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Chapter 16 Other Financial Systems
1.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Other Financial Systems Chapter 16 1
2.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Other Financial Systems 1. Define the key terms in this chapter. 2. Discuss the advantages of using financial management software. 3. Explain the function of a budget. 4. Discuss the use of electronic banking and the steps in accessing an online bank account. 5. Discuss the process of establishing a checking account and identify various types of checks. Lesson 16.1 2
3.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Other Financial Systems (Cont.) 6. Describe how to prepare checks for deposit with correct endorsements and how to complete a deposit slip. 7. Discuss how to reconcile bank statements and how to record business expenses. 8. Identify the purpose of payroll records and the importance of having every employee complete an Employee’s Withholding Allowance Certificate (Form W-4). 9. Discuss employee’s earnings records, including: • Discuss calculating gross and net wages. • Explain how withheld income tax and Social Security taxes are deposited. • Describe how federal unemployment taxes are deposited. • Describe how to complete a Form W-2. • Discuss the importance of retaining payroll records. • Discuss the employer’s responsibility for tax information. Lesson 16.1 3
4.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Advantages of Using Financial Software 4
5.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Determining a Budget Purpose: To establish the dental practice’s financial goals Expenditures: Money spent Revenue: Income received 5
6.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Spreadsheet Software 6 Screenshot © Inuit, Inc. All rights reserved.
7.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Bank Accounts Dental office banking responsibilities include: Writing checks Accepting checks as payment Endorsing and depositing checks Keeping bank balances Reconciling bank statements 7
8.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Online Banking The account holder can: View balances Transfer money between accounts Pay bills electronically Access cash through an automated teller machine Direct deposit paychecks 8
9.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Establishing a Checking Account Signature card Power of attorney 9
10.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Checks 10
11.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Types of Checks Certified check Cashier’s check Money order Traveler’s check Bank draft Voucher check 11
12.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Accepting Checks Legibly written in ink or typewritten Currently dated Signed by the check writer Drawn on a U.S. bank Same amount shown in figures and in words Payable to a payee or bearer 12
13.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Other Forms of Payment Credit cards Debit cards 13
14.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Deposits Night depository ATM 14
15.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Deposits 15
16.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Bank Statement The bank statement shows: The balance of the account at the beginning of the month Deposits made during the month Checks drawn against the account Corrections or charges against the account • For example, the service charge or stop-payment charges The bank balance at the end of the month 16
17.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Procedures for Reconciling the Bank Statement 1. Verify the amount of the canceled checks with the amounts on the bank statement 2. Arrange the canceled checks numerically 3. Compare the amounts on the canceled checks and the deposits with the amounts written in the checkbook register 4. List and total outstanding checks 17
18.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Procedures for Reconciling the Bank Statement (Cont.) 5. Add any deposits made that do not appear on the bank statement 6. Look for charges (for example, service charges, debit memos, and overdrafts) 18
19.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Petty Cash A small amount of cash kept in the office A voucher is completed each time money is taken from the petty cash fund 19
20.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Sample Petty Cash Voucher 20
21.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Initial Payroll Procedures The dentist must: Apply for an employer identification number Have each employee complete an Employee’s Withholding Allowance Certificate (Form W-4) Maintain employee’s earnings records 21
22.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Determining Employee Wages After the gross wage is determined, net pay is calculated by deducting: FICA (Federal Insurance Contributions Act), which are Social Security and Medicare taxes Federal withholding taxes, which are determined by the number of withholding allowances taken Local income taxes, which are state and city taxes, if applicable Other deductions 22
23.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Depositing Taxes Electronic depositing of withheld taxes Income tax Social Security taxes Medicare taxes Employment tax Electronic Federal Tax Payment System (EFTPS) 23
24.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Federal Unemployment Tax 6% of wages paid Applies to the first $7,000 of wages paid during the calendar year 24
25.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Federal Unemployment Tax (Cont.) The first $7,000 of each employee’s annual wages paid during the quarter is multiplied by 0.008 If the amount subject to deposit (plus the amount subject to deposit but not deposited for any prior quarter) is more than $100, a deposit should be made during the first month after the quarter 25
26.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Wage and Tax Statement (Form W-2) 26 •From Internal Revenue Service, Department of the Treasury, Washington, D.C.
27.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Transmittal of Wage and Tax Statements (Form W-3) 27 From Internal Revenue Service, Department of the Treasury, Washington, D.C.
28.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Retention of Payroll and Tax Records Amounts and dates of all wages paid Names, addresses, occupations, Social Security numbers of employees Periods of employees’ employment, including sick days Employee’s income tax withholding allowance certificates Employer’s identification number Duplicate copies of returns filed Dates and amounts of deposits made 28
29.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Employer’s Responsibility for Tax Information Employer’s Tax Guide – Circular E 29
30.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Questions? 30
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