Create an account
American Banker's Association Number ABAN
Unique Identifier for a bank; used on checks in electronic transactions
a record of a 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 transactions
a record showing the check number, person to whom check is paid, amount of check and date of 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
7 features to ensure a check is valid
-Date: watch for stale dates, post dates
-Words of negotiability: must say 'pay to the order of' or 'pay to the bearer'
-Payee: must identify to whom check is written usually physician or company
-Numeric amount: the amount in numbers the check is written for
-Written amount: amount written in words
-Drawee financial institution: identifies where the check is payable
-Signature: usually handwritten
5 Essential Factors when Writing a Check
-Date: (written or numerical)
-Payee: person check is written to
-Numeric amount: amount of check in numbers. Keep numbers close to dollar sign so other numbers cannot be inserted
-Written amount: amount check is written for in terms of dollars ad fractions of dollars
-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're 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
Employee Requirements and Records cont.
-Federal Fair Labor Standards Act
-Regulates the minimum wage
-Requires that overtime be paid to hourly wage earners at a minimum rate of one and one-half times the regular rate for hours above 40 hours per week
-Keep records of hours worked, total pay and deductions withheld for all employees
-W-2 forms—a summary of all earnings for the year and all deductions withheld for federal, state and local taxes
-Must be provided to each employee by January 31 each year
usually a minimum of 2 weeks with pay after 1 year of employment (increases with longevity)
this covers % of salary if the employee is unable to work because of a disabling condition
HIPAA Office Policy
Created 3 separate roles to be established
-HIPAA officer: to coordinate and oversee compliance rules
-Security officer: responsible for security of patient records
-Privacy officer: keeps track of who has access to the PHI
Office Liability Insurance
-Purchased by individual physician or group practice
-Purchased to protect their personal and professional assets in the event they are found liable for some action or lack of action
Get all detail needed to make arrangements for travel plans
Once arrangements have been completed, prepare an itinerary sheet that lists:
-any other pertinent information
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