Loan


Imprest Petty Cash – the Main Principle of Petty Cash System!

So he makes a request from the company’s checking account of $170...
He gets the cash from the certain company checking account getting the cash sum similar to the general ledger account cash amount...
Once it is drawn the cash account is credited again...
Thus, the general ledger petty cash account doesn’t take part in the replenishing process...

If you need to define gross income , you will have to account your adjusted gross income first....
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Bookkeeping



Single-entry system

The primary bookkeeping record in single-entry bookkeeping is the cash book, which is similar to a checking (cheque) account register but allocates the income and expenses to various income and expense accounts...
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 journal is a formal and chronological record of financial transactions before their values are accounted for in the general ledger as debits and credits...
    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...
    Separate account records are maintained for petty cash, accounts payable and receivable, and other relevant transactions such as inventory and travel expenses...
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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...


    When accounting discrepancies occur in the submission of vouchers, Accounts Payable reserves the right to round off credit balances that it considers de minimus in amount...
    The Imprest Cash Fund represents a loan (or advance) to a department, so the department must designate a custodian to sign the Imprest Change Fund Agreement Form when the fund is established, to safeguard and account for the Fund during its existence, and ultimately repay the advance when the need for the fund no longer exists...
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    Imprest – Main Facts about the Accounting System!

    But at the same time that kind of replenishment is not taken from your Imprest checking account but from another source...
    Please pay your attention that it is check account not the petty cash account that is to be credited after the check on the organization account is requested...
    Thus, the general Petty Cash account plays no role in the replenishment...
    It’s important to take into account that the number of Imprest system petty cash custodian is $100 that can be represented in currency, coins or petty cash receipts...
    Once you draw a check to your account your cash account is credited once again...
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    What Are the Best CD Rates Today?

    If you’re looking for a place to stash your money for a longer period of time than a regular checking or savings account, you may have investigated a certificate of deposit, or CD...
    That makes these accounts a better pick for any money you need to be able to withdraw quickly and penalty-free, such as an emergency fund.

    Of course, if you opt for a high-yield CD online or open one with a higher balance or longer term, a CD can still beat these accounts when it comes to APY...
    And it’s not much lower than the one-year high-yield CDs we mentioned above.

    Perhaps the bigger advantage with high-yield savings accounts, however, is that you’ll still be able to access your money when you need it...
    Savings accounts also offer a bit less certainty when it comes to interest since the rate can fluctuate with the market — good or bad...
    On the other hand, a traditional CD will have a fixed rate for its entire term.

    Money Market Accounts

    For bank customers, a money market account, or MMA, is very similar to a high-yield savings account...
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    High Interest Checking Accounts



    Requirements for Getting High Interest Checking Accounts

    Because of the increasing popularity of high interest checking accounts, many financial institutions fight to get their customers’ attention...
    By yielding significantly more than from using ordinary accounts, you can have much more benefits from high interest checking accounts...
    Therefore, to get high interest checking accounts, you will have to micromanage the account to make sure it is compliant with the bank’s rules...

    What Are High Interest Checking Accounts

    High interest checking accounts are special bank deals that offer high interest rates...
    Make sure you understand what they have in their terms and conditions, since in most cases, you will get less if any of the rules are broken – and you will automatically lose all the privileges to use a high interest checking account...
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