Chapter 18 - Accounting for the medical office. Learning objectives of this chapter include: Describe traditional bookkeeping systems; explain the benefits of performing bookkeeping tasks on the computer; list banking tasks in a medical office; describe the logistics of accepting, endorsing, and depositing checks from patients and insurance companies;. | 18 Accounting for the Medical Office 18- Learning Outcomes Describe traditional bookkeeping systems. Explain the benefits of performing bookkeeping tasks on the computer. List banking tasks in a medical office. Describe the logistics of accepting, endorsing, and depositing checks from patients and insurance companies. 18- Learning Outcomes (cont.) Reconcile the office’s bank statements. Give several examples of disbursements. Record disbursements in a disbursement journal. Set up and maintain a petty cash fund. Create employee payroll information sheets. 18- Learning Outcomes (cont.) Compute an employee’s gross earnings, total deductions, and net earnings. Prepare an employee earnings record and payroll register. Set up the practice’s tax liability accounts. Complete federal, state, and local tax forms. Submit employment taxes to government agencies. 18- Introduction Accounting | 18 Accounting for the Medical Office 18- Learning Outcomes Describe traditional bookkeeping systems. Explain the benefits of performing bookkeeping tasks on the computer. List banking tasks in a medical office. Describe the logistics of accepting, endorsing, and depositing checks from patients and insurance companies. 18- Learning Outcomes (cont.) Reconcile the office’s bank statements. Give several examples of disbursements. Record disbursements in a disbursement journal. Set up and maintain a petty cash fund. Create employee payroll information sheets. 18- Learning Outcomes (cont.) Compute an employee’s gross earnings, total deductions, and net earnings. Prepare an employee earnings record and payroll register. Set up the practice’s tax liability accounts. Complete federal, state, and local tax forms. Submit employment taxes to government agencies. 18- Introduction Accounting Administrative competency Responsibilities of medical assistant Bookkeeping Banking Bookkeeping Systematic record of business transactions 18- Business Side of a Medical Practice Accuracy Strive for 100% Records form a chain of information Errors can result in loss of income by Billing a patient twice for same service Omitting bank deposits Making improper payments to suppliers A medical practice is a business: income must exceed expenses! 18- Establishing Procedures Maintain procedures in a logical and consistent manner Be consistent in the way you handle transactions Use check marks as you work to avoid errors Write clearly with same type and color of pen Double-check your work frequently Keep columns of figures straight 18- Apply Your Knowledge ANSWER: Errors can result in loss of income by billing a patient twice for same service, omitting bank deposits, and making improper payments to suppliers. What can be the result of in errors in billing? Good .
