How to encode revenue if i am a Physical therapist / Health care professional

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As a health care professional (physical therapist), you are often faced with three major challenges relating to the encoding of their revenue. The first one is to save time for individual encoding or in easy words avoid creating 1 revenue item per session. The second one is about linking the payment method/channel to the revenue item itself. As payment comes from both Insurance companies and clients from different methods including Cash and Bank (IBAN). It is difficult to keep to encode these transactions while at the same time keeping a solid record of them especially if you are a self employed having limited support of an accountant.. The third and last one is about the non-disclosure of patients name in these transactions to protect their identity.

What should you do if you don't want to create 1 revenue item per session to save time on the application?

A profession like yours has its own specific needs, especially when it concerns your revenue. Generally, the best way is to keep track of all sales made during the day in a cash registry or on paper in a ‘Verkoopdagboek’. Important to note that you should group them all together per day/week/month to allow a holistic view. Later, at the end of the day or the week, you can scan the cash register where all the transactions are recorded with the help of our revenue/expense scanner. Alternatively, you can manually input the accumulated revenue. At the same time, you will be able to generate your VAT returns and Financial Statements accurately in seconds.

How to link your revenue items to both of your payment methods (cash or bank transfer)?

There is an option in the application through which you can choose which payment method was used for a certain revenue item.

However for certain transactions where the combination of both is used, you can always select a bank transaction option and in the notes you can indicate the amount paid through cash. Have a look here

How to maintain the confidentiality of your patient/client information including the name?

After clicking on the revenue section on your application and web, if you choose for “Add another revenue”, you are not obligated to give the name of the client. That way you preserve your confidentiality.

You might also need to add the payments from the health insurance providers. You can add this revenue as an invoice with the provider as a client.

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Author - Valesca Wilms

As content marketing lead at Accountable Belgium, Valesca writes about freelancing, self-employment, and taxes based on her own experience as a freelancer.

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