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Posting payments in your dental software: Our recommendation on posting payments in your dental software is to only post the principal amount of each payment to your patient’s ledger. This way, as long as you are posting to the original amount of the loan, or original patient balance, the balance will zero out after they have paid you off. Then if you want to ensure that your dental software balances with what is being deposited into your checking account, you will post the interest and admin fee separately. What we recommend is to create a separate ledger (or mock patient ledger) naming it CF interest payments or CF interest and fees for example. So, all you would need to do is post the total amount of interest earned to that ledger as a credit or payment and the total amount of admin fee paid as a debit adjustment. The difference of those two amounts and the principal amounts that are posted to the individual patient ledgers will then balance with what was deposited into your bank account. ©2014 Comprehensive Finance, LLC
Posting payments in your dental software: Once a payment has been made to you, a deposit statement will be posted online in the Compassionate Finance system. You will find all of your statements under the “reports” tab online in your account. You can click on “print” or “excel” to view your statement depending on if you want a PDF print ready version or prefer excel. Each statement will show the full breakdown of the deposit amount by patient’s name, and break down of their payment including principal, interest, our admin fee and the net amount that was deposited into your account by patient and in total. ©2014 Comprehensive Finance, LLC
Summarized step by step: 1.Access your deposit statement online under the “Reports” tab and print 2.Post the principal amount to the correct patient’s ledger 3.Post the total amount of interest as a credit to the “CF ledger” 4.Post the total amount of admin fee paid as a debit to the “CF ledger” ©2014 Comprehensive Finance, LLC
Reporting: Statements Most commonly used to account for payments ©2014 Comprehensive Finance, LLC.
Reporting: Portfolio Info Report Collected payments and remaining balances owed ©2014 Comprehensive Finance, LLC.
Reporting: Portfolio A/R Aging Report Monitoring the statuses of your patient loans ©2014 Comprehensive Finance, LLC.
Bank Account Reconciliation. Reconciling The process of matching your checkbook register with the bank statement is known as reconciliation. The back.
Training Agenda ©2014 Comprehensive Finance, LLC.
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How Compassionate Finance is different from other patient financing
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Check Register Reconciliation
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THE ACCOUNTING CYCLE FINANCIAL TRANSACTION OCCURS RECORD TRANSACTIONS IN GENERAL JOURNAL POST TO THE GENERAL LEDGER RECORD ADJUSTING ENTRIES IN GENERAL.
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Management Plus Financials An Overview of Reviewing and Adjusting Financial Information © 2009 Domin-8 Enterprise Solutions LLC. All rights reserved.
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