How to Manage Chart of Accounts in Practice Mate

In accounting, a Chart of Accounts (COA) is a structured list used to categorize and track financial transactions, forming the basis for accurate bookkeeping. In Practice Mate, the COA defines why a payment was received or an adjustment was made. This helps you track what money is for (e.g. copays or self-pay) or why a balance changed (e.g. write-offs, corrections, or refunds).

Why it is Important

Managing your Chart of Accounts in Practice Mate helps your practice:

• Categorize different types of payments and adjustments (e.g., copays, write-offs, refunds)

• Ensure financial records are clean, organized, and audit-ready

• Generate meaningful reports by tracking income and adjustments separately

• Reduce confusion during payment posting by clearly labeling financial activity

Steps to Manage Your Chart of Accounts

1. To create an account, in Practice Mate, click on the Manage Office tab.

2. From the left-hand menu, under List Maintenance, select Chart of Accounts.

3. Click the Add New button in the upper-right corner.

4. Enter the following information:
   
   • Account Number: Must be unique and cannot be reused—even if the account is later deleted.
   • Account Type:
     
     • Payment: used when money is received. These are always credit (reduce balance).
     • Adjustment – used when no money is involved. These can be credit (reduce balance, e.g., write-off) or debit (raise balance, e.g., refund).
   • Account Description: Limited to 15 characters. Note: This is the only field that can be edited after the account is created.
   • Transaction Type: Choose based on whether the transaction raises (debit) or lowers the balance (credit).

5. Click Update to save your new account.

6. Once created, to edit or delete accounts, click the icon in the Edit or Del column.  

Note:  

• Only create separate accounts for items you want to report on separately (e.g., copays vs. installment plans).

• Manage your COA carefully.  Once created, only the Account Description field can be edited.  Once deleted, the same Account Number cannot be used again.