Medical Office Management Final Project Kaplan University Essay

Analysis and identify the three types of accounting systems. Which in turn of the 3 systems do you think would be the least difficult to work with in the medical workplace? (Peg Board, Single Admittance, Double Entry) Why? Single entry is just like a checkbook register. It only features one line entered in the log for each deal.

Each transaction is recorded in the one particular column of the account. It really is either a positive or a unfavorable amount in the order to symbolize the receipt or payment. Single entrance is extremely quick and easy to use. The concept of double access is in every transaction you will discover two effects. These two results are called Debit (Dr) and Credit (Cr).

Accounting system is depending on the principal that for every Debit entry, there will always be an equal Credit rating entry. This really is known as the Duality Principal (Accounting-Simplified). Debit items include, increase in assets, Embrace expense, reduction in liability, decrease in equity, and decrease in cash flow. Credit articles include, decrease in assets, decrease in expense, increase in liability, increase in equity, and increase in profits. Double admittance is recorded in every manner that the account equation is often balanced out evenly.

One-Write System or perhaps Pegboard delivers convenience under control writing which is not available in computer systems. Checks may be written instantly, when needed, possibly inside or outside the business office. The One-Write System Verify Register offers an accurate backup of every verify written intended for posting towards the computer after the fact (inkoneverything). Pegboard is very useful in the heathcare/medical world. It is just a single contact form that assures the acquire charges and payments happen to be recorded effectively on all the other forms.

In my opinion, I would like to work alongside the pegboard system. It might be a little harder to learn but I think it might be worth it. It includes everything you need to keep an office or perhaps clinic jogging smoothly financially wise. Everything will be in the system and it will be simple to look up. References Accounting-Simplified.

Concept of Dual Entry. Retrieved from http://accounting-simplified.com/double-entry-accounting.html Southern California. One-Write Systems (Pegboard).

Retrieved from http://www.inkoneverything.com/pegboardaccountingsystem.html QuickMBA. Accounting. One Entry Bookkeeping. Retrieved by http://www.quickmba.com/accounting/fin/single-entry/