Book-keeping vocab Flashcards
Credit
Payment subtracted from an existing balance
Debit
an entry recorded for a payment made or owed
Adjustment
When there is a change made to an account/ A ledger account has credit and the office reimburses them
Balance
The amount of money in an account
Asset
Anything of value that is owned/ anything that has current or future economic value to a business
Liability
An amount owed by a business
Collections
term used by a business when referring to money owed to that business by a customer.
Posting
Transferring information from a journal entry to a ledger account
Day Sheet
includes every transaction, including any dangling transactions that have not been fixed.
Patient Ledger
hows the history of patient services, service charges and descriptions, applied payments and adjustments, and remaining balances
Bank Deposit
savings product that customers can use to hold an amount of money at a bank for a specified length of time.
Bank Statement
a list of all transactions for a bank account over a set period, usually monthly.
Receipt
an official record that represents proof of a financial transaction or purchase.
Petty Cash
small amount of money kept on hand for the purpose of making small payments such as office supplies, postage, and other small expenses.
Accounts Receivable
The total amount of money owed to a business. the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers.
