Loan


Imprest Funds – Discover the Main Principles of that Kind of Funds!

People choose this system of loans because of a great possibility to pay in cash without using their general ledger account...


All the Imprest funds are kept in a record with the help of documentation presented by the petty cash dockets or receipts...


There is also a non imprest system of a petty cash where there is no such a rule with a fixed amount that is spend every month...
Thus, the exact time doesn’t matter as you can check the exact sum left in your petty cash float anytime you want...


Petty cash Imprest funds consider that the custodian should document the way he uses his petty cash...
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Imprest Petty Cash – the Main Principle of Petty Cash System!



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...
Thus, the general ledger petty cash account doesn’t take part in the replenishing process...
He gets the cash from the certain company checking account getting the cash sum similar to the general ledger account cash amount...
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 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...


There are often cases when the petty cash custodian needs to be changed...


If you make an Imprest cash account request you need the BA-096 form...
The report should mark that the total cash float is zero...
There you put the stated Imprest cash account sum - $50-$100...
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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...
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 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...
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Bookkeeping

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...
    A journal is a formal and chronological record of financial transactions before their values are accounted for in the general ledger as debits and credits...
    Separate account records are maintained for petty cash, accounts payable and receivable, and other relevant transactions such as inventory and travel expenses...
    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...
    A ledger takes each financial transaction from the journal and records it into the corresponding account for every transaction listed...
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    Imprest – Main Facts about the Accounting System!



    The main system petty cash term implies the Imprest general ledger account to be inactive as far as a set amount is concerned...


    In other words, the main issue of the Imprest system work is the documentation of the way your petty cash is spent...
    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...
    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...
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