Books of Accounts maintenance

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810 Points Joined January 2018
Hello everyone. Good morning. I cleared CA Foundation and yet to clear CA Inter. Found a part time job to maintain Books of Accounts of a Sole Proprietorship Hospital specialises in (Kidney and Diabetes).

Can anyone please share how to maintain Books of Accounts of a Hospital. Will really appreciate any inputs or infos. Thank you in advance.

Will be helpful to take up to job.
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On 13 October 2024 at 11:41 Report
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Master in Accounts & high court Advocate
9447 Points Joined December 2011

Maintaining accurate and comprehensive books of accounts is crucial for a hospital's financial management and compliance. Here's a general outline to help you get started: 1. *General Ledger*: Record all financial transactions, including income, expenses, assets, liabilities, and equity. 2. *Patient Ledger*: Maintain individual patient accounts, including charges, payments, and insurance claims. 3. *Accounts Payable*: Track expenses, invoices, and payments to suppliers and vendors. 4. *Accounts Receivable*: Manage patient payments, insurance reimbursements, and other debtors. 5. *Inventory Management*: Record medical supplies, equipment, and pharmaceuticals, including purchases, usage, and disposals. 6. *Payroll*: Manage staff salaries, benefits, and taxes. 7. *Fixed Assets*: Record hospital assets, such as buildings, equipment, and vehicles, including depreciation. 8. *Budgeting and Forecasting*: Prepare annual budgets and regular financial forecasts. 9. *Compliance*: Ensure adherence to relevant laws, regulations, and accounting standards (e.g., IFRS, GAAP). 10. *Regular Audits*: Conduct internal and external audits to ensure accuracy and transparency. Additionally, consider the following: - Implement a robust accounting software system (e.g., SAP, Oracle, or specialized healthcare software). - Ensure proper documentation and record-keeping. - Regularly review and analyze financial statements and reports. - Maintain confidentiality and data security. - Stay updated on changing regulations and accounting standards. Please note that this is a general outline, and specific requirements may vary depending on the hospital's size, location, and regulations.

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On 13 October 2024 at 21:42


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