The Importance of Making Timely Deposits
The importance of making timely deposits
Tricia Saunders
HS210
7/30/2013
Mary is the new Medical Assistant that Dr. Hart just hired. She has been with him and his practice for three months now. Mary noticed that Dr. Hart has always trusts his staff and does not have a good system for controlling the cash coming in. Unfortunately, situations happen like this all the time. This could easily lead to a big problem for the doctor and his practice. There are several reasons why making a timely deposit is important. First, controlling the cash in an office makes it more difficult for employees to embezzle the money. Second, the person making the check out may not be good with their money. Third, make sure person preparing summary of days cash is not the same person making the deposit. Fourth, keep checks and cash in a secure and locked area. Lastly, the office has its own bills that need to be paid. By making timely bank deposits, an office manager will definitely cut down on these issues. Most medical offices will have two major sources where their receipts come from, their patients and third-party payers. It is a good idea for each practice to have an office manager to keep a daily worksheet that summarizes and reconciles the receipts for each day of the month. For example, one day Mary forgot her lunch and did not bring money. Quickly, she took $20 from the petty cash in the office and put it in her purse. However, she is not worried. Some would wonder why she is not be worried about being caught stealing. The answer is simply because she has done it several times before, and the doctor and office manager never caught her, therefore, she never got in trouble. If there was a summary of receipts at the end of the day, Mary may have been highly discouraged in stealing any money. It is important that the person making out the summary at the end of the business day is not the same person making the deposit. If one person makes out both, it
Tricia Saunders
HS210
7/30/2013
Mary is the new Medical Assistant that Dr. Hart just hired. She has been with him and his practice for three months now. Mary noticed that Dr. Hart has always trusts his staff and does not have a good system for controlling the cash coming in. Unfortunately, situations happen like this all the time. This could easily lead to a big problem for the doctor and his practice. There are several reasons why making a timely deposit is important. First, controlling the cash in an office makes it more difficult for employees to embezzle the money. Second, the person making the check out may not be good with their money. Third, make sure person preparing summary of days cash is not the same person making the deposit. Fourth, keep checks and cash in a secure and locked area. Lastly, the office has its own bills that need to be paid. By making timely bank deposits, an office manager will definitely cut down on these issues. Most medical offices will have two major sources where their receipts come from, their patients and third-party payers. It is a good idea for each practice to have an office manager to keep a daily worksheet that summarizes and reconciles the receipts for each day of the month. For example, one day Mary forgot her lunch and did not bring money. Quickly, she took $20 from the petty cash in the office and put it in her purse. However, she is not worried. Some would wonder why she is not be worried about being caught stealing. The answer is simply because she has done it several times before, and the doctor and office manager never caught her, therefore, she never got in trouble. If there was a summary of receipts at the end of the day, Mary may have been highly discouraged in stealing any money. It is important that the person making out the summary at the end of the business day is not the same person making the deposit. If one person makes out both, it