Loan


Imprest Cash Funds

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...


NOTE: Imprest Cash funds are no longer to be used for paying subject fees...


Generally, a petty cash fund should be turned over at least 4 times per year...


The University has two (2) types of Imprest Cash Funds:

Petty Cash Fund

Petty Cash Funds are established for departmental use for incidental and emergency small dollar purchases where the use of alternative means (e.g...
Imprest Cash Funds may only be used in connection with University business and must not be loaned to or used by any individual for personal use or for cashing of personal checks, or used for subject fee payments or used to reimburse employees for travel and hosting expenses...
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Sample Request Letter for Petty Cash Fund

In this case, users must follow the requirements similar to those relating to opening a petty cash account...
Any enterprise or organization can take advantage of this service, and it is increasingly popular among various educational institutions, administrative and governmental bodies, business agencies, etc...
In a case whereby a custodian has to be changed, the user must follow the signed agreement and submit a request explaining why such a change needs to be made...
Before closing, the user must replenish all his/her payments and make a sum-up report...
Then the user receives a replenishment check and sends an account closure request to the General Accounting Office....
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Imprest Account – Purpose, Instructions and Main Facts!



There are often cases when the petty cash custodian needs to be changed...
Usually imprest account implies the purchases less than $100 that can be commited without general ledger petty cash system...
These types of processes are performed at various Imprest cash establishments starting from school and finishing with administrative governmental units...
Imprest account implies a custodian to use the Imprest cash with reporting the expenses he made and replenishing them then with a help of the report receipts...
Imprest account is a cash account (usually its amount varies from $50 to $200) which is susually used by the companies, seldom by individuals, to commit several office purchases such as various supplies, routine daily buying, postage and all that jazz...
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Mortgage Down Payment Requirements

The FHA (Federal Housing Administration) was established shortly after the US government passed the 1934 National Housing Act...
In this crisis time, it is no longer a common thing, because many borrowers defaulted on their loans...
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Imprest System – a Loan System Controlling Fraud and Theft!

S long as the balance of the mount is adequate your petty cash account will not have the problems...


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...
Otherwise in case you can not do it it should be replenished by a guardian that is usually presented by a bookkeeper that can do take the expenses from his own personal account petty cash float...
At the end of the month all these documents are totaled showing the sum left in the petty cash float...


How does this petty cash book looks like? Normally it is a book that is kept for controlling the petty cash of any company or department...
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Main Issues on Imprest Money System

In case one doesn’t turn his money into petty cash this money can’t be called Imprest means paying (or lending) a fixed sum of money to a fund so that then one can use it in his future expenditures process...
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...
But usually such systems imply big deals like purchasing a house or a car...
It is a so called returnable system – you can use it every month simply by covering the expenditures made within a certain period by cutting your cheque...
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...
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