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Chapter 18 - Accounting for the medical office. Accounting is another of the administrative competences in the medical assisting career. A person in this career may be required to take on many duties in the medical office that would typically be done by an office manager. This chapter describes the key areas of accounting and bookkeeping that may be encountered.
PowerPoint® to accompany Medical Assisting Chapter 18 Second Edition Ramutkowski Booth Pugh Thompson Whicker Copyright © The McGraw-Hill Companies, Inc Permission required for reproduction or display Accounting for the Medical Office Objectives 181 Describe traditional bookkeeping system, including single entry and double entry 182 Define a pegboard system 183 Explain the benefits of performing bookkeeping tasks on the computer 184 List banking tasks in a medical office 185 Describe the logistics of accepting, endorsing, and depositing checks from patients and insurance companies 186 Reconcile the office’s bank statements 187 Give several examples of disbursements Accounting for the Medical Office Objectives 188 Record disbursements in a disbursement journal. 189 Set up and maintain a petty cash fund 1810 Create employee payroll information sheets 1811 Compute an employee’s gross earnings, total deductions, and net earnings. 1812 Prepare an employee earnings record and payroll register 1813 Set up the practice’s tax liability accounts 1814 Complete federal, state, and local tax forms. 1815 Submit employment taxes to government agencies 1816 Describe the basic parts of an employment contract Introduction Bookkeeping Systematic record of business transactions You need an understanding of basic accounting system and certain financial management skills. A medical practice is a business, its income must exceed its expenses! Establishing Procedures Maintain the practice’s bookkeeping Be consistent Use check marks as you work to avoid errors Write clearly with same type of pen Double check your work frequently Bookkeeping Systems Single entry system Daily log Patient ledger cards Checkbook registers Payroll records Petty cash Doubleentry Assets – goods or services Liabilities – amounts owed by the practice Both sides of the accounting equation must balance Assets = liabilities + owner equity Pegboard System Each transaction on four different forms Reduces errors and saves time Called “onewrite” system Uses lightweight board with pegs Daily log sheets Patient ledger card Charge slips Deposit slips Pegboard Processes At start of day Upon patient arrival Attaching the charge slip Before the patient leaves Payments after the patient visit End of day Bookkeeping On the Computer Benefits • Saves time • Performs mathematic calculation • Software for taxes, calculating liabilities Banking for the Medical Office Banking tasks Writing checks Accepting checks Endorsing checks Making deposits Reconciling bank statements Keep all bank materials secure because they represent the finances of the practice 10 Types of Checks Voucher checks Standard checkbook Cashier’s check Purchased from a bank and signed by the bank official Counter check Allows depositor to withdraw funds from her account only Traveler’s checks Used when traveling instead of carrying large amounts of cash 27 Recording Disbursement Give each column a heading Record each check in appropriate columns Determine expense category of the check Record the check amount 28 Managing Petty Cash To avoid writing checks for such small amounts use petty cash funds Usually $50.00 Write a check to “petty cash” Enter the check in the miscellaneous column of disbursement records Get a petty cash voucher when money is removed Replace money once a month to keep amount at $50.00 29 Understanding Financial Summaries Statement of Income and expense Cash flow statement Profit and loss statement Money available to cover expenses Trail Balance Combined expense column total equal to total check amount column 30 Handling Payroll Obtaining tax ID number Creating employee payroll information sheets Calculating employees’ earnings Subtracting taxes and other deductions Writing paychecks Creating employee earnings records Preparing a payroll register Submitting payroll taxes 31 Handling Payroll Electronically Create, update, and delete employee payroll information files Prepare employee paychecks, stubs and W2 forms Update and print employee earnings records Update all appropriate bookkeeping records, such as payroll ledger and general ledger with payroll data 32 Taxes Calculating and filing taxes Setting up tax liability accounts Understanding federal tax deposit schedules Submitting federal income and FICA taxes Submitting FUTA taxes Click for Larger View 33 Quarterly Tax Form When should this form be completed? Every three months BACK 34 More Taxes Filing an employer’s quarterly federal tax return Handling state and local income taxes Filing wage and tax statements W2 W3 Transmittal of wages Tax statements 35 Managing Contracts A written agreement of employment terms between employer and employee Include names and addresses Considerations Starting and ending dates Signatures of both parties 36 Medical Assistant Contract Includes: Description of your duties and your employer’s duties Plans for handling major changes in job duties Salary, bonuses, and other compensation Benefits Grievance procedures Termination procedures 37 Apply Your Knowledge What is a W2? What is FUTA? 38 Apply Your Knowledge Answer What is a W2? Shows the employee’s total taxable income for the year What is FUTA? Annual Federal Unemployment Tax Return 39 Summary Medical Assistant You will need to understand the proper management of accounts receivable and accounts payable The use of standard bookkeeping and banking procedures is necessary to maintain the business of the office 40 End of Chapter 41 ... 18 3 Explain the benefits of performing bookkeeping tasks on the computer 18 4 List banking tasks in a medical office 18 5 Describe the logistics of accepting, endorsing, and depositing checks from patients and insurance companies 18 6 Reconcile the office’s bank statements...Accounting for the Medical Office Objectives 18 1 Describe traditional bookkeeping system, including single entry and double entry 18 2 Define a pegboard system 18 3 Explain the benefits of performing bookkeeping tasks on the ... 18 6 Reconcile the office’s bank statements 18 7 Give several examples of disbursements Accounting for the Medical Office Objectives 18 8 Record disbursements in a disbursement journal. 18 9 Set up and maintain a petty cash fund