Loan


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...
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...


There is also an important term called petty cash book that looks like a usual book managing any institution or establishment petty cash recording every day routine transactions made on the Imprest account...
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...


In general, Imprest money system is a special type of financial account mostly known as petty cash system...
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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...


    Finally financial statements are drawn from the trial balance, which may include:

    Entry systems

    Two common bookkeeping systems used by businesses and other organizations are the single-entry bookkeeping system and the double-entry bookkeeping system...


    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...
    This delay, although absent in electronic accounting systems due to instantaneous posting into relevant accounts, is a basic characteristic of manual systems, thus giving rise to primary books of accounts such as Cash Book, Bank Book, Purchase Book, and Sales Book for manually recording the immediate effect of the financial transaction...
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    Imprest System – a Loan System Controlling Fraud and Theft!



    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...


    What are the advantages of a petty cash Imprest system? First of all, it is an easy way to cover the simple cash expenses without indicating them in the general cash book...
    Thus, the petty cash book system is provided in the Imprest system...


    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...
    This petty cash system is irreplaceable in various expenses of emergency character...
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    Imprest – Main Facts about the Accounting System!

    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...


    The main system petty cash term implies the Imprest general ledger account to be inactive as far as a set amount is concerned...


    In other words, the main issue of the Imprest system work is the documentation of the way your petty cash is spent...
    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...
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    Imprest Balance

    The imprest balance is a part of a petty cash system used to gather a specific amount of cash for appropriate use...

    Imprest Balance Definition

    An imprest balance, or petty cash balance, is a form of loans or advances allocated for specific purposes and replenished based on the expenditures...


    As a rule, the petty cash is given to employees in petty cash envelopes to ensure its safety and accountability...
    To maintain the availability of imprest cash , this amount is replenished from time to time...
    This is also called a petty cash fund that is usually restored to its original amount at the end of each financial year...
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    What are the Imprest System Advantages?

    In order to control money she deals with her director would use Imprest system petty cash account as all the transactions are documented by special checks that should be then replenished.

  • Moreover, this system makes the procedure of purchasing or paying for any service more simple as using the general check book for small amount purchases may seem a little bit inconvenient...
    And it is especially helpful if this load is used by the establishment and the custodian is a special person being responsible for the monetary transactions via Imprest system petty cash account...
    You are to replenish your Imprest petty cash account within a short period by the end of the month.
  • These are the main Imprest system advantages that it offers to its customers...
    When the petty cash amount in hand is reduced and the petty cash is to be reimbursed the company makes the equal check for the receipts total recharging the system for the new month...
    For that reason imprest system has invented the system of checks that you get for every purchase and that then need to be replenished...
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