New Pre-Payment Terminology
- Pre-Pay - This function allows you to accept payment at any time (before the start of an appointment or otherwise) and apply it to an invoice at a later time.
- Unapplied Payments - This field displays the pre-pay dollar amount for the patient and any patient overpayments (example If a patient pays $60 on a $50 balance, the $10 overpayment will go into the ‘unapplied payments’ bucket.)
- Patient Balance - This field will display a patient balance as a positive number or a patient credit as a negative number.
- Transaction Ledger - In addition to the Invoice Ledger, we now have a Transaction Ledger. This ledger keeps track of every accounting transaction for Unapplied Payments (Pre-Payments), Patient Transactions, and, Insurance Transactions. This is a General ledger format (like a checkbook ledger.) Each line is a separate accounting transaction showing the Debits and Credits for each transaction.
Ledger is read from the bottom up. The bottom line is the most recent transaction. The top line is the oldest transaction.
This is the only ledger you will find Pre-Payments recorded as these transaction are separate from the Invoice.
