Managing your finances as a healthcare professional comes with unique challenges. With Accountable, you can simplify the process and stay on top of your accounting with ease. This practical guide is designed to help you get the most out of the app by answering the most common questions we receive from healthcare professionals.<\/p>\n
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These are the topics that will be covered : <\/p>\n
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\u2705 Healthcare specific accounting basics<\/a><\/b><\/p>\n How to encode your revenue?<\/a><\/p>\n<\/li>\n Do I need to keep physical copies of my patient records for tax purposes?<\/a><\/p>\n<\/li>\n What does it mean to be Exempt of VAT?<\/a><\/p>\n<\/li>\n Transports<\/a><\/p>\n<\/li>\n Training<\/a><\/p>\n<\/li>\n<\/ul>\n \u2705 List of deductibles and categories to use<\/a><\/b><\/p>\n Deductions for healthcare professionals<\/a><\/p>\n<\/li>\n What to do if I want to share costs with a collaborator?<\/a><\/p>\n<\/li>\n<\/ul>\n \u2705 FAQ<\/a><\/b><\/p>\n \n By following this guide, you\u2019ll save time, avoid common mistakes, and ensure that your accounting is accurate, all while focusing on what matters most\u2014your patients.<\/p>\n \n \ud83c\udf1fPrefer following a webinar?<\/b> Pre-register now<\/a> <\/b>to receive all the details once registration officially opens.<\/p>\n As a healthcare professional, you have specific ways to encode your revenue in Accountable. Here’s the most common way of managing your income:<\/p>\n Grouping Your Revenue:<\/b> Keep track of all your daily sales in a cash registry or on paper in a sales journal. Group your transactions together per day, week, or month for a clear view.<\/p>\n<\/li>\n Encoding in Accountable:<\/b><\/p>\n Go to the green ‘Revenue’ screen in the app.<\/p>\n<\/li>\n Click on “Add another revenue”.<\/p>\n<\/li>\n You don’t need to provide client names, which helps maintain confidentiality<\/b>.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n For Client Payments:<\/b> Add these as ‘other income’ in the app. You can group multiple payments together (daily, weekly, or monthly).<\/p>\n<\/li>\n<\/ul>\n \ud83d\udcda You can find more details in the following article: \n In some cases, you might receive a monthly salary from a cabinet. To enter this type of self-employed income in the app, you need to take into account the amount you receive (for example, if the amount is corresponding to 45%) and create an invoice (Income > Create invoice) with the cabinet as your customer. In this invoice, you will indicate the % that you received. In the event of a tax audit, you’ll be able to justify your income with your sales (service) invoices to the medical practice.<\/p>\n The accreditation bonus is a benefit paid by INAMI\/RIZIV (National Institute for Health and Disability Insurance) to certain healthcare professionals, who meet specific continuing education requirements and quality standards in their practice. The amount and conditions for receiving this premium may vary depending on your specific healthcare profession and the current regulations.<\/p>\n \n This benefit is considered a taxable subsidy, as it’s a professional income related to your medical practice. As a complementary self-employed person who is not subject to VAT, you should still declare this income in your tax return.<\/p>\n \n To encode this benefit in Accountable, you should follow these steps:<\/p>\n Go to the “Revenues” <\/b>section in the Accountable app or website.<\/p>\n<\/li>\n Click on the three-dot menu in the top right corner.<\/p>\n<\/li>\n Select “Add another revenue”<\/b>.<\/p>\n<\/li>\n Choose Subsidies > Taxable subsidies<\/b>.<\/p>\n<\/li>\n Enter the amount received.<\/p>\n<\/li>\n<\/ol>\n You will later receive a 281.50 tax form with the amount received.<\/p>\n<\/div>\n While the Accountable app helps with digital record-keeping, healthcare professionals should maintain separate, secure storage for patient records in compliance with medical privacy laws. These records are not typically required for tax purposes unless specifically requested during an audit.<\/p>\n \n As a healthcare professional, your services are exempt from VAT. You don’t need to charge VAT or file a VAT return. In the app, make sure you have the right VAT regime, go to your settings > Taxes > change your status if necessary to Exempt of VAT.<\/p>\n For your purchase invoices, the supplier applies the VAT rate. Being exempt from VAT means you don’t charge VAT on your medical services, but it doesn’t exempt you from paying VAT on your purchases.<\/p>\n You cannot reclaim the VAT<\/b> you pay on your purchases, as you are not registered for VAT.<\/p>\n<\/li>\n These VAT costs become part of your business expenses.<\/p>\n<\/li>\n When calculating your professional expenses for income tax purposes, you should include the full amount<\/b> of your purchases, including the VAT you’ve paid.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n \ud83d\udcda This FPF article<\/a> will provide you more information on this VAT type.<\/p>\n \n Patient visits are part of a lot of healthcare professionals\u2019 routine. Here is how you can deduct the expenses linked to your transport mode :<\/p>\n \n Record your professional use and keep track of your business-related mileage. The deductibility depends on CO2 emissions of your car, the percentage of professional use and the date of purchase. You can deduct expenses such as fuel, insurance, maintenance and repairs, depreciation, road taxes, parking fees, etc.<\/p>\n In Accountable App, add your car details and record each expense and link it to your vehicle. Don\u2019t forget the percentage of professional use. The app will calculate the deductible amount based on the formula: 120% – (0.5% x coefficient x CO2\/km).\u00a0<\/p>\n \n \ud83d\udcda Here<\/a> are more details on the procedure. Remember, as a complementary self-employed person, you can only deduct expenses proportional to your professional use of the vehicle.<\/p>\n \n The process of encoding your car lease depends on your type of contract. It is crucial to choose the correct category. <\/p>\n \n \ud83d\udcda The following article will give you an extended explanation on this matter and give you the exact steps to follow: \n To easily encode your Poppy or Cambio subscription in the app, enter one average car for the service. Characteristics of vehicles can be easily found on their website (Poppy<\/a> of Cambio<\/a>). After this step, you can link all expenses to this vehicle.<\/p>\n \n In principle, the bicycle allowance is for employees and directors of a SRL\/BV. You should deduct actual expenses. If you still wish to deduct the bicycle allowance as a self-employed person, contact the FPF<\/a> to confirm that this is possible in your case. Then you can record the total amount as a deductible expense in the application, under the category Travel > Other travel costs. This amount will then be taken into account in the total expenses of your income statement and in your income tax declaration. Simply create a monthly\/quarterly\/annual expense with the amount of the mileage allowance, adding an Excel file as justification.<\/p>\n \n Your profession often requires to stay constantly informed of the new practices. Therefore, remember that all costs related to these training expenses are deductible. Don’t forget to include:<\/p>\n Associated transport costs<\/p>\n<\/li>\n Canteen or restaurant expenses (if separate from the main training cost)<\/p>\n<\/li>\n Equipment purchase costs related to the training<\/p>\n<\/li>\n<\/ul>\n \ud83d\udca1 If you want to maximize your deduction for a training that includes food, consider splitting the expense:<\/b><\/p>\n Encode the training part under “Training and documentation”<\/p>\n<\/li>\n Encode the food part separately under “Canteen & reception”<\/p>\n<\/li>\n<\/ul>\n<\/div>\n \ud83d\udcda Read more about this type of expense on Deductibles.be<\/a>.<\/p>\n As a healthcare professional, having deductible expenses can be highly beneficial for your financial situation. The primary advantage of deductibles is that they lower your taxable income. This means:<\/p>\n You pay less in taxes overall<\/p>\n<\/li>\n You potentially move to a lower tax bracket, further reducing your tax burden<\/p>\n<\/li>\n<\/ul>\n By reducing your tax liability, you have more funds available to invest in new medical equipment, upgrade your office or clinic, pursue additional training or certifications.<\/p>\n \n Here is a list of some of the expenses specific to your field and categories that you should use to encode them:<\/p>\n\n
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\nHealthcare specific accounting basics<\/b><\/h1>\n
How to encode your revenue?<\/b><\/h2>\n
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\u200bHow to encode revenue if i am a Physical therapist \/ Health care professional.<\/a><\/b><\/p>\n\ud83d\udd0e INAMI\/RIZIV benefit<\/b><\/h3>\n
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Do I need to keep physical copies of my patient records for tax purposes?<\/b><\/h2>\n
What does it mean to be Exempt of VAT?<\/b><\/h2>\n
\u26a0\ufe0f Remember the following :<\/b><\/h3>\n
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Transports<\/b><\/h2>\n
\ud83d\ude97\u00a0Own car<\/b><\/h3>\n
\ud83e\udd1d\u00a0Leasing<\/b><\/h3>\n
\u200bLeasing, renting or buying a car: which is the best option?<\/a><\/b><\/p>\n\ud83d\ude95\u00a0Car rental<\/b><\/h3>\n
\ud83d\udeb2\u00a0Bicycle<\/b><\/h3>\n
Training<\/b><\/h2>\n
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\nList of deductibles and categories to use<\/b><\/h1>\n
Deductions for healthcare professionals<\/b><\/h2>\n
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