Finance

Now, this is one of the most complex parts in managing a dental practice.

It is critical for a dental clinic to track all financial transactions to check whether the clinic grows money or loses money. It also helps us protect our clinic's fund from some staff that may have bad intentions in our income.

In order for us to maximize this feature, we need to know some of the terminologies used in the app.

Terminologies

FINANCIAL ACCOUNT refers to an account used to do different kinds of transactions. Think of it as "The Wallet" used to make a transaction.

TRANSACTION is any event that involves the exchange of money, whether you buy or sell an item or service or transfer funds from one account to another.

INCOME is a type of transaction that adds money to the clinic.

EXPENSE is a type of transaction that takes money away from the clinic.

TRANSFER is a type of transaction that "transfers" money from one account to another account.

Example 1: When a patient comes to your clinic for dental restoration and paid P1,000 to the CASHIER, this type of transaction is INCOME because it "adds" money to the clinic. CASHIER serves as the financial account used because it is the account used to make that transaction.

Example 2: When you buy dental supplies using the money of your clinic's Bank Account, this type of transaction is EXPENSE because if "deducts" or "takes" money away from the clinic. BANK ACCOUNT serves as the financial account used because it is the account used to make that transaction.

Example 3: When at the end of the day, you have an income of P20,000 in your CASHIER and you deposited that money to your BANK ACCOUNT, that type of transaction is TRANSFER because it "moves" or "transfers" money from one of your financial accounts to another financial account.