The imprest fund system is a system of control of cash which requires that all cash receipts should be deposited intact and all cash disbursements should be made by means of check.This is the one usually followed in handling petty cash transactions.

debit all the necessary expenses

credit the appropriate cash account

An imprest account is an account which allows the sum of money to be given as an advance payment to someone to carry out an expenses as the case may be. This type of account is usually retired in which the person who spent the money will analyse how the money was spent.

The imprest account is a petty cash account.

Imprest Account in under loan and advance group