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The imprest system is the more popular system of petty cash. Under the imprest system, a fixed sum is established as a petty cash for a fixed period to meet the business requirement. The petty cashier is given a certain amount of cash, usually at the beginning of a month (could also be weekly or daily, depending on the size and type of business). At the end of the period, the petty cashier submits the accounts of expenses keeping surplus amount himself. Now, the head cashier gives to the petty cashier another sum for the reimbursement of the fund which equals the amount spent by him during the period. Thus, every time the petty cashier begins the next period with the same amount.
Preffered method
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What is imprest fund system?
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.
How do you record entries using the imprest fund system?
debit all the necessary expenses credit the appropriate cash account
What is journal entry for fluctuating fund system?
establishment of fund: petty cash fund xx cash in bank xx payment of expenses out of the petty cash fund: expenses xx petty cash fund xx
What is fund utilization in banking system?
Fund utilization is when the use of funds is governed by the fund authority for the specified fund type, or in the case of trust funds for the specified account. Managers are responsible for understanding the restrictions on use for all fund types, and for any trust account utilized by the department.
What does FICA mean on a paycheck?
FICA stands for a payroll tax used to fund the Social Security system.
What is imprest fund system?
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.
How do you record entries using the imprest fund system?
debit all the necessary expenses credit the appropriate cash account
Who manages an imprest 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.
What do you call the the company's check used for miscellaneous payments including more broadly all outgoing checks?
When we say check we are talking about an amount of money that is not use in miscellaneous payment, the term use in payment in miscellaneous is the petty cash fund. The check system use in the business is the cash imprest system.
What is Fluctuating fund system?
Fluctuating fund system is handling petty cash fund wherein every expenses/voucher is debited directly with petty cash fund as a credit. The petty cash fund is debited only whenever there is a replenishment wherein the proforma entry is:
What fund accounting?
Fund accounting is the accounting system emphasizing on accountability rather than profitability
What is journal entry for fluctuating fund system?
establishment of fund: petty cash fund xx cash in bank xx payment of expenses out of the petty cash fund: expenses xx petty cash fund xx
What is fund utilization in banking system?
Fund utilization is when the use of funds is governed by the fund authority for the specified fund type, or in the case of trust funds for the specified account. Managers are responsible for understanding the restrictions on use for all fund types, and for any trust account utilized by the department.
What is GFEBS?
GFEBS stands for General Fund Enterprise Business System.
The primary purpose of the International Monetary Fund is to?
oversee the global financial system.
Who issues fund to the bases using automated funds management system?
MAJCOMS
Describe a mutual fund?
A mutual fund is an investment instrument for the common man does not have the time or expertise to invest directly in the stock market. an experienced investor pools in money from such investors and invests in the stock market on their behalf. This person is called the fund manager and the organization that employs this person is the fund house. The whole system is called a mutual fund.
