Imprest Petty Cash: It is the money that is periodically replenished. A fixed amount of money that is set aside to reimburse employees for expenses related to business travel is an example of imprest petty cash Emergency Petty Cash: It is money set aside for emergency purposes Discretionary ...
The petty cashier generally evaluates the account at the end of every month. The cashier uses the vouchers and ledger account to check if the amount left in the account matches with the money in hand. At any time, the sum of the vouchers or receipts plus the money left should be equal...
Definition:An imprest system is a method to account for petty cash by maintaining a balance in a fund that equals petty cash receipts plus additional cash in the fund. What Does Imprest System Mean? Contents[show] Most companies set up a special fund called a petty cash fund for small purc...
The collection of money (currency, coins, checks). Not to be confused withrevenues. Related Q&A What is an imprest system of petty cash? How is the account Cash Short and Over used? How do I start a petty cash fund? What does it mean to replenish the petty cash fund?
3. What is the use of petty cash funds? Petty cash fund is to make the payments for small amounts that are less material, such as postage, small repairs, or day-to-day supplies. A petty cash account is an imprest account, hence, it is only debited when the fund is established or ...
A current asset account which includes currency, coins, checking accounts, and undeposited checks received from customers. The amounts must be unrestricted. (Restricted cash should be recorded in a different account.) Related Q&A What is an imprest system of petty cash?
What is an imprest system of petty cash? How is the account Cash Short and Over used? How do I start a petty cash fund? What does it mean to replenish the petty cash fund? Where should a business report cash which is restricted to purchase a long-term asset? What is the cash flow...
A term associated with petty cash. Replenish means to return the amount of actual cash in the petty cash box back to the amount appearing in the general ledger account Petty Cash. This is done whenever the amount of actual cash in the petty cash box is low and at the end of each acco...
How is the account Cash Short and Over used? Where are short-term bank loans reported on the statement of cash flows? What is an imprest system of petty cash? What does it mean to replenish the petty cash fund? What are some examples of financing activities?
A slush fund is a sum of money that is set aside as areserve. In accounting, a slush fund is ageneral ledgeraccount ofcommingled fundsthat does not have a designated purpose. In more sinister cases, a slush fund may be used as a so-called “black fund,” which is unaccounted for and...