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:
“One will seldom go wrong in attributing extreme actions to vanity, moderate ones to habit, and petty ones to fear.”
—Friedrich Nietzsche (1844–1900)
“The Church has always been willing to swap off treasures in heaven for cash down.”
—Robert Green Ingersoll (1833–1899)
“An avant-garde man is like an enemy inside a city he is bent on destroying, against which he rebels; for like any system of government, an established form of expression is also a form of oppression. The avant-garde man is the opponent of an existing system.”
—Eugène Ionesco (b. 1912)
“Now they express
All that’s content to wear a worn-out coat,
All actions done in patient hopelessness,
All that ignores the silences of death,
Thinking no further than the hand can hold,
All that grows old,
Yet works on uselessly with shortened breath.”
—Philip Larkin (1922–1986)