Accounting and Financial in Pharmacy Practice: Accounting Cycle

Yousef Ahmed Alomi; Ghadeer Zayed Aljumah; Nasser Rashid Alohlie; Naif Saleh Alamri; Maha Hussein Almadany; Ghudair Tashan Alanazi; Riyadh M Alashban; Abeer Hussin Almasoudi

Abstract

International Journal of Pharmacology and Clinical Sciences,2023,12,1,3-13.

DOI:10.5530/ijpcs.2023.12.2

Published:September 2023

Type:Research Article

Authors:

Author(s) affiliations:

Yousef Ahmed Alomi¹,BSc. Pharm, MSc. Clin Pharm, BCPS, BCNSP, DiBA, CDE, Critical Care Clinical Pharmacists, TPN Clinical Pharmacist, Freelancer Business Planner, Content Editor, and Data Analyst, Riyadh, SAUDI ARABIA.

Ghadeer Zayed Aljumah, Bachelor of Accounting, Financial Manager, Ministry of Health, Riyadh, SAUDI ARABIA.

Nasser Rashid Alohlie, Bachelor of Economy, Financial Audit, Ministry of Health, Riyadh, SAUDI ARABIA.

Naif Saleh Alamri, Bachelor of Engineering, Director General of the General Administration of Security and Safety Ministry of Health, Riyadh, SAUDI ARABIA.

Maha Hussein Almadany, Pharmacy Quality Department, Health Care Quality Management Professional Diploma (HCQM), King Salman bin Abdulaziz Medical City, Al Madina Al Monwarah, SAUDI ARABIA.

Ghudair Tashan Alanazi, Critical Care Clinical Pharmacist, Internal Medicine Clinical Pharmacist, MOH, Hafrbatin, SAUDI ARABIA.

Riyadh M Alashban, Ph.D. Medical care pharmacy Riyadh, SAUDI ARABIA.

Abeer Hussin Almasoudi, Administration of Research and Studies, Ministry of Health, Tabuk, SAUDI ARABIA.

Abstract:

Objectives: To explore the accounting cycle policy and procedures in pharmacy practice as a new initiative in Saudi Arabia. Methods: It was a narrative review of pharmacy practice accounting cycle policy and procedures. Litterateur searched various databases, including PubMed, Medline, and Google Scholar. The search period is from the 1960s until 15 October 2023. The term is in full-text English and includes Case Reports, Classical Articles, Clinical Conferences, Clinical Studies, Clinical Trials, Evaluation Studies, Government Publications, Guidelines, Meta-Analysis, Observational Studies, Practice Guidelines, Randomized Controlled Trials, Reviews, Systematic Reviews, with Humans subject. All hospital or community pharmacy services are included in a search term. Besides, the National and international guidelines of general infection control in hospital practice. The committee of pharmacy accounting policy and procedures formulated and consisted of various expert members. That includes clinical pharmacists, accountant specialists, and financial experts. The guidelines of the policy draft by one member by the second member were reviewed and corrected. The third revision was by the accountant specialist. The topic emphasizes the accounting cycle of the Pharmacy policy. Results: The accounting cycle policy and procedures in pharmacy practice consisted of various items. That has included Transaction identification, Journal entry, Posting to the general ledger, and Trial balance preparation. Besides, adjusted trial balance, financial statement preparation, Closing entries, and Post-closing trial balance. Conclusion: The accounting cycle policy and procedures are a new pharmacy initiative project. The accounting cycle policy and procedures in pharmacy practice provide accurate accounting and Financial Records, Improved Financial Management, Better tax compliance, and Improved Cash Flow Management and Decision Making. Therefore, the accounting cycle policy and procedures in pharmacy practice are highly recommended for pharmacy career professionals in Saudi Arabia.

Keywords:Accounting, Cycle, Financial, Pharmacy, Policy, Saudi Arabia.