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Imprest – Main Facts about the Accounting System!

It’s important to take into account that the number of Imprest system petty cash custodian is $100 that can be represented in currency, coins or petty cash receipts...
Please pay your attention that it is check account not the petty cash account that is to be credited after the check on the organization account is requested...
What are the system main advantages and why is it worth using it? As it was stated below the maximal petty cash amount is $100 so you can spend only what you have and replenish the sum you’ve spent – that is $90...
It is quite simple as the special dockets are written for the every petty cash issued amount...
Once you draw a check to your account your cash account is credited once again...
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Imprest Petty Cash – the Main Principle of Petty Cash System!

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...
When the currency is reduced in the petty cash account you get the request to replenish the spend coins and currency...
Or you’ve ordered pizza and you can use your petty cash to pay for the goods delivered to you house...
That kind of vouchers should have an area for the date, the paid amount, the space for the indication of the name of the person that takes the cash from the petty cash fund, they often are numbered for better control over the petty cash operations...
Well, it is a form used as a docket showing the payment made from a petty cash account...
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Imprest Checking Account – the Principles of Work!

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 petty cash system main basis in the replenishment of the expenditures you have spent...
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...
And then comes its term – petty cash that is so popular today on the internet...
All the payments should be performed according to the petty cash account policy...
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Imprest Cash Funds



Generally, a petty cash fund should be turned over at least 4 times per year...
Employees must present a Petty Cash Form (which can be found at http://www.finance.umich.edu/finops/cashier/forms/pettyca shform) signed by a Higher Administrative Authority together with original receipts at one of the University cashiers offices listed below...


Supporting Documentation for Expense Reimbursement



Missing or Stolen Imprest Cash Funds

Unit must file a police report and must also report to both University Audits and to Procurement Services...


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


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...
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Bookkeeping

Separate account records are maintained for petty cash, accounts payable and receivable, and other relevant transactions such as inventory and travel expenses...
It may be split into two daybooks: receipts daybook for money received in, and payments daybook for money paid out

  • General Journal daybook, for recording journals
  • 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...
    Daybooks include: