Daily, Weekly, and Monthly Close Reports

End of Day, Week, or Month Close is an accounting procedure performed in a practice to insure transactions from the current day, week, and month have been entered and processed correctly, and no employee or patient theft has occurred.

In order to understand and correctly perform closing procedures, managers should be aware of the Four Accounting Buckets: Sales, Payments, Accounts Receivable and Unearned Income.

There are 3 types of financial close(in this order), payment reconciliation (end of day), patient balance reconciliation (end of week), and sales reconciliation (end of month).

End of Day Close (Payment Reconciliation)

The simplest of the 3, the payment reconciliation is performed each night, normally by front office personnel. The purpose is to make sure that all payments were data entered correctly.

For additional information, check out End of Day Close - Payment Reconciliation.

End of Week Close (Patient Balance Reconciliation)

The most complex, this reconciliation is designed to balance the dollars in the Four Accounting Buckets: Sales, Payments, Accounts Receivable, Unearned Income.

For additional information, check out End of Week Close - Patient Balance Reconciliation

End of Month Close (Sales Reconciliation)

Normally performed less frequently than the other 2, this reconciliation confirms sales numbers with different reports.

For additional information, check out End of Month Close - Sales Reconciliation.