AR (accounts receivable)
-Money owed by patients ( individuals or corporations) to another entity in exchange for goods or services that have been delivered or used, but not yet paid for.
AP – Accounts payable
-Debts that must be paid off to another entity (for example: vendors, medical equipment suppliers or pharmaceutical companies) within a given period of time in order to avoid default. At the corporate level, Ap refers to short term debt payment to supplier and bank
GL – General Ledger
-A general ledger is complete record of financial transactions over the life company. The ledger holds account information that is needed to prepare financial statements, and includes account for assets, liabilities owners’ equity, revenue and expenses
P&L- Profit & Loss
-A financial statement that summarizes the revenues, costs and expenses incurred during a specific period of time- and expenses