Finance Flashcards
Expense
Money spent costing to general revenue
Accounts receivable
Money OWED to the office
Accounts payable
Money owed by the practice
Collection
Unpaid accounts should be referred for collection - credit and recovery services.
NSF
When an account has less funds then what is meant to be withdrawn
Day sheet
A detailed record of financial transactions in the Dental office
Credits
Payments made to a clients account
Debits
Charges made to a patients account
Fixed expense
Business expenses which continue whether or not the office is open
Variable expense
Are expenses such as sundry supplies, lab fees, and repairs, that change depending on the type of services rendered and the amount consumed.
Drawings
Money which can be transferred to the dentists personal account
Dividends
If a practice is incorporated, dentists may draw income from practice
TD1
All new employees should have it
SIN
Used to identify Canada Pension Plan contributions as well as employment insurance claims
Gross pay
The amount BEFORE deductions, salary before tax
Net pay
Salary after tax, the remaining amount after deductions from the gross salary
Income tax
Deducted from gross earnings
Remittance
The action of sending money in payment
CPP
Canadian Pension Plan is a contributory, earnings-related social insurance program. It forms one of two major components of Canada’s public retirement income system
ROE
Record of employment- when employee leaving the job and indicated last 20 weeks of earnings
Endorsement
Signature on back of cheques
Ledger
A record that shows charges (fees) payments and balances owed for each patient or family
Reconciliation
Is an accounting process that uses two sets of records to ensure are correct in agreement
Post dated cheque
A cheque written with a cuter date - cannot cash the cheque until the date noted on cheque
