Review client payments
- Check to see if there is any payment that you didn't collect that you need to invoice or add to your "to collect" list for next week. Pause here. Is there a feeling you have that comes up as you explore collecting overdue payments?
- Track your insurance clients to make sure you get reimbursed. You can create an "invoice" in Quickbooks to reflect that the client owes you money, and then mark it as "paid" when the money comes in. Simple Practice allows you to easily track reimbursements and is a great fit if you take insurance.
- Create a "discount" category in your accounting software to capture any amount you discounted your fee from your full fee. This will allow you later to check to see how often you are sliding from your full fee and what that's costing you.
- Make copies of any checks you receive to keep for your records so you can match your deposit with the checks in that deposit..
- Enter the deposit into Quickbooks (if you use it)
- Take your money to the bank! Staple your deposit receipt to the copies of the checks you made.
- Scan your receipts (or take a picture using Google Drive's handy dandy widget!) and upload them to the matching Quickbooks transaction. Done!
Download transactions into your accounting software (e.g. Quickbooks)
- Categorize the transactions from the week into your categories from your Chart of Accounts for easier reference later on. Not sure what I'm talking about? Here's an example of a chart of accounts. If you don't use Quickbooks, have no fear. You can still categorize your expenses with systems like Mint.com. However you do it, you will want to be able to sort by "Office Supplies" and know how much it cost you or check out "Fee for Service Income" and see what you made last month.
- If you use a credit card processor, you'll need to break down the transaction to accurately reflect what type of income it is.
- For example, Stripe will lump a bunch of payments from several clients together, then deduct Stripe's percentage, and deposit that lump into your bank account. When you open up that transaction entry you will want to "split" or separate out that one transaction to better describe what it is. Also, you'll want to be sure that you account for the fee that Stripe deducted (You should have a "Stripe Fee" category set up in your chart of accounts to help with this), so that you can also better describe the money that you "paid" to Stripe.
- At the least, you'll want to describe what the lump sum is... is it individual therapy? consultations you did with other therapists? That way when you look at your income later, you get a more accurate picture.
Record the checks you wrote
- I'll help you with this one: they are all to your therapist or supervisor.