Quick Brook Revenue Cycle Essay

The basis of the revenue cycle in Epic is the Hospital Account Record, often abbreviated as the HAR.

Preferred Consulting will install QuickBooks 2015 Pro software on your computer’s hard drive. Next, we will setup Cutting Edge as a sole proprietor organization that is engaged in service and product sales, so the software knows how to account for all the transactions and taxes your company may incur during the year. Then we will enter your customers, vendors, supplies, and inventory that your business uses to conduct daily operations. Every transaction your business performs will be entered using the appropriate section of QuickBooks Pro 2015, and the amounts are automatically distributed to the selected chart of accounts. The chart of accounts records every transaction that is entered and keeps running totals of revenues, expenses, equity, liabilities and inventory.

In QuickBooks all you need to do is enter the accounts receivable amount into the individual customers list in the receivable section. QuickBooks does the rest for you rather than having to write in the individual debits and credits yourself.

Each debit entry should be corroborated by an appropriate sales invoice agreeing as to amount and customer.

When a company, like Walmart, begins to prepare financial statements and reports at the end of an accounting cycle they generally use Generally Accepted Accounting Principles and “the collective process of recording and processing the accounting events” (Definition of ‘Accounting Cycle’, 2012), known as the accounting cycle. There are nine steps involved in the accounting cycle. Walmart would begin the process by collecting and analyzing data from their events and transactions. Next, the company puts those transactions into a general journal. After journalizing their transactions the company posts these entries to the

QuickBook 's has won awards for providing users with advanced accounting and payroll tools. The software includes automated data backup, scheduled billing and bank reconciliation. Intuit 's QuickBooks Online produces professional-looking invoices, that are customizable by the organization, with their company and design to improve branding on reports deliever to the clients. QuickBooks has been designed to work

1. Add up your sales for the period for which you want to create the income statement. Sales or revenue is the first line of the income statement. If you run a cash-based business, your sales records come from a cash register. The preferred method to record sales for a cash-based business is the cash method. This means that as soon as the customer pays, you record a sale. If you use the accrual method, you record a sale even though you may not necessarily receive money from your customer. In conjunction with recording a sale, you make an entry in accounts receivable.

“An income statement measures the performance over some period of time, usually a quarter or a year”, states the authors of Essentials of Corporate Finance. (Ross, Westerfield, Bradford 2014, p. 27). There are three aspects of an income statement that a financial manager needs to keep in mind when analyzing the numbers; GAAP, cash versus noncash item, and time and costs. GAAP will show revenue when it accrues. According to the authors of Essentials of Corporate Finance, “The general rule is to recognize revenue when the earnings process is virtually complete and the value of an exchanges of goods or services is known or can be reliably determined” (Ross, Westerfield, Bradford 2014 p. 28). As some production costs of items produced are made on credit, the revenue on that item will not be recognized until the sale of that item occurs; any other costs incurred in assembling that product will also not be recognized until the time of its sale (Ross, Westerfield, Bradford 2014 p.28- 29). With this situation occurring, the income statement might not be able to represent all the

Recommendation is to record all the cash transaction as revenue upon receipt of the cash and ring it thru to get a firm record.

Revenue is the gross inflow of economic benefits during the period arising in the ordinary course of activities. Revenue should be recognized when the future economic benefits that will flow to the entity can be measured reliably. The recognition criteria are usually applied separately to each transaction, but sometimes and under specific circumstances, it is necessary to apply the recognition criteria to the separate recognizable parts or of a single transaction in order to reflect the substance of the transaction. In aviation industry, the revenue transaction or events takes a significant period of time in order to complete because of the nature of product delivering against the sum of money. The five‐step revenue recognition process for this transaction are as follows:

I consider myself to have a great business acumen related to the health care revenue cycle, particularly in understanding its complexity. I have a great experience working with patient demographic and coverage data; with contracting information to setup payers and plans records, services carve-outs and providers credentialing; with charge posting and charge review edits; claim scrubber services. Claim processing and claim edits, follow up, remittance and payment posting. I certainly believe that my experience and skills in the revenue cycle management will allow me to contribute in helping your team to improve the revenue collection.

I would question any transactions that did not seem to be correct to ensure there is no chance of fraud. In addition to this I would question management who conducts the reconciliation. If proper, the company would conduct an independent reconciliation where the person conducting the reconciliation is not the person in charge of the cash account. In addition to this I would ask the employee doing the reconciliation when they receive the documents if they are sealed, or are they opened. If they are opened it would be possible that another employee entered false documents.

If the source document is a cash sales slip, it means that goods or services are sold to a customer for cash. Therefore, bank account will be debited, and sales or revenues will be credited. If it is a sales invoice, the sales of goods or services are on account. The accounts receivable will be debited and sales/revenue will be credited. When the source is a purchase invoice, meaning that the company purchased goods on account, therefore expense or assets account are going to be debited, credit account would be bank. When the source document is a cheque copy, there might be 4 different types of transactions. The first one is the company is paying an account payable; the second is purchasing an assent by cash; the third might be payment for an expense by cash; the last one is owner’s drawing of money for personal use. Consequently, the possible debit accounts that might be influenced could be liability account – accounts payable, asset account, expense account and drawings account. Bank will be credited. Lastly, if it is a cash receipts, meaning the cheques are received from customers on account. Bank will be debited and accounts receivable will be

It provides the most comprehensive tools for small business financial management. It is used to track expenses, prepare and send invoices, prepare financial statements, track inventory levels, and many other jobs that small businesses must perform to stay successful. New versions like Simple Start for new businesses and Enterprise version for larger businesses is currently out on the market available to purchase. Besides the desktop software, QuickBooks is offering an online version which is hosted though the online edition.

There are a lot of ways that an auditor can obtain confirmations regarding accounts receivable for a client such as collection and disbursement of cash receipts. The auditor should examine or observe the cash collection of its client and the client should have system designed in a way that involves no fraudulent activity. The auditor can observe the incoming mail opened by a person who does not have access to the accounts receivable ledger. The receipts should be listed in detail with one copy and the actual receipts sent to the cashier to prepare the bank deposit, another copy sent to accounts receivable department for entry in accounts receivable subsidiary records, and a third copy sent to the accounting department for entry in the general ledger accounts receivable control account. This should be the proper cash collection process for a client, other than that, auditor should be high alert for fraud, mistake, and/or error by it's client.