Nexion continues to add features saving you time, and giving you instant control of your cash flow and the financial health of your practice. To that end, I would like to share with you a preview of new functionality on Nexion – available on our next release.
Nexion Auto Recon Function (preview workflow)
You can now reconcile your Billing system to your Receipt book on Nexion in 3 easy steps. No need to wait till the end of the month to determine if your billing system balances to your bank account.
Nexion will instantly identify where you have discrepancies, and provide a worksheet with a tab per transaction type where you can narrow down source of discrepancy in no time at all!!
No more spreadsheets and manual record keeping, quick and easy.
Step (1) Select Which receipt books to include. Date range you are reconciling for. Type the amount per transaction type reflected on your billing system for that date range.
Step (2) Indicate if you post Medical aids to billing system on Statement Date or Receipt date.
At this point Nexion screen will indicate differences between Billing System and Nexion receipt book for each transaction type.
Step (3) Generate Excel spreadsheet which will indicate which payment types are reconciled (balancing) and which ones are not, and need to be reconciled.
To identify source of discrepancies –
go to TAB of payment type you need to reconcile, and complete the following steps:
- Save transaction detail from your billing system in Excel format, and copy the transactions into the tab for the transaction type you are reconciling. Make sure you copy Transaction Reference, Date and amount into columns F, G and H.
- Verify that “Difference from Tab” = “Difference Nexion/ Billing” (checking that all data was pasted)
- Sort the Tab on either “Transaction ref” or “amount” column.
- Delete transactions that appear on BOTH Nexion and billing system.
You should be left with the transactions that appear ONLY on Nexion or ONLY on your billing system. These are the discrepancies between your billing system and the Nexion receipt book. Note status of the tab will change to Reconciled when the totals on this tab match the difference on the summary sheet.