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Imprest Definition – let’s Make out in the Main Idea of the Imprest Term!

  • Imprest system is a term invented in the United Kingdom applied to the petty cash system monetary transactions according to which a person is provided with a certain amount of loan money and ocne it is spent it should be replenished by the end of the month or a certain period stated...
    The main idea oа this petty cash amount is to keep the balance at a special money amount – usually $100 and replenish this sum at the end of the month...
    The most widespread petty cash feature is the fixed amount replenished at the end of a certain period – for example, at the end of the month – or when the circumstances require that...
  • Imprest system is a system according to which when the petty cash certain amount is used it should be no longer reimbursed...
    The main characteristics of this system are a reservation of a fixed cash amount that is to be reimbursed at the end of the stated specific period or once it is requested...
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    Imprest Petty Cash – the Main Principle of Petty Cash System!

    Once the petty cash account is replenished, that kind of receipts now show the information on the replenishment process too...
    When the currency is reduced in the petty cash account you get the request to replenish the spend coins and currency...
    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...


    What does it the petty cash replenishment means? One – the custodian - is to replenish the petty cash fund...
    It means that if you spend $100 from the petty cash balance you will be requested to cover these expenses immediately by the end of the month...
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    Imprest System – a Loan System Controlling Fraud and Theft!

    Thus a petty cashier gets a certain amount of money that is called float that is limited by the balancing period needs...
    At the end of the stated period – usually it is a month, but different systems work with different periods – the petty cash is replenished with the amount of cash that was spent during the period...


    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...
    In fact today every company has a petty cash system that is often known as a small amount of money kept in hand...


    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...
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    Imprest – Main Facts about the Accounting System!

    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...
    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...


    The main system petty cash term implies the Imprest general ledger account to be inactive as far as a set amount is concerned...
    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...
    It is quite simple as the special dockets are written for the every petty cash issued amount...
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    Imprest Checking Account – the Principles of Work!

    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...
    This fixed system is more convenient for those who spend small amount of money on small cost goods...
    Imprest checking account feature is based on the Imprest petty cash account...
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    Sample Request Letter for Petty Cash Fund

    It takes a bit of knowledge and attention to write a sample request letter for petty cash correctly...
    For instance, if you have a $100 account (the maximal petty cash sum), you must finish the current month with this sum, regardless of how much you have spent...
    Then the user receives a replenishment check and sends an account closure request to the General Accounting Office....
    In this case, users must follow the requirements similar to those relating to opening a petty cash account...


    In order to withdraw cash from your account, you need to submit a letter of request, using a sample letter of Request for the Release of Funds, to your local Imprest office and specify your account ID...
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