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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...


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...


    It can also be very suitable for those who have a tendency of blowing off as it doesn’t allow spending more than it is stated in the account limit...

    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...
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    Imprest System – a Loan System Controlling Fraud and Theft!

    S long as the balance of the mount is adequate your petty cash account will not have the problems...
    It keeps a record of the daily transactions performed when dealing with the Petty cash account...
    Thus, the company is rid of getting the cash out of banks day by day...


    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...
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    Main Issues on Imprest Money System

    It is credited to make the total account sum $50 again...


    What is so special about Imprest money?

    The main issue about the system is that you can spent only the sum you are provided – in this case $50 and then the account is only replenished to the sum you had in the beginning...
    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...
    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...
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    What are the Imprest System Advantages?

    You also need to get your salary to your bank 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...
    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...
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    Imprest Checking Account – the Principles of Work!

    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...
    There are several restrictions that should be followed when creating the Imprest bank account...


    The requests for Imprest bank account opening should be made in the written from explaning the circumstances and reasons of its opening...
    It is very convenient to have imprest checking account at the office where one employee is responsible for making several monetary transactions...
    Each account check should have a sign of two people...
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    Online Merchant Account Services

    In the former case, you are going to have to get your account directly from the bank...
    There are various types of online checking account services, which process credit cards online...


    If you have decided to make transactions via online merchant services, you should take care of your own financial security...
    In the latter case, you will have your data verified by the bank, and the fees will be paid by the agent...
    This is the most common and available payment method. In order to make a transaction, you can either use a bank or payments processor, or take advantage of an authorized bank’s agent, who has a MasterCard and/or Visa registry...
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