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.
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Famous quotes containing the words petty, cash and/or system:
“I hated the idleness, the stupidity, the respectability, the petty unselfishness.”
—E.M. (Edward Morgan)
“Lora May: Did you ever stop to think, Porter, that in over three years there’s one word we’ve never said to each other, even in fun.
Porter: To you, I’m a cash register. You can’t love a cash register.
Lora May: And I’m part of your inventory. You can’t love that either.”
—Joseph L. Mankiewicz (1909–1993)
“Human beings are compelled to live within a lie, but they can be compelled to do so only because they are in fact capable of living in this way. Therefore not only does the system alienate humanity, but at the same time alienated humanity supports this system as its own involuntary masterplan, as a degenerate image of its own degeneration, as a record of people’s own failure as individuals.”
—Václav Havel (b. 1936)