for identification purposes. The country is divided into 12 Federal Reserve districts. Income and Tax Statement must be transmitted annually using Form W-3 A sentinel event? Unexpected horrible event.(Total power failure in a hospital)
When should you request the bank issue a stop-payment order on a check that you wrote in payment for a medical supply order? The check was accidentally written for more than was owed. The payment did not reach the payee within a reasonable amount of time. The vendor to whom you wrote the check refuses to deliver your order.
◦ Decide what objectives are most important ◦ Develop a specific plan ◦ Evaluate what is currently being done to increase patient flow ◦ Advertising is an effort made to create or change an attitude, belief, or perception through purchased broadcast time or print space for the company