Questions and Answers
The ______ is a predetermined minimum quantity of a specific supply left in the inventory.
reorder point
A ______ tax return is filed on or before April 15.
income
Major purchases used for 5 or more years and depreciated by the office are classified as ______.
equipment
The amount of time a product is guaranteed fresh is known as its ______.
Signup and view all the answers
Internal marketing is a technique used within the practice to keep ______ and new patients active.
Signup and view all the answers
A ______ is a single-use item that is discarded immediately after the procedure.
Signup and view all the answers
______ are supplies that are used up or consumed with use.
Signup and view all the answers
A ______ practice leads to financial stability.
Signup and view all the answers
There are two types of bookkeeping: 1) accounts ______ and 2) accounts payable
Signup and view all the answers
Bookkeeping is the ______ of the accounting process
Signup and view all the answers
Accounts receivable is the money owed to the practice for ______ services
Signup and view all the answers
The daily journal page is a record of all transactions for the patients seen each ______, including the name of the patient, charges, payments, and adjustments to the account
Signup and view all the answers
Simple fees are ______ payments for services or payments made after a service is rendered
Signup and view all the answers
Fixed overhead expenses include ______, utilities, insurance, and salaries
Signup and view all the answers
One advantage of paying by ______ is that it provides proof of payment
Signup and view all the answers
Gross income is the total of all ______ income received
Signup and view all the answers
Study Notes
Bookkeeping and Accounting
- Bookkeeping involves the recording of financial transactions and can be divided into accounts receivable (money owed to the practice) and accounts payable (money owed by the practice).
- Accounting is the process of recording, classifying, and summarizing financial transactions.
- Accounts Receivable: Includes charge slips for transmitting financial data, daily journal pages that mark transactions for patients seen each day, and walkout statements showing current account balances.
- Types of Fees: Simple fees entail unconditional payments for services rendered, while contingency fees depend on treatment type, duration, and complications.
- Payment Types: Includes payment in full, statements, divided payments, and dental insurance.
- Payment Methods: Cash, checks (providing proof of payment), credit cards (offering reduced paperwork), and insurance (allowing patient choice of provider).
Accounts Payable and Income
- Overhead Expenses categorized into fixed overhead (ongoing expenses like rent, utilities, and salaries) and variable overhead (expenses like supplies and contractor fees).
-
Income Categories:
- Gross Income: Total professional income received.
- Net Income: Gross income minus practice-related expenses.
Taxation
- Income Tax Return (ITR) must be filed using FORM 1701 by April 15.
- Professional Tax Revenue/Occupation Tax (PTR) is paid annually by January 31.
Supplies Management
-
Types of Supplies:
- Consumable supplies: Used up during procedures.
- Disposable supplies: Single-use items discarded post-procedure.
- Expendable supplies: Low-cost items replaced frequently.
- Equipment: Major purchases that last 5+ years, subject to depreciation.
-
Guidelines for Storing Supplies:
- Maintain a central storage area for supplies.
- Limit stock to a minimum amount.
- Monitor light or heat-sensitive products.
- Utilize storage bins for organization.
- Regularly check supplies, reorder points, and dispose of expired items.
Marketing Strategies
- Internal Marketing: Focuses on engaging existing patients and generating referrals; involves patient perception, staff interactions, first impressions, case presentations, and targeted advertising.
- External Marketing: Aims at attracting new patients outside the current pool.
Patient Loyalty
- Loyal patients contribute to a productive practice and financial stability.
- Success factors for retaining patients include cleanliness, location, reasonable fees, personality, sincerity, thoroughness, courtesy, gentleness, punctuality, well-maintained office/equipment, and updated knowledge.
- Common reasons for patient attrition include unreasonable fees, inconvenient location, lack of dentist presence, delays, discrimination, and personality conflicts.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Learn the basics of bookkeeping and accounting, including recording financial transactions, accounts receivable, and accounts payable. Understand the importance of daily journal pages and walkout statements.