The Imprest system is a form of financial accounting system. The most common imprest system is the petty cash system. The base characteristic of an imprest system is that a fixed amount is reserved, which will be replenished at the end of a period or when circumstances require. This replenishment is not credited on the imprest account, but from another source. When a sufficient amount is used, the imprest account will never be credited again. As such, it can be seen as a permanent debt.
Read more about Imprest System: Petty Cash Imprest System, Why Use The Imprest System, How Petty Cash Imprest System Works
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“We now come to the grand law of the system in which we are placed, as it has been developed by the experience of our race, and that, in one word, is SACRIFICE!”
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