How Petty Cash Imprest System Works
The imprest system ensures that you must document how the petty cash is spent. In a petty cash system, petty cash receipts are written for each amount issued. So, when all of these receipts 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.
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Famous quotes containing the words petty, cash, system and/or works:
“One will seldom go wrong in attributing extreme actions to vanity, moderate ones to habit, and petty ones to fear.”
—Friedrich Nietzsche (1844–1900)
“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 system was breaking down. The one who had wandered alone past so many happenings and events began to feel, backing up along the primal vein that led to his center, the beginning of hiccup that would, if left to gather, explode the center to the extremities of life, the suburbs through which one makes one’s way to where the country is.”
—John Ashbery (b. 1927)
“The man who builds a factory builds a temple, that the man who works there worships there, and to each is due, not scorn and blame, but reverence and praise.”
—Calvin Coolidge (1872–1933)