Loan


Imprest – Main Facts about the Accounting System!

We have created this website in order to help you to get the main ideas of this system, explain you all Imprest features and show the main Imprest nuances...
The system works the following way...
At the end of the month all of these dockets are summed up in the total by being deducted from the petty cash float opening showing the amount left in the petty cash float...
It implies the creation of Imprest account in the form of a financial account system...


In general Imprest system advantages implies a kind of special control against theft and fraud due to the loans usage...
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Main Issues on Imprest Money System

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...


How Imprest money works?

According to the system the manager is required to give documents proving his expenditures...


Imprest and Non-Imprest money

Lots of people wonder what the difference between Imprest and non-imprest systems is...
According to the statistics, every American company works with petty cash system today as it is really helpful for various emergency expenditures of an every day office life like stationery materials, food for the office staff and so on...


As a matter of fact, today there is a big variety of loan systems that compete with each other in comfortable conditions of a provided credit...
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Imprest System – a Loan System Controlling Fraud and Theft!



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...
At the end of the month all these documents are totaled showing the sum left in the petty cash float...


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...
And then according to Imprest system principles the sum that is spent should be replenished...
In fact today every company has a petty cash system that is often known as a small amount of money kept in hand...
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Imprest Petty Cash – the Main Principle of Petty Cash System!

That’s why lots of people choose this system as it helps not to become a bankrupt, watches the monetary processes, shows all the operation features and is considered to be the best way of corporative expenses if speaking about several establishments, companies and other office stuff...


This operation is always under control due to the vouchers going with every check showing the sum that is to be replenished...
Thus every voucher shows the replenishment information while every check indicated how much one should replenish...


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 the petty cash account is replenished, that kind of receipts now show the information on the replenishment process too...
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Imprest Account – Purpose, Instructions and Main Facts!

Usually imprest account implies the purchases less than $100 that can be commited without general ledger petty cash system...
The expenditure form should be sent to the general accounting office with the paid invoices and vouchers showing the total sum of replenishment...


For imprest cash agreement you need the BA-095 form...


In case you want to close an imprest account or if the fund is not required anymore it should be obviously closed...
There is also a system of reports required according to which he custodians need to make the Imprest cash account report in a ten days in the end of every month...
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Bookkeeping

For example the entries in the Sales Journal are taken and a debit entry is made in each customer's account (showing that the customer now owes us money) and a credit entry might be made in the account for "Sale of class 2 widgets" (showing that this activity has generated revenue for us)...
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...
These accounts are recorded separately showing their beginning/ending balance...
A journal lists financial transactions in chronological order without showing their balance but showing how much is going to be charged in each account...
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...
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