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Imprest – Main Facts about the Accounting System!

At the end of the month all of these dockets are summed up in the total by being deducted from the petty cash float opening showing the amount left in the petty cash float...
Then the person select between vouchers or cash to his float amount...
What is Imprest system and what’s the point with the Imprest funds? The creation of the Imprest petty cash account comes from the United Kingdom...
What are the system main advantages and why is it worth using it? As it was stated below the maximal petty cash amount is $100 so you can spend only what you have and replenish the sum you’ve spent – that is $90...


In other words, the main issue of the Imprest system work is the documentation of the way your petty cash is spent...
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Main Issues on Imprest Money System



Imprest and Non-Imprest money

Lots of people wonder what the difference between Imprest and non-imprest systems is...
These documents are called petty cash dockets...
That means that for instance if your month starts with some $50 in your petty cash amount and by the end of the month it is left only $40 then the spent $40 is added to your account to start the new month...
But how to deal with every day needs? Imagine you work at the office or you own an office and even have an employee responsible for routine purchasing like those including stationery office materials and so on? This is exactly the reason of the existence of petty cash Imprest system allowing to trust the employees by knowing all the expenditures they’ve made due to the dockets they show you – and actually not you (they provide it to the system) – by the end of the month so that the account will be replenished...
According to the statistics, every American company works with petty cash system today as it is really helpful for various emergency expenditures of an every day office life like stationery materials, food for the office staff and so on...
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Imprest Funds – Discover the Main Principles of that Kind of Funds!

Thus, the exact time doesn’t matter as you can check the exact sum left in your petty cash float anytime you want...


There is also a non imprest system of a petty cash where there is no such a rule with a fixed amount that is spend every month...
So, if your initial petty cash amount makes out $150, you’ve spent $140 you are to replenish $140 to bring the float back to its initial condition it had at the beginning of the certain period within which you’ve managed to spend the money...
So, imagine you start the month with the full account of $200 provided in your petty cash float...
At the end of the month all the dockets written are totaled and deducted from the petty cash float showing the sum amount left in the float of a petty cash...
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Imprest Definition – let’s Make out in the Main Idea of the Imprest Term!

  • Imprest system is a system that controls the petty cash where the cash is paid for a written receipt that is used to make the float the way it was originally by the end of the month...
    The most widespread petty cash feature is the fixed amount replenished at the end of a certain period – for example, at the end of the month – or when the circumstances require that...
  • Imprest system is a system according to which when the petty cash certain amount is used it should be no longer reimbursed...
  • Imprest system is a term invented in the United Kingdom applied to the petty cash system monetary transactions according to which a person is provided with a certain amount of loan money and ocne it is spent it should be replenished by the end of the month or a certain period stated...
    In other words, Imprest definition main idea is the petty cash system according to which you can easily control all your payments and buy whatever you’d like that costs lower than 100 bucks as $100 is a limit that can’t be exceeded in most cases if speaking about Imprest system...
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    Imprest System – a Loan System Controlling Fraud and Theft!

    At the end of the month all these documents are totaled showing the sum left in the petty cash float...


    What is to replenish the imprest system petty cash? So, that means that you cover all the expenses for the cash receipts that were taken against the cash and cut your check for the expenses amount...
    Otherwise in case you can not do it it should be replenished by a guardian that is usually presented by a bookkeeper that can do take the expenses from his own personal account petty cash float...


    This means that the petty cash system works according to the main imprest system rules – that is according to the replenishment of the sum you have spent...
    So you can to spend $90 from this sum a month and then you are to replenish this sum to your account to bring your petty cash float balance back to the initial sum you had there - $100...
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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...
    Separate account records are maintained for petty cash, accounts payable and receivable, and other relevant transactions such as inventory and travel expenses...
    For example, all credit sales are recorded in the sales journal, all cash payments are recorded in the cash payments journal...
    sales, cash receipts, revenue, etc.) making transactions easier to summarize and reference later...
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