Loan


Checking Account

Online banking services are available for imprest checking account holders too...
compare checking accounts offered by your chosen banks...
The best checking accounts are offered by both national and regional banks, such as Bank of America, Home Street Bank, Citizens Bank, First New England FCU, etc...
With checking accounts growing more and more popular, many banks offer user friendly online services with lucrative checking account rates ...
Some US banks offer credits on customers’ personal accounts, so you can manage your funds from any location via the Internet...
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Free Online Merchant Account



It is quite advisable to diversify your business with offshore accounts and use several banks instead of one...
If you use an offshore checking account, the deal will be regarded as domestic and you will not have to pay more for the transaction...
This will help you avoid serious or total losses due to the failure of the only bank you would be using otherwise....
This is not the case with offshore accounts...


There are several reasons why this sort of account is regarded by many as the best option:

  1. It is available for free
  2. It helps you boost your business by attracting audience from various parts of the world
  3. You have a broader choice of banks and electronic payment services
  4. You can increase your turnover and save more money
Because banks charge higher fees for international transactions, an offshore account allows you to avoid these charges...
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Imprest Checking Account – the Principles of Work!

After the request is approved the general ledger imprest account is created – usually it sets up a bank account and is a “mother” account feeding the cash account...
The contract should be legal, have a sign and meet the bank requirements...
It is very convenient to have imprest checking account at the office where one employee is responsible for making several monetary transactions...


First of all, it is the sum of the checks that shouldn’t exceedthe certain sum depending on the banks – usually it varies from $100 to $500...
There are several restrictions that should be followed when creating the Imprest bank account...
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Imprest Cash Funds

Imprest Cash Funds must not be maintained in checking or other bank accounts without specific authorization from the Treasurer’s Office...


Each imprest cash fund is to be maintained at its original amount unless it is increased or decreased by obtaining from or returning the proper Form to Procurement Services...
The usual time for Procurement Services to create an imprest cash fund is five business days...


All imprest cash funds are subject to unannounced audits by the Office of University Audits or Procurement Services...
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Imprest Balance



People can also open an imprest bank account that will be restored by the general revenue fund committee when the allocated amount is used up...
Payments from the imprest bank account can be only done within the payment terms that are approved when entering into the bank agreement...
The bank’s petty cash fund must be replenished periodically to ensure the sum’s availability in case of necessity...


In many cases, especially if you deal with banks or other financial institutions, you will need to sign notes receivable in addition to notes payable Notes receivable are the statements where you specify your obligations to pay off a debt...
An example of accounts payable can be your regular payments for cable or ISP services...
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Bookkeeping

This type of cash book usually uses the imprest system: a certain amount of money is provided to the petty cashier by the senior cashier...
It may be split into two daybooks: receipts daybook for money received in, and payments daybook for money paid out

  • General Journal daybook, for recording journals
  • Petty cash book

    A petty cash book is a record of small value purchases before they are later transferred to the ledger and final accounts, it is maintained by a petty or junior cashier...
    A double-entry bookkeeping system is a set of rules for recording financial information in a financial accounting system in which every transaction or event changes at least two different nominal ledger accounts...
    For every debit journal entry recorded there must be an equivalent credit journal entry to maintain a balanced accounting equation.[2]

    Ledgers

    A ledger is a record of accounts...
    These accounts are recorded separately showing their beginning/ending balance...
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