Podcast
Questions and Answers
What is the primary responsibility of the Dental Office Bookkeeper?
What is the primary responsibility of the Dental Office Bookkeeper?
What type of skills should the Dental Office Bookkeeper possess?
What type of skills should the Dental Office Bookkeeper possess?
What is the purpose of maintaining financial records in a dental practice?
What is the purpose of maintaining financial records in a dental practice?
What is an 'expenditure' in the context of a dental practice?
What is an 'expenditure' in the context of a dental practice?
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What is a 'fee' in the context of a dental practice?
What is a 'fee' in the context of a dental practice?
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What is the importance of including financial arrangements in the patient record?
What is the importance of including financial arrangements in the patient record?
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What is 'income' in the context of a dental practice?
What is 'income' in the context of a dental practice?
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What is the role of the Dental Office Bookkeeper in handling patient insurance?
What is the role of the Dental Office Bookkeeper in handling patient insurance?
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What is the significance of maintaining accurate financial records in a dental practice?
What is the significance of maintaining accurate financial records in a dental practice?
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What is the responsibility of the Dental Office Bookkeeper in managing the inventory and supply system?
What is the responsibility of the Dental Office Bookkeeper in managing the inventory and supply system?
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What must a financial record for each patient include?
What must a financial record for each patient include?
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What is the purpose of a written agreement with a patient?
What is the purpose of a written agreement with a patient?
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What does 'credit' come from?
What does 'credit' come from?
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What is collection in the context of a dental practice?
What is collection in the context of a dental practice?
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Why are licensed dentists exempted from payment of Mayor's Permit?
Why are licensed dentists exempted from payment of Mayor's Permit?
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What is the professional tax exempted from?
What is the professional tax exempted from?
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Where must a professional dentist pay the professional tax?
Where must a professional dentist pay the professional tax?
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What is the purpose of a dentist's professional tax?
What is the purpose of a dentist's professional tax?
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What is the significance of SEC. 139 in relation to professional tax?
What is the significance of SEC. 139 in relation to professional tax?
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What is the result of paying the professional tax?
What is the result of paying the professional tax?
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What is the primary purpose of maintaining itemized listings of commercial laboratory fees in the patient's financial record?
What is the primary purpose of maintaining itemized listings of commercial laboratory fees in the patient's financial record?
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What is the requirement for agreements with patients who receive dental services on a basis other than fee-for-service?
What is the requirement for agreements with patients who receive dental services on a basis other than fee-for-service?
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What does the Latin word 'Credo' mean?
What does the Latin word 'Credo' mean?
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What is the responsibility of licensed dentists in relation to the Mayor's Permit?
What is the responsibility of licensed dentists in relation to the Mayor's Permit?
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What is the result of paying the professional tax?
What is the result of paying the professional tax?
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What is the purpose of reviewing the collection percentage in a dental practice?
What is the purpose of reviewing the collection percentage in a dental practice?
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What is the significance of SEC. 139 in relation to professional tax?
What is the significance of SEC. 139 in relation to professional tax?
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Where must a professional dentist pay the professional tax?
Where must a professional dentist pay the professional tax?
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What is the primary focus of bookkeeping in a dental practice?
What is the primary focus of bookkeeping in a dental practice?
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What is the purpose of recording financial transactions in a dental practice?
What is the purpose of recording financial transactions in a dental practice?
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What is the significance of including financial arrangements in the patient record?
What is the significance of including financial arrangements in the patient record?
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What is the primary component of a fee in a dental practice?
What is the primary component of a fee in a dental practice?
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What is the primary function of the Accounts Receivable account?
What is the primary function of the Accounts Receivable account?
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What is the primary difference between income and expenditure in a dental practice?
What is the primary difference between income and expenditure in a dental practice?
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What is the primary responsibility of the Dental Office Bookkeeper in terms of financial records?
What is the primary responsibility of the Dental Office Bookkeeper in terms of financial records?
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Study Notes
Bookkeeping
- Bookkeeping is the recording of financial transactions, including purchases, sales, receipts, and payments.
- It is essential for a dental practitioner to be involved in their practice's accounting to maintain order, prevent theft, and keep costs under control.
The Dental Office Bookkeeper
- Handles all dental office finances, including:
- Accounts Receivable (money owed to the practice)
- Accounts Payable (money the office owes to others)
- May also handle patient's dental insurance and make financial arrangements with patients for payment of dental services.
- May also be responsible for inventory and supply system.
Income and Expenditures
- Income: a book that contains the profit of the dental practice, recognized when it is received.
- Expenditures: a book that contains the expenses of the dental practice, recorded when it is paid.
Fees
- The price one pays for services, including overhead, wages, costs, and markup.
Financial Record
- An important part of the patient record, including:
- A copy of any written agreement with a patient
- Date and amount of all fees charged
- Date and amount of all payments made
- Itemized listing of all commercial laboratory fees
- Copies of all dental claim forms for the preceding two years
Credit and Collection
- Credit: an arrangement with a shop, bank, etc. that allows you to buy something and pay for it later.
- Collection: the act of obtaining money that is owed to the dental office.
Permits and Taxes
- Dentists are exempt from Mayor's Permit because the practice of Dentistry is an exercise of a profession and not a business concern.
- Professional tax is required to be paid to the province where the dentist practices.
- Paying the professional tax allows the dentist to practice their profession in any part of the Philippines without being subjected to any other national or local tax, license, or fee.
Bookkeeping
- Bookkeeping is the recording of financial transactions, including purchases, sales, receipts, and payments.
- It is essential for a dental practitioner to be involved in their practice's accounting to maintain order, prevent theft, and keep costs under control.
The Dental Office Bookkeeper
- Handles all dental office finances, including:
- Accounts Receivable (money owed to the practice)
- Accounts Payable (money the office owes to others)
- May also handle patient's dental insurance and make financial arrangements with patients for payment of dental services.
- May also be responsible for inventory and supply system.
Income and Expenditures
- Income: a book that contains the profit of the dental practice, recognized when it is received.
- Expenditures: a book that contains the expenses of the dental practice, recorded when it is paid.
Fees
- The price one pays for services, including overhead, wages, costs, and markup.
Financial Record
- An important part of the patient record, including:
- A copy of any written agreement with a patient
- Date and amount of all fees charged
- Date and amount of all payments made
- Itemized listing of all commercial laboratory fees
- Copies of all dental claim forms for the preceding two years
Credit and Collection
- Credit: an arrangement with a shop, bank, etc. that allows you to buy something and pay for it later.
- Collection: the act of obtaining money that is owed to the dental office.
Permits and Taxes
- Dentists are exempt from Mayor's Permit because the practice of Dentistry is an exercise of a profession and not a business concern.
- Professional tax is required to be paid to the province where the dentist practices.
- Paying the professional tax allows the dentist to practice their profession in any part of the Philippines without being subjected to any other national or local tax, license, or fee.
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Description
This quiz covers the basics of bookkeeping in a dental office, including financial transactions, accounting, and financial management. It's essential for dental practitioners to understand bookkeeping to maintain order and prevent theft.