What Is an Imprest Account?

Answer

It's an account into which a fixed amount of money is placed for the purpose of making change or minor disbursements. As disbursements are made, a voucher is completed to record the date, amount, nature, and purpose of the disbursement.
Q&A Related to "What Is an Imprest Account"
Answer An imprest account is one that always has the same balance. The best example is Petty Cash. A company cashes a check for $250 (Dr. Petty Cash, Cr. Cash) and puts the cash in
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Fund established to pay specified losses, usually the low severity property losses. This type of account is an excellent device in conjunction with a self - insurance plan, in which
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That really brings me back. The accounting equation is that Assets = Liabilities + Owner's Equity. Meaning that everything that you have is either owed or owned. I case you need to
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An imprest system of petty cash means that the general ledger account Petty Cash will remain dormant at a set amount. For example, if the petty cash custodian is entrusted with a
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1 Additional Answer
According to accounting methodologies, an imprest account is described as an account into which a fixed amount of money is placed for the purpose of making change or minor disbursements. As disbursements are made, a voucher is completed to record the date, amount, nature, and purpose of the disbursement.
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