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Imprest Checking Account – the Principles of Work!

Imprest checking account feature is based on the Imprest petty cash account. The main idea of these petty cash accounts is a sum taken from the general cash in order to make small purchases in currency. The idea of this account is to spend the exact number of money – not more than it is limited in the account and then to replenish this sum by the end of the month so that the following month you can do the same procedure.

The requests for Imprest bank account opening should be made in the written from explaning the circumstances and reasons of its opening. The request should also contain the minimal user information, its name, date of birth, salary and work data. 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.

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. the user shouldn’t do deposits to the account unless he replenishes his receipts. All the Imprest checking account payments should be followed by invoices. All the payments should be performed according to the petty cash account policy. The contract should be legal, have a sign and meet the bank requirements. Each account check should have a sign of two people. Every invoice must be marked as “paid” and have a note of a date of payment.

The Imprest checking account report should be given every month to the Imprest fund for a review. To replenish the account you should submit the original invoices including the signature and date, attach the summary of your expenditure including check numbers and other stuff.

In general, Imprest system is considered to be a system of loans dedicated to control fraud and theft. And then comes its term – petty cash that is so popular today on the internet. The petty cash system main basis in the replenishment of the expenditures you have spent. 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. Thus you have the maximal petty cash sum which you can’t exceed and which you can use and spend by the end of the month before replenishing it in the end. This fixed system is more convenient for those who spend small amount of money on small cost goods.

The main purpose of this system is to make the monetary transactions controllable that is to manage them. 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. Moreover, Imprest checking account implies checks you have to collect by the end of the month – thus, all the operations are “transparent” and you know every operation made with your account. Moreover, these checks usually help to keep an ‘eye” on where you spend your money so that you can then make a conclusion on whether you need more money or you should stop buying anything.


Tags: credit account online checking account credit bank account checking account credit Finance Money checking

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Commentary

2010-Nov-10 15:11 Fitzgerald [New Orleans]

Imprest checking account advantages and nuances.

2011-Nov-16 20:11 lavell [Chicago ]

A no down payment checking account

2014-Sep-12 05:09 dawn bookter [Lucedale ]

I would like to open a checking account

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