What type of financial document tracks the charges and payments for each patient in a practice?

The ledger is the correct answer because it serves as a comprehensive record of all financial transactions for each patient within a medical practice. This document details the charges incurred by the patient for medical services, along with any payments made by the patient, thus providing an ongoing and accurate tracking of their financial status in relation to the practice.

A ledger typically includes entries such as service dates, types of services rendered, amounts billed, and payments received, which are essential for both the practice’s financial management and for maintaining clarity in patient accounts. This detailed tracking also aids in billing, insurance claims, and financial reporting, ensuring that both the practice and the patient have an accurate understanding of their financial interactions.

Other options, like a checkbook, primarily focus on managing funds in a bank account and do not track individual patient transactions in a detailed manner. A deposit slip is used to deposit money and does not provide ongoing details about charges and payments. Similarly, a financial report gives a broader overview of the practice's financial position and may summarize multiple ledgers, but it does not track each patient's individual financial transactions in real time. Thus, the ledger is specifically designed to fulfill the need for tracking individual patient charges and payments.