What is an imprest system of petty cash? Author: Harold Averkamp, CPA, MBA Definition of Petty Cash Petty cash refers to a small amount of currency and coins that a company uses to pay small amounts without writing a check. The amount of petty cash (also known as the petty cash fund...
An imprest system like this is extremely important not only to manage how the petty cash is being spent but also to protect the money from being stolen. As with any cash asset, there should be accounting controls and systems in place to protect it from theft and misuse. ...
The imprest system is a form of financial accounting. The most common is petty cash. The basic characteristic of an imprest system is that a fixed amount is reserved, which after a certain period of time or when circumstances require, because money was spent, will be replenished. What are ...
The Imprest system is an accounting system that’s used to track how your business is spending cash. In most cases, Imprest systems are used to account for petty cash (a small amount of money used for expenditure on smaller items, i.e. office supplies, catered lunch, cards for customers,...
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Imprest Petty Cash: An imprest petty cash fund is a fixed amount of money that is periodically replenished. A common example is a fixed amount of money that is set aside to reimburse employees for expenses related to business travel. Emergency Petty Cash: This type of petty cash is set asi...