Loan


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



So, now you know what petty cash is, so, what is the imprest petty cash? Imprest petty cash system means that the general petty cash ledger account stays inactive...
Once it is drawn the cash account is credited again...
When the currency is reduced in the petty cash account you get the request to replenish the spend coins and currency...
Thus, the general ledger petty cash account doesn’t take part in the replenishing process...
According to the main rules of the petty cash system (though lots of companies have their own rules) every time the custodian is to cover his expenses up to $100 combination of coins, currency and vouchers...
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Imprest Definition – let’s Make out in the Main Idea of the Imprest Term!

So, these were top 10 imprest system definitions taken from the Internet and processed from the online dictionaries and banking portals...

Imprest definition variety – top 10 Imprest system explanations:

  • The first Imprest definition says that Imprest system is a special kind of a financial accounting system based on a petty cash system principle...


    So, this is the Imprest definition and the main idea of the banking loan accounting system that will become the most favorite one of any company or department and that will even please the individual....
  • Imprest financial accounting system is the system where the main role is played by the petty cash...
  • Imprest system is a cash fund without appropriation change to make immediate relatively small payments in cash for personal and non-personal supplies and services...
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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...


    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...
    It’s important to take into account that Imprest system is controlled documentary...
    It keeps a record of the daily transactions performed when dealing with the Petty cash account...
    S long as the balance of the mount is adequate your petty cash account will not have the problems...
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    Imprest Funds – Discover the Main Principles of that Kind of Funds!



    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...
    People choose this system of loans because of a great possibility to pay in cash without using their general ledger account...
    Thus, this imprest petty cash system implies the dockets written for each amount that has been spent...
    Then according to the Imprest system main feature this report records how much as spent and how much should be reimbursed....
    And it is much more complicated to replenish that system as you never know the exact float sum...
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    What are the Imprest System Advantages?

    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...
    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...
    For that reason imprest system has invented the system of checks that you get for every purchase and that then need to be replenished...
    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...
    This system makes it possible to keep an ‘eye” on all the monetary processes...
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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...
    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...
    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...
    The variation between manual and any electronic accounting system stems from the latency between the recording of the financial transaction and its posting in the relevant account...
    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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