Closing the Year the Right Way


Dentrix End of Year Info

With the end of the year fast approaching, many practices are preparing to close their fiscal year in Dentrix. Closing the year properly helps you maintain accurate financial records, and it also provides an opportunity to generate helpful year-end reports which you can use to review progress and plan for the future. Additionally, closing the year is an opportunity to purge old Appointment Book data. Below you will find important information about closing the year in Dentrix, steps to close the last month of the fiscal year, and a list of reports you should run at the end of every year.

Important Things to Know:

  • Dentrix does not have a separate procedure for closing the year—all you need to do to close the year is close the last month of the fiscal year
  • You can close the last month of the fiscal year using the Month End Update (as described in this article) or the Month End Wizard.
  • You can find the month you set up as your fiscal year beginning month in Office Manager > Maintenance > Practice Setup > Practice Resource Setup.

Closing the Last Month of the Fiscal Year:

  1. Create an up-to-the-minute backup. (See article #19526 in the Dentrix Resource Center for more information about creating a backup.)Closing out the year
  2. In Dentrix, select Ledger > Month End > Month End Update.
  3. Select additional options (if desired).
    1. Appointment Purge will delete all appointments that are older than the selected cutoff date from the Appointment Book.
    2. Reset Insurance Benefits will reset all insurance benefits and deductibles according to the benefit renewal month specified in the Family File.
  4. Click OK to close the month.

Year End Reports:
It’s important for you to look at your yearly practice statistics to monitor the health of your practice year over year. There are several reports that you should run at the end of each year to monitor your yearly production, collections and patient totals.

  • Practice Advisor Report – Shows the overall financial health of your practice with month-to-date and year-to-date statistics for collections, continuing care, new patients, production and schedule management. To run this report, in the Office Manager, from the Analysis menu, click Practice Advisor > Practice Advisor Report.
  • Analysis Summary Report – Lists charges, payments, and adjustments and can generate totals for a specified date range. It can also generate a detailed summary that includes MTD and YTD totals for each provider. To run this report, from the Reports menu of the Office Manager, click Management > Analysis Summary.
  • Practice Analysis Report - Shows statistical data for production, receivables, patients, and financial contracts. You should run this report to monitor the growth of your practice and measure your progress toward your goals. To run this report, from the Analysis menu of the Office Manager, click Practice. Then from the File menu, click Print Analysis.
  • Production Summary Report - Shows production totals by production category and the average charge for each. To run this report, from the Analysis menu of the Office Manager, click Practice, and then click the Reports menu. Clear all options under Select Summary Reports except Production Summary.
  • Adjustment Summary Report - Shows year-to-date adjustment totals. You should run this report to see how much potential revenue was lost in adjustments over the year. To run this report, from the Analysis menu of the Office Manager, click Practice, and then click the Reports menu.
  • Payment Summary Report - Shows year-to-date payment totals. You should run this report to monitor the types of payments that were received over the year to decide if you should offer different payment options. To run this report, from the Analysis menu of the Office Manager, click Practice, and then click the Reports menu.
  • Patient Summary Report - Shows the total number of current patients broken down by gender, age, and insured status. You should run this report to view current patient totals and demographic information to identify deficiencies in your patient totals and decide which groups you should be targeting with your advertising. To run this report, from the Analysis menu of the Office Manager, click Practice, and then click the Reports menu.
  • Aging Report - Shows guarantors with outstanding balances. You should run this report to find guarantors that have outstanding balances so you can focus your collection efforts on those accounts. To run this report, from the Reports menu of the Office Manager, click Ledger > Aging Report.
  • Insurance Aging Report - Shows outstanding insurance claims, grouped by insurance carrier, along with the aged balance of each claim. You should run this report to find outstanding claims so you can focus your collection efforts on those claims. To run this report, from the Reports menu of the Office Manager, click Ledger > Insurance Aging Report.

For more information about closing the year, log in to the Dentrix Resource Center and search for article #15244 or #35525 on the Knowledgebase tab. For more information about year end reports, click the Manuals tab in the Resource Center and download a pdf copy or order a printed copy or the Dentrix Reports Reference.



Author: Sean Eyring
Published: 11/30/2012
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