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:
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What awful brain compels His awful hand.
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—Countee Cullen (1903–1946)
“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.
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—Joseph L. Mankiewicz (1909–1993)
“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!”
—Catherine E. Beecher (1800–1878)