Medical Office

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Why is it important to make your bank deposits as soon as possible? It is important to make bank deposits as soon as possible because as your office has bills to pay there needs to be sufficient funds to cover all expenses. Also your office does not want to wait depositing any checks because they person who wrote the check might not be good with their money. If the check is not deposited in a couple of day the person who wrote it might spend the money thinking they had more than they really did. The less time you cash deposits remain in the office the less time someone dishonest would to steel money as well.

Single entry bookkeeping is a more simple version of double entry. A single entry system is similar to a checkbook register. It is characterized by the fact that there is only a single line entered in the journal for every transaction. Each transaction is recorded in of column and account as either positive or negative. A double entry system is a little more detailed. With double entry two entries are made for each transaction. The first entry is a debit in on account and the second is credit in another account. The two accounts together keep the accounting equation balanced. The accounting equation is Assets = liabilities + Owners’ Equity. The pegboard system is a system in which a pegboard is used to hold all the necessary accounting forms. I believe that the pegboard system is best for a medical office because it is easiest to operate and seems to be the most accurate.

Reference:
Kinn's The Administratve Medical Assistant, 6th edition- An Applied Learning Approach A.Young,BBA,RMA,CMA
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