Care Benefit End of Day Reconciliation Auditing

End-of-day financial reconciliation is crucial for maintaining accurate financial records and ensuring the integrity of your veterinary practice’s financial management.

This process involves verifying that the totals from your Practice Management Software (PMS) align with the figures on your Care Financial Report (Flow). One key aspect to focus on is ensuring that the "care plan coverage" total matches between both reports.

Here’s a step-by-step guide to help you reconcile your end-of-day financial reports effectively:

Step 1: Generate End-of-Day Reports

1. Practice Management Software (PMS) Report:

   • Log into your PMS and navigate to the financial reporting section.
   • Generate the end-of-day financial report, which should include all payment types, including the “Care Plan Coverage” payments.
     
     

2. Care Financial Report:

   • Open Flow and access your Care Financial Report through the left side bar. 
   • Select your date range from the top drop downs.
     
     
     
   • Navigate to the "Benefit Usage" portion of the report and find the "Care Plan Coverage" Column, the very bottom bolded number will be your total.
     

Step 2: Review the Reports

• PMS Report:
  • Locate the section that details the “Care Plan Coverage” payments. Note the total amount.
• Care Financial Report:
  • Identify the total amount for the “care plan coverage” on this report.

Step 3: Compare Totals

• Ensure the total amount listed under “care plan coverage” on the PMS report matches the total on the Care Financial Report.

Step 4: Identify Discrepancies

• If the totals match:

  • Your records are accurate, and you can proceed to finalize the reconciliation process.

• If the totals do not match:

  • Investigate the discrepancies. Common issues may include:
    • Missed Transactions: Ensure all care plan transactions are recorded in both systems.
    • Data Entry Errors: Verify that all entries are correct and free from typographical errors.
    • Timing Differences: Check if any transactions were processed late and recorded in different periods.

Step 5: Correct Discrepancies

• Adjust Entries: Correct any erroneous entries in either the PMS or Care Financial Report to reflect accurate amounts.
• Reprocess Transactions: If any transactions were missed, ensure they are processed and recorded correctly. (Either through the Benefit Consumption button in Flow or the Client's PIMS account depending on where the discrepancy is)
• Correct Dates: If you're correcting the issue from another date, submit an "other" request ticket via the "manage membership" button in the Pet's Care tab and request that the adjustments you made today reflect the actual date of the transaction 

Step 6: Reconcile Adjusted Totals

• After making necessary corrections, generate new reports if needed.
• Compare the updated totals to ensure the “care plan coverage” figures now match.

Best Practices for Smooth Reconciliation

• Regular Training: Ensure staff are well-trained on the financial reporting processes and the importance of accurate data entry.
• Consistent Procedures: Develop and adhere to standardized procedures for recording and reporting financial transactions.
• Frequent Audits: Conduct regular audits to catch and correct discrepancies early.

By following these steps and best practices, you can ensure that your end-of-day financial reports are accurate and consistent, maintaining the financial health and integrity of your veterinary practice.