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.
Read more about this topic: Imprest System
Famous quotes containing the words petty, cash, system and/or works:
“But each day brings its petty dust
Our soon-choked souls to fill,
And we forget because we must,
And not because we will.”
—Matthew Arnold (1822–1888)
“Better eight hundred in cash than a thousand on credit.”
—Chinese proverb.
“It is not easy to construct by mere scientific synthesis a foolproof system which will lead our children in a desired direction and avoid an undesirable one. Obviously, good can come only from a continuing interplay between that which we, as students, are gradually learning and that which we believe in, as people.”
—Erik H. Erikson (20th century)
“I lay my eternal curse on whomsoever shall now or at any time hereafter make schoolbooks of my works and make me hated as Shakespeare is hated. My plays were not designed as instruments of torture. All the schools that lust after them get this answer, and will never get any other.”
—George Bernard Shaw (1856–1950)