Question

Bookkeeping Errors

As a medical administrative assistant, you have been employed with a group of occupational medicine facilities for over 3 years. You have been asked to go to another occupational medicine facility to fill in for a few hours because they are short-staffed. When you arrive you are asked to perform various bookkeeping services such as single entry accounting, charges, payments, and adjustments that require posting on patient accounts. While there you are also responsible for collecting copayments. Shortly after starting you begin to find errors.

Review the text for types of bookkeeping errors as well as this article: Five Common Accounting Mistakes and How to Avoid Them

Investigate several ways bookkeeping/accounting errors can be located.

Include the following aspects in the discussion:

• Expand on what types of errors can occur. Find at least five.
• Discuss what your first action should be when you find an error.
• Summarize how you would implement ways to reduce the errors.

Answer 1

Five common accounting errors are,

1,Data entry error- ( It occurs while entering data by humens which cause unnecessary money loss) It can be eliminated by avoide overloading the teame and review the work.

2, Lack of documentation procedure- (lack of documentation cause serious money loss) It can be avoided by following hospital policy such as reports are not given unless paid reciept are not attached and use of softwears.

3, Timely reconciliation- (reconciling is the process of the checking account balance which is recorded is accurate and correct) periodic reconciliation of accounts are very important.

4.Not seeking help when needed- (get help whenever needed) if we seek help whenever we need every thing will be adequate.

5,Procrastination - (it is the act of delaying or postponing something) it can be avoide by shedule work timely.

The methods for locating error are, Reviewing the trial balance,routine checks,entry reversal, transposition and rounding errors.

The first action we should take when an error is found, we should seek help from experts.

Accounting errors are bount to happen so by proper practices and procedures to identify and prevent those errors would ensure finacial helth.