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Home/Health & Medicine/An essential aspect of healthcare financial management for any medical facility is the year-end closing. What are the primary accounts that must be addressed in the year-end closing process? List these accounts and briefly describe the procedure for each.

An essential aspect of healthcare financial management for any medical facility is the year-end closing. What are the primary accounts that must be addressed in the year-end closing process? List these accounts and briefly describe the procedure for each.

For a successful end-of-the-year closing, the accounting manager addresses a number of accounts. Some of the primary accounts to address are as follows: petty cash accounts, accounts payable and accounts receivable. For petty cash, the procedure involves setting up a petty cash fund, which is then refilled when needed and logged appropriately.

For the year-end closing, the accountant must review if the amount of petty cash is within the set boundaries, along with the purchases classified as petty cash. Accounts payable, along with accounts receivable, are carefully checked for any potential discrepancies on the ledger.

The two account categories outline the amounts owed to a medical organization and the amount that has been paid. In order to stay profitable and receive money from their collaborators, healthcare providers must ensure that the accounts are kept in order.

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Academic.Tips. (2023) 'An essential aspect of healthcare financial management for any medical facility is the year-end closing. What are the primary accounts that must be addressed in the year-end closing process? List these accounts and briefly describe the procedure for each'. 16 May.

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Academic.Tips. (2023, May 16). An essential aspect of healthcare financial management for any medical facility is the year-end closing. What are the primary accounts that must be addressed in the year-end closing process? List these accounts and briefly describe the procedure for each. https://academic.tips/question/an-essential-aspect-of-healthcare-financial-management-for-any-medical-facility-is-the-year-end-closing-what-are-the-primary-accounts-that-must-be-addressed-in-the-year-end-closing-process-list-thes/

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Academic.Tips. 2023. "An essential aspect of healthcare financial management for any medical facility is the year-end closing. What are the primary accounts that must be addressed in the year-end closing process? List these accounts and briefly describe the procedure for each." May 16, 2023. https://academic.tips/question/an-essential-aspect-of-healthcare-financial-management-for-any-medical-facility-is-the-year-end-closing-what-are-the-primary-accounts-that-must-be-addressed-in-the-year-end-closing-process-list-thes/.

1. Academic.Tips. "An essential aspect of healthcare financial management for any medical facility is the year-end closing. What are the primary accounts that must be addressed in the year-end closing process? List these accounts and briefly describe the procedure for each." May 16, 2023. https://academic.tips/question/an-essential-aspect-of-healthcare-financial-management-for-any-medical-facility-is-the-year-end-closing-what-are-the-primary-accounts-that-must-be-addressed-in-the-year-end-closing-process-list-thes/.


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Academic.Tips. "An essential aspect of healthcare financial management for any medical facility is the year-end closing. What are the primary accounts that must be addressed in the year-end closing process? List these accounts and briefly describe the procedure for each." May 16, 2023. https://academic.tips/question/an-essential-aspect-of-healthcare-financial-management-for-any-medical-facility-is-the-year-end-closing-what-are-the-primary-accounts-that-must-be-addressed-in-the-year-end-closing-process-list-thes/.

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"An essential aspect of healthcare financial management for any medical facility is the year-end closing. What are the primary accounts that must be addressed in the year-end closing process? List these accounts and briefly describe the procedure for each." Academic.Tips, 16 May 2023, academic.tips/question/an-essential-aspect-of-healthcare-financial-management-for-any-medical-facility-is-the-year-end-closing-what-are-the-primary-accounts-that-must-be-addressed-in-the-year-end-closing-process-list-thes/.

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