You are the office manager for a large physician practice, and for the past week, the...
You are the office manager for a large physician practice, and for the past week, the daily deposits have not matched the day sheets. Why should you be concerned?
Homework Answers
Since the practice is large, there must be huge amount of cash receiving. The process is to deposit daily and to record in the day sheet immediately. The manager in charge must reconcile (known as matching) these two in order to have full control and to prevent any sort of misappropriation of funds or fraudulent act by other office staffs.
This is not done in the last week, which indicates an indulgence of misappropriation of cash; there may be a fraud; and all these are very concerning.
Example: suppose a collection of $6,000 from a client might not be deposited into bank and that amount may be used by the cashier for her personal purpose.
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