Bookkeeping and Accounting Test
When you post payments, you'll be able to:
Explanation:
Payment posting is the process of viewing payments and the financial picture of a medical business. It also describes the process of entering payments into medical billing software. It looks at insurance payments through EOBs, patient payments, and ERA insurance checks. Obtaining a financial perspective is critical in identifying revenue leakage and resolving them as soon as possible.
Which pull-down menu on the Bookkeeping view is used to post payments, credit memos, and debit memos?
Explanation:
The accounting word "on account" refers to a partial debt payment. The term "on account" can also refer to purchasing or selling goods or services on credit. "On credit" is another term for "on the account."
Which tab on the Payment Edit screen allows you to establish disbursements after you've created a payment?
The correct answer:
Create Disbursements tab
A ledger is a primary accounting book.
Explanation:
The ledger is the main book of accounts in which similar transactions involving a certain person or property and revenue and expense are recorded. It's a collection of accounts. It contains all the business's accounts, whether actual, nominal or personal.
Choose the appropriate workflow for submitting a customer payment and applying it to a specific invoice.
The correct answer:
Create Payment > Fetch ALL > (double click) on line item to apply > COMMITT DISBURSEMENTS button
In order to prepare the final account, the ledger is not required.
Explanation:
The information needed to generate financial statements is contained in the ledger. Assets, liabilities, owners' equity, revenues, and expenses are included. The chart of accounts is a list of a company's accounts. A ledger represents each current account on the list.
When establishing disbursements, which "Fetch" button would you use to see all uncleared payments, credits, debits, and invoices that are eligible for disbursement?
The correct answer:
Fetch All
Journal Folio is the full form of JF.
Explanation:
JF is an abbreviation for Journal Folio. This number is entered when the journal transaction is posted in the ledger so that the records of ledger posting can be easily verified from the journal book during auditing.
Final entry is another name for ledger.
Explanation:
A general ledger, sometimes known as "the book of final entry," is a book that keeps track of a business's financial activities. They are recorded as debits or credits in a double-entry system, which is then verified by a trial balance.