Create an account
a record of checking account activity sent to the customer, usually on a monthly basis
contains a record of deposits, withdrawals, and interest earned with the dates of all the transactions
a record showing the check number, person to whom check is paid, amount of check, date and balance
electronic fund transfer EFT
method of crediting and debiting account by computer without checks or deposit slips
used to indicate that the writer of the check did not have enough money in account
magnetic ink character recognition MICR
automated system that reads characters and numbers printed in magnetic ink at the bottom of checks and deposit slips
negotiable instrument often used by individuals who do not have checking accounts or to meet the requirement for purchasing an item or service
date, payee, numeric amount, written amount, payer signature
what are the Five factors to incude when writing a check?
-used to endorse checks when they are received
-Stamped or written
-States 'pay to the order of'
-If payee is misspelled, check should be endorsed the same way followed by the correct way
-Effective 9/1/88, federal regulations require all endorsements to be within 1 ½ inches of the trailing edge of all checks
-Put all bills of the same denomination together
-Face bills the same direction, portrait side up
-Stack in order from highest to lowest denomination (for example, 50s, 20s, 10s 5s and 1s)
checking checks to ensure they are endorsed
-Arrange facing up from largest amount to least amount
-List checks by number, last name of maker and amount on deposit slip
-File deposit receipt
reconciling bank statements
-To ensure you and the bank agree on the amount of money in the account
-Checkbook and statement numbers should match
employee requirements and records
-Forms to apply for a SSN can be obtained from social security office, post office and IRS office
-Each employee must complete a W-4 form (Employee's Withholding Allowance Certificate) Indicates the number of exemptions clamed
-If employee does not complete form withholding figured on basis of being single with no exemptions
-A new W-4 form must be completed if there is a change in marital status or a change in the number of exemptions
-Each employee must complete an I-9 form (Employment Eligibility Verification)
-Ensures all persons employed are either US citizens, lawfully admitted aliens or aliens authorized to work in the US
federal fair labor standards act
-Regulates the minimum wage
-Requires that overtime be paid at a minimum wage
-paid time and half for worked over 40 hours a week
-Keep records of hours worked, total pay, deductions withheld for all employees
This type of insurance covers a percentage of salary if the employee is unable to work because of a disabling condition
privacy office, payroll officer, security officer
HIPAA has designated these 3 separate responsibility roles are established in a medical office.
date, words of negotiability, payee, numeric & written amount, drawee financial institution, signature
what are the 7 features to ensure a check is valid?
practice management insurance
insurance that an individual physician or a group practice will purchase to protect their personal and professional assets in the even they are found liable for some action or lack of action
sign the misspelled way followed by the correct way
You endorse a check in this way if the name of the payee is misspelled?
Accounts that allow checks to be written ofor a larger amount than is currently available
In regards to inventory, some high usuage items may require this type of update, while others only need this type of update (2 answers in correct order)
safety operations, day to day operations, fiscal operations
3 main responsibilities of office managers
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