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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...


In other words, the main issue of the Imprest system work is the documentation of the way your petty cash is spent...
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...
We have created this website in order to help you to get the main ideas of this system, explain you all Imprest features and show the main Imprest nuances...


In general Imprest system advantages implies a kind of special control against theft and fraud due to the loans usage...
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Imprest Checking Account – the Principles of Work!

It is very convenient to have imprest checking account at the office where one employee is responsible for making several monetary transactions...
To regulate his works and manage his dealing with money one can use this type of loans...
It’s natural that you start the month with $100 and without depending on how much you spent you should finish the month with this sum...


The Imprest checking account report should be given every month to the Imprest fund for a review...
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...
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Main Issues on Imprest Money System

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...


How Imprest money works?

According to the system the manager is required to give documents proving his expenditures...


Imprest and Non-Imprest money

Lots of people wonder what the difference between Imprest and non-imprest systems is...
So, it’s easy to realize that petty cash doesn’t actually exist if you have no cash in the fund...
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Imprest Balance

Let’s see how this works on this example: a bakery owner signed notes payable with the amount of $10,000 and an interest rate of 10% in December 1...


The purpose of establishing an imprest fund is to ensure a constant flow of money for minor purchases that are usually made outside the regular ordering cycle...


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...
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Payment Processing

You won’t be able to accept online payments without payment processing services; however, there are many things for you to consider before choosing this or that company, e.g.: