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The imprest account is a petty cash account.
Imprest Account in under loan and advance group
no we don't have any other system other than imprest system
Petty cash us cash held in the form of coins and notes. It is used to pay the small incidental expenses incurred by a business. Imprest system which is based on a pre-set float being maintained the imprest amount.
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.
There are many advantages of imprest system. One is that the cash is limited so the chances of losing money are limited. This type helps in managing and accounting for petty cash.
An Imprest system of petty cash is used for more control over cash in hand. In an Imprest system, the amount in hand plus the amount of all receipts should be equal to petty cash balance. If at any time cash in hand and receipts do not equal the fixed amount of petty cash, then investigation should be done about the discrepancy.
it helps to meet the day to day activities.
The importance of Petty Cash Book Imprest System is that it helps in basic bookkeeping. The daily transactions that use the petty cash are entered into this system which ensures that there is proper issuance of petty cash.
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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.
An imprest system is a system using loans as control against fraud and theft. The most common imprest system known is the petty cash system.Petty cash imprest systemThe Petty Cash Imprest System works on the basis that you only replenish what you have spent. So if you start the month with $100 in your petty cash float and spend $90 of that cash in the month, an amount of $90 will be then placed in your petty cash float to bring the balance of your petty cash float back to $100.Why use the imprest systemIn this example the maximum amount of petty cash that can be issued (spent) is $100. You can only spend what you have and you are only replenished with what you spend, in this case $90.In a non imprest system where a fixed amount is issued every month e.g. $100 every time cash is required, there is no incentive to ensure all money issued has been documented because when money is all spent a cheque for a fixed amount is issued. It is much more difficult to reconcile a non imprest system as you never know how much exactly should be in the float.In an imprest system the amount requested is documented. The documentation being the petty cash dockets and their associated receipts or invoices. So at all times you can check how much should be left in the petty cash float by deducting the amount spent from the opening petty cash float.How petty cash imprest system worksThe imprest system ensures that you must document how the petty cash is spent. In a petty cash system, petty cash dockets are written for each amount issued. So when all of these dockets are totalled at the end of the month and deducted from the opening petty cash float, the calculated value must agree with what is left in the petty cash float. Under the imprest system, only that which is recorded as spent is replenished. Any shortfalls may have to be replenished by the guardian, usually a bookkeeper, of the petty cash float from their own personal resources.For the source and more detailed information concerning your request, click on the related links section (Answers.com) indicated below.