For accountants/CFO’s that would like to see more detailed reporting or reconciliation for a deposit slip, we have a custom report that will provide additional fields and layouts and will match the deposit slip.
The only caveat here is as long as the payment is applied to charges at the same location it was originally entered into – especially in these situations:
- When your team enters charges, they must confirm they are in the correct location.
- When your team enters payments they must confirm they are in the correct location.
- When your team applies a payment (in the case of prepay), they must confirm the charge was in the same location that they payment is entered.
We set up Dentrix Ascend to document the location payments are entered/applied because providers can be paid based on location as well as collection.
First, run your deposit slip. (This report uses transaction date.)
Next, using the Analysis Ledger Report Builder (found in the Financials tab), use the transaction date and filter for the same date range as your deposit slip.
Now you can add additional fields, such as:
- Category (filtered to include guarantor payments and insurance payments)
- Measures – Amount
In report options, select grand total by row and columns.
Now, you will see this grand total in the power report matches the deposit slip.
Logic of the Reports
The deposit slip uses a logic that reflects the location where the payment was entered. The power reports reflect the location of the charges where the payment was applied. On a location level, if a payment is entered in location 1 and posted to a charge in location 2, there would be a discrepancy between the deposit slip and power report. If you’re trying to do reconciliation with your bank deposits, the primary report should be your deposit slip. Unless all payments are posted to the same location they are entered, you may not be able to achieve the same kind of matching with an applied collection report.
What to do if you run the Deposit Slip & the Power Report above and you find differences?
That means that you have a payment that was entered into a different location than where the charges were entered. This can happen in situations where 2 family members go to different offices for their dental care, and then one check is written to pay for both. This one check has to be deposited into only one office - so this can definitely occur.
It's helpful to understand that the deposit slip (based on transaction date) reflects the location where the payment was entered. While the power report described above (also based on transaction date) reflects the location where charges were entered. So, if you see differences in these 2 reports - that's how you know that you have a payment that was entered into a different location than where the charges were entered.
If you want to find exactly where this occurred, start by running a deposit slip for each office and then adding the totals together - now run the power report for all locations - you can see that these two grand totals match. Then, you can look at the deposit slip and the total for each location in the power report and find which one(s) do not match. Next, you can start narrowing the date range - if you've been running these for a month, then narrow to the first 15 days of the month - again, look to see if the grand totals match. Continue narrowing until you find the difference. Remember, you can add patient name into your power report so that you can get as granular as necessary.
Which report is best to reconcile against my bank statement?
We recommend using the deposit slip to reconcile against a bank statement because that's where the money was actually deposited.
(Article authored by J. Alldredge, J. Nesbitt 2019)