Lining up your daily bank feed with daily practice payments is an easy task if you understand the basics. Bank reconciliation should be done each day so errors are picked up and investigated straight away. With bank feeds via MYOB or XERO this should be a quick task which takes no more than 2 minutes.
Regular reconciliation makes end of month calculations a simple quick task.
1. Send all your income to the one bank account and set up another account for payments. This makes it clean and easy to see. (If this is not your current practice then set up the second account for payments and leave your income coming into your existing account.)
2. Print off a bank statement and look at the entries. Become familiar with how and when you are paid. The following relates to NAB but will be similar for any bank. These are the credit entries in my online bank transaction area in NAB:
2.1 Deposits – this is our total of cash + cheques together. If these are banked daily life is easier. (Banking of cash and cheques is done the day following the payment.)
2.2 Eftpos – this is banked daily via our hicaps terminal which settles at 8.45 pm each night and is banked on the day they are processed at our practice (Practices can manually select to “settle” if they want a different time.). Note: refunds are not processed until the following day and are separate to credits.
2.3 Hicaps – this is banked the day AFTER they are claimed by our practice. If a reversal is made then this is included in that days’ claims. Claims made after about 9pm may not appear until the day after.
2.4 DVA – Vet Affairs are claimed online by our staff and are paid in 1-2 days usually. The bank entry will have the provider number in the bank entry. The totals are somewhat unpredictable but always just for a single dentists. Once paid the statements can be accessed from the HPOS or PRODA accounts.
2.5 CDBS – This is paid per practitioner and will be paid 2 hrs to 2 days. Usually the next day. The bank entry will have the provider number in the bank entry. Payment or refusal reports are available at HPOS or PRODA accounts.
3. Oasis software – Closing off of banking
Closing off of banking is a process undertaken by reception. It clears off that part of banking and payments which is considered correct and “finished with”.
[Learn how to “keep” and “release” banking in Oasis – you can do this for individual transactions and for whole pages of transactions. You can also set a default for each type of banking. Learn how to only view certain types of banking in Oasis e.g. find only cash and cheques.]
3.1 Deposits – Cash and cheques are “released” and closed off each end of day (Oasis task). The money and cheques are put in a deposit slip/envelope and our petty cash is counted to make sure no errors have occurred. A deposit slip is printed.
The deposits are checked the next morning and then taken to the bank and deposited with a teller. This is done via tellers because we got tired of disputed amounts when we placed money in “night banking”. Our staff need to be accurate when they are standing with a teller! Daily banking helps with reconciling Oasis and the bank. If you banked less frequently you would NOT close this off until you were ready to bank it.
3.2 Eftpos – This is closed off with Cash and Cheques at the end of the day. If a reversal has occurred during the day this MUST be released and closed off separately. Staff are NOT permitted to do a reversal except on the day it occurred. e.g. they can not have the HICAPS password.
3.3 HICAPS – This is closed off the next day. (first thing before we start with patients). Staff go onto the HICAPS website and print off the relevant days transactions and compare it to our HICAPS total and if it is the same the HICAPS is released and closed off.
3.4 DVA – any invoices to Veteran Affairs are held in the Marked Payment area of the Veterans Affairs account in Oasis. As the payment appears on the bank feed the payment is marked off as a DirectDebit. This direct debit can then be closed off as a distinct payment.
3.5 CBDS – These payments appear in the Oasis banking screen for Eclaims but are always placed on KEEP until they appear in our bank feeds as paid. As long as CDBS payments are NOT released from Oasis they can be altered. e.g. if they don’t get paid we can alter then and then they do not appear as incorrect on individual dentists monthly summaries.
As CDBS payments appear on our bank feeds they are “released” and closed off. Closed off totals must match a bank feed entry. i.e. Dr X get paid $240 from CDBS in one bank entry and Dr X gets paid $47 in another bank entry. Each of the bank entry totals are closed off separately so $240 is closed off, then $47 is closed off. This way we can relate each bank entry with a Oasis close off.
After the HICAPS close off each morning staff also print off the Daily Oasis Bank summary for the previous day and this is used for bank reconciliation. Except for Cash and Cheques (totaled together), each figure is entered as a separate sales amount in MYOB and it will be matched with a separate bank feed entry. (takes about 2 minutes. Remember to put them in as Paid Sales or the bank feed in MYOB wont find them)