Apply knowledge of how to document and maintain accounting and banking records.

Show and explain how to process payroll.

Show an understanding of how to develop and control revenues and expenses.

Demonstrate competence in managing medical practice finance including manual bookkeeping procedures

Demonstrate an understanding of accounts payable and accounts receivable

Students will simulate the financial operations of a small medical practice, performing manual bookkeeping tasks. They will maintain accurate records, process payroll, manage revenues and expenses, and handle accounts payable and receivable. This activity is expected to take the entire week to complete.

Introduction to Manual Bookkeeping and Documentation

Create a mock ledger book and include opening balances for five patients, utility bills, vendor charges, etc.

Enter sample daily transactions including patient payments, utility bills, and office supplies

Payroll Processing

Calculate gross pay, deductions, and net pay for a set of $3$ employees based on provided data.

Revenue and Expense Management

Develop a monthly budget based on projected revenues and expenses. Record all revenue sources $($e$.$g$.,$ patient fees, insurance payments$)$ and expenses $($e$.$g$.,$ rent, salaries, medical supplies$).$

Accounts Payable and Accounts Receivable Management

Record all invoices received and payments made $($accounts payable$).$

Record all patient invoices issued and payments received $($accounts receivable$).$

Record all patient invoices issued and payments received $($accounts receivable$).$