Petty cash imprest system allows only to replenish the spending. 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. The replenishment is credited to the primary cash account and the debits will go to the respective expense accounts, based on the petty cash receipts.
Read more about this topic: Imprest System
Famous quotes containing the words petty, cash and/or system:
“I looked at my daughters, and my boyhood picture, and appreciated the gift of parenthood, at that moment, more than any other gift I have ever been given. For what person, except one’s own children, would want so deeply and sincerely to have shared your childhood? Who else would think your insignificant and petty life so precious in the living, so rich in its expressiveness, that it would be worth partaking of what you were, to understand what you are?”
—Gerald Early (20th century)
“It seems I impregnated Marge
So I do rather feel, by and large,
Some cash should be tendered
For services rendered,
But I can’t quite decide what to charge.”
—Anonymous.
“The intellect is vagabond, and our system of education fosters restlessness. Our minds travel when our bodies are forced to stay at home. We imitate; and what is imitation but the travelling of the mind?”
—Ralph Waldo Emerson (1803–1882)