Chapter 15- Financial Systems: Accounts Receivable

cash only

system eliminates paperwork in the business office

nonsufficient funds check(NSF)

A check returned unpaid to the payee because insufficient funds were available

statement

A document that informs patients of their financial status with the dentist

receipt

A form given to the payer(patient) that acknowledges payment on an account

subtract the credit balance from the total charges

A patient owes $220 for today's treatment and has a credit balance of $40. Which step should the administrative assistant take before informing the patient of the balance due?

Accounts payable

All of the dentists financial obligations or money that the dentist owes (outgoing money)

credit balance

An amount owed to the patient for services for which the dentist has paid in advance but have not yet been performed

creditor

An institution or business that sends a bill to a person, agrees to an installment payment plan

credit bureau

An organization that reports specific information about a person's previous payment habits

identity theft

The administrative assistant notices that the new patient's signature does not match the signature on the credit card being used to pay for services rendered. Which possibility should the assistant be mindful of?

adjustment

The alteration of an account balance as a result of a courtesy discount

balance

The credit or debit amount on an account

bookkeeping

The process of the recording of financial transactions

Accounts payable Accounts receivable

Two types of financial systems

Accounting

The recording, classifying, and summarizing of financial and business records

accounts payable

What financial system includes all production data, account adjustments made, and calculation of new balances?

well-defined credit policy

Which is an integral part of the dental office's accounts receivable system?

0.10

Which is the alternative format for writing 10%

it protects files against physical threats

Which is the main reason for using an offsite computer backup system?

align decimal points

Which mathematical practice ensures the correct addition of numbers, some of which include decimal points?

reminder

Which stage of the collection process is accomplished through a notice on the statement

Accounts receivable

includes all production(incoming money) data entered for treatment provided and payments received, and new balances are calculated

Extended payment

involves receiving partial payment over time.

payment of statement full

person is expected to make full payment within 10 days of receiving the statement