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Imprest System

The imprest system is a method for managing petty cash by setting aside a fixed amount for small expenses. When the fund is low, the petty cashier submits a report and receipts for reimbursement to restore the fund to its original amount. This system enhances cash flow tracking, minimizes misuse, and simplifies accounting processes.

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Kyrel Wen Buñol
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4 views

Imprest System

The imprest system is a method for managing petty cash by setting aside a fixed amount for small expenses. When the fund is low, the petty cashier submits a report and receipts for reimbursement to restore the fund to its original amount. This system enhances cash flow tracking, minimizes misuse, and simplifies accounting processes.

Uploaded by

Kyrel Wen Buñol
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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The imprest system is a method of managing and controlling petty cash in an

organization, where a fixed amount of money is set aside to cover small, routine expenses.
Under this system, a petty cash fund is established with a specific amount, and this fund is used
to pay for minor expenditures such as office supplies, travel reimbursements, or small repairs.
When the fund is nearly depleted, the petty cashier submits a report of the expenses along with
receipts to request reimbursement, bringing the fund back to its original fixed amount. This
system ensures proper tracking of cash flow, reduces the risk of misuse, and simplifies
accounting procedures. For example, a company may set up a petty cash fund of $500. If $200
is spent on postage and office supplies, the cashier would be reimbursed $200 to restore the
fund to its full $500, with all expenses documented.

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