What would make OD income different than bank?

[irfan]

Ive been comparing my statements, and my bank statements show more income that OD shows. usually its $500 or so, but april/may were $3000-$4000 higher than OD reported I should have. just thinking aloud, what might cause some discrepencies? i analyzed all statements to make sure nothing was showing up as income that shouldnt.

[Hersheydmd]

It may have something to do with the way you enter adjustments or returns/refunds to patients. Also, you have to watch the dates you enter payments. Sometimes there is some overlap at the beginning or end of a month, especially if an insurance payment isn't posted on the correct day that it was received.
One example, if I receive an insurance check after the patient has paid in full and I refund the money to the patient, I enter it as a negative payment rather than an adjustment. I am very careful to make sure my OD production/income reports match my QuickBooks cash flow reports.
I would suggest you take one month where you have a discrepancy & do a day by day comparison to see where the difference occurs. If you can narrow it down to the patient you could probably figure out if you need to change the way you are entering your payments or adjustments.

[irfan]

It may have something to do with the way you enter adjustments or returns/refunds to patients. Also, you have to watch the dates you enter payments. Sometimes there is some overlap at the beginning or end of a month, especially if an insurance payment isn't posted on the correct day that it was received.
One example, if I receive an insurance check after the patient has paid in full and I refund the money to the patient, I enter it as a negative payment rather than an adjustment. I am very careful to make sure my OD production/income reports match my QuickBooks cash flow reports.
I would suggest you take one month where you have a discrepancy & do a day by day comparison to see where the difference occurs. If you can narrow it down to the patient you could probably figure out if you need to change the way you are entering your payments or adjustments.

Good idea on checking one month.. we'll try out April. If it was a couple thousand off each month, high or low, I could attribute it to being entered at the end of the month April 30, and the bank not posting until May 1, etc... but this year cumulative we are $7000 off. $7000 more in the bank than expected, and I dont think thats from Dec 31-->Jan 1 rollover.

[Hersheydmd]

It's very easy for differences to accumulate. I try to keep up with it every week or month. When a discrepancy shows up I have to go back in to OD and fix it. It's usually mean editing the date something was posted. Sometimes it's improper use of "adjustments".