Accounting
a system of recording and summarizing business and financial transactions
accounting
Amounts owed to creditors are known as
accounts payable
A general ledger is also called:
daysheet, daily log, or charge journal
"DED" means:
deductiable
Depending on the size of the practice, a change drawer typically holds
$50 to $200
is the recording of all transactions in the accounting system
Bookkeeping
contains a record of all fees charged on one date of service.
patient ledger
Change for a patient who pays cash is made from the
change drawer
"adj" means
adjustment
A common bookingkeeping abbreviation for coinsurance is
COINS
An accounting method that is not self-balancing is
single-entry accounting
In a manual bookkeeping system, copies of the ledger card can be used as
patient statement
This shows monies that are available for minor office expenses and monies that have been disbursed
petty cash fund
"A/R" means
accounts receivable
Statements are sent to whom
to all patients who have outstanding balances.
anything owned by the business
assets
This is made after receiving the Medicare payment if the charge amount is over the allowed amount
Contract adjustment
shows the amounts paid out for the expenses of the business practice
accounts payable ledger (A/P)
sent
In manual bookkeeping, an adjustment is posted where
under the credit column.
monies owed for business expenditures
liabilities
In a manual system, fees are posted to the ledger on the date of service, and at the same time, the transaction is records on the medical practice's
daysheet
Fees for office visits, laboratory tests, medical supplies, and other services for patients are
charges
"EC" means
error corrected
Most medical practices rely on the administrative medical assistant to have solid
bookkeeping skills