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"
I've seen an 'imprest counter' at First Point and always just assumed it was some special counter for the blind, with braille facilities (as in 'impressed'). I feel silly now.
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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 system The Petty Cash
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The accounting cycle is a series of accounting or financial transactions that occur within a specific period of time, usually one year.
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Checking accounts are some of the simplest - and least lucrative - financial accounts out there. They usually offer pretty low interest rates compared to savings accounts, CDs, and
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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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The advantages of using the Imprest system are versatility, accountability, practicality, limitation of theft, ease of use and limitation of expenditure. The system ...
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