Loan


Checking Account

Online banking services are available for imprest checking account holders too...
compare checking accounts offered by your chosen banks...
The best checking accounts are offered by both national and regional banks, such as Bank of America, Home Street Bank, Citizens Bank, First New England FCU, etc...
With checking accounts growing more and more popular, many banks offer user friendly online services with lucrative checking account rates ...
Some US banks offer credits on customers’ personal accounts, so you can manage your funds from any location via the Internet...
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Imprest Balance



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...


In many cases, especially if you deal with banks or other financial institutions, you will need to sign notes receivable in addition to notes payable Notes receivable are the statements where you specify your obligations to pay off a debt...
An example of accounts payable can be your regular payments for cable or ISP services...
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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...
The contract should be legal, have a sign and meet the bank requirements...
It is very convenient to have imprest checking account at the office where one employee is responsible for making several monetary transactions...


First of all, it is the sum of the checks that shouldn’t exceedthe certain sum depending on the banks – usually it varies from $100 to $500...
There are several restrictions that should be followed when creating the Imprest bank account...
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Imprest Cash Funds

Imprest Cash Funds must not be maintained in checking or other bank accounts without specific authorization from the Treasurer’s Office...


Each imprest cash fund is to be maintained at its original amount unless it is increased or decreased by obtaining from or returning the proper Form to Procurement Services...
The usual time for Procurement Services to create an imprest cash fund is five business days...


All imprest cash funds are subject to unannounced audits by the Office of University Audits or Procurement Services...
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Online Merchant Account



The advantages of working with offshore accounts are as follows:

If your business is on a global scale, the use of an offshore merchant account can be very beneficial for you...
Many large banks readily provide high risk merchant accounts for any payment processing needs...


If merchant accounts are owned by a single recipient bank, businesses having high needs for payment processing may be at a risk...


It is a common thing when businesses with local bank accounts take advantage of international merchant accounts...


Before creating your high risk account, it is important to consider the following:
  1. Learn what banks accept your business type
  2. Get to know an agent or another person that will help you establish your account
  3. Fill out the application form knowingly and correctly...
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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

  4. General Journal daybook, for recording journals
  5. 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...
    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...
    For every debit journal entry recorded there must be an equivalent credit journal entry to maintain a balanced accounting equation.[2]

    Ledgers

    A ledger is a record of accounts...
    These accounts are recorded separately showing their beginning/ending balance...
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