Month End

Balancing a Posting Period and Closing

Best practice is to balance the current posting period before generating all of the reports and closing the Posting Period. Financial Reports printed while a Posting Period is still open will indicate ‘TRIAL’ in the heading. This indicates that the totals are subject to change. Once a Posting Period is closed, the ‘TRIAL’ status is updated to ‘FINAL’ in the heading and the totals will remain the same going forward.

The Posting Period Report and Closing Run Summary Report should be generated and compared to ensure that the totals for Encounters and Payments/Adjustments match. These Reports represent all of the transactions posted using different indexes to provide totals.

The reports may be viewed on the screen and the totals recorded on the balance sheet. A “Final” version of the report will be generated after the period is balanced.

Posting Period Summary Report

This Report is located in the Reports Menu on the Left side of the screen, as opposed to the menu bar on top. Select the Posting Period and click OK. Record the totals on the Balance Sheet. These Totals will be compared to the totals of the Closing Run Summary.

Closing Run Summary Report

Scroll to the bottom of the report and compare the totals to those of the Posting Period Summary Report.

Fees should equal Encounters, Payments, Charge Adjustments, and Payment Adjustments. If they balance to each other, continue with the Balance Sheet using the A/R Change Total from this report. Copy the A/R Change onto the Posting Period Balance Sheet.

Aging Report

Generate the Aging Report using the Posting Period Filter for the Period you wish to balance. This will exclude any transactions which have been posted into the next Posting Period. Add the A/R Change to the ending total from the previous Posting Period (note that if the A/R change is a negative number, you will be subtracting). If this is your first Posting Period Balancing, the total of your starting number, 0.00 plus this month’s A/R change from the Closing Run Summary, should equal the Aging Report TOTAL.

‘Sample’ POSTING PERIOD BALANCE SHEET

 

POSTING PERIOD                 201207                                                                                     

Posting Period Report Totals:

Total Encounters Sample                                         103,164.23                                See ‘A’ on 

Sample  

Total Payments Sample                                             44,879.99                                See ‘B’ on

Sample

Total Charge Corrections/Adj      1,623.89                                     +   See ‘C’ on

Sample

Total Contractual Obligations     _ 36,706.41                                     =    See ‘D’ on

             Sample

 

 

Total Charge Adjustments                            38,330.33                              Total of C+ D

Total Payment Corrections/Adj. Sample                  11,102.22                                      See ‘E’ on

Closing Run Summary Totals: Compare totals to numbers above—If they balance, proceed to balancing the Accounts Receivable (A/R) using the A/R Change Column in the equation below. If they don’t balance, contact the MBS Help Desk.

A/R Change :              8,851.72                                       

Aging Report:

Total from This Month’s Aging Report:        124,151.49                                _

 

Total Accounts Receivable from Last Month’s Aging Report:         115,299.77          

A/R Change from Closing Run Summary          +/-                  8,851.72          

Should equal Total from This Month’s Aging                    124,151.4

 

You are Balanced….and Ready to Close the Posting Period and generate Final Reports

Sample Report – Closing Run Summary Totals

Close Posting Period: Tables > Posting Period

Remember, once a posting period is closed, no additional batches can be added to the period, or moved out of the period.

Select the Posting Period to close and View Details. Click the CLOSE button.  The system checks to make sure there are no open batches in the selected posting period. If there are, it will display the list of batch ids. Once all the batches are closed, the system will prompt you to type CLOSE to proceed. Now the FINAL version of the reports can be generated for the period.