PMTE - finance

Blanket endorsement - designated person holding the check with signature at the back can cash the check

Accounts receivable and Accounts payable are

The amounts taken by the owner of a business for his personal use in anticipation of profit

The gross pay is the rate of pay before deductions are with- held.

These are methods of collecting payments except

Represents money owed to the practice for services rendered

The packing slip lists the items to be shipped and the recipient of the shipment.

The dentist should review and approve all bills before payment is made.

There are two types of bookkeeping systems

A charge slip, also referred to as a routing slip or superbill

Is a manual bookkeeping system in which all records are completed with a single entry aka a one-write system

Form consists of three color-coded pages

Employees are entitled to 6% of their gross pay annually as vacation pay following the first full year of employment

dental practice operates at 75% overhead.

Payroll records should be retained for a minimum of ___ years

Treatment and fees may not have been explained before treatment was started

dental/stationery supplies, independent contractor fees, dental lab fees, equipment repair are fixed overhead

Pt.’s slips are not a part of Audit trail.

A walkout statement is similar to a receipt, except that it shows the current account balance

As a safeguard, checks should be stamped immediately with a restrictive endorsement

A cheque that has been written for more than the amount in the account will be returned to the payee marked

This workout statement improves cash flow by improving all these except:

small amount of cash that is maintained to have money available when pt. pays cash

Every new employee should fill out a TD1 form, the “Personal Tax Credits Return,” to determine the proper tax claim code

Disbursements are the payments made for accounts payable.

Accounts payable systems manage all of the money that is owed by the practice

Prevents anyone from cashing a check if stolen.

summary of all invoices (charges), payments, credits, and debits for the month

Is the means or process of recording, classifying, and summarizing financial transactions

Petty cash is a limited supply of cash that is kept on hand to reimburse patients with change.

The practice record of all patient transactions each day; this record includes the name of each patient

Involves maintaining financial records regarding all transactions related to collecting fees for professional services

Cheques can be written in pencil or erasable ink

The dentist assumes the responsibility of handling other people’s money

The monthly statement represents a request for payment of the balance due on the accounts receivable

Gross pay – deductions

If mistakes happen when writing a check____should be written across the check & ledger a new check should be issued.

Cash, Cheque, Credit Cards ,Digital Wallet, Professional Courtesy are method of payments at the Time of Treatment

Bookkeeping

Is the sum of all financial records of salaries, wages, bonuses, and deductions

Never refer Professional courtesy as a discount for reasons except

rent or mortgage, utilities, insurance, and salaries are

Accounts receivable management, is also frequently referred to as bookkeeping

Is an itemized memorandum of the currency and checks taken to the bank to be credited to the practice’s account

The social insurance number (SIN) is used to identify