What is the full meaning of imprest?
What is the full meaning of imprest?
What Is Imprest? An imprest is a cash account that a business relies on to pay for small, routine expenses. Funds contained in imprests are regularly replenished, in order to maintain a fixed balance. The term “imprest” can also refer to a monetary advance given to a person for a specific purpose.
What is imprest money?
The most common definition of the term “Revolving Fund” is that it is an Imprest Account Fund or Petty Cash Fund. An imprest account is used for handling minor disbursements whereby a fixed amount of money is set aside for this purpose.
What is another name for imprest?
In this page you can discover 3 synonyms, antonyms, idiomatic expressions, and related words for imprest, like: petty-cash, receipts and income-account.
What is the difference between imprest and petty cash?
Imprest is a cash account on which a business relies for paying off small or minor expenditures and the amount is replenished by the cashier who ensures that a fixed balance is maintained. Petty cash is the cash that is used for the purchase of office supplies, refreshments etc.
How do you use imprest in a sentence?
Use “imprest” in a sentence | “imprest” sentence examples
- This petty cash is kept on the imprest system, whereby the petty cashier is entrusted with a fixed sum of money.
- The imprest would also be £3.77, so that the petty cash box contains £20 for the next day.
What is an imprest Cheque?
An imprest account is an actual bank account set up to issue payments (by cheque) for unique recurring activities. Cash is advanced centrally to the department.
What is petty cash imprest system?
The imprest system is an accounting system for paying out and subsequently replenishing petty cash. Petty cash is a small reserve of cash kept on-site at a business location for incidental cash needs.
What is the difference between petty cash and imprest?
Who is imprest holder?
An Imprest Holder is an officer to whom a sum of money is advanced to enable him to effect payments on behalf of Government which cannot be conveniently effected through the Accountant-General or his Sub- Accountants, or by a self-accounting Department direct, e.g. expenses in connection with the franking of letters.
Who is an imprest holder?
What is imprest policy?
An Imprest as defined in the Public Works Department Code is a standing advance of. fixed money placed at the disposal of the authority for making disbursement to meet the. emergent nature of works pending regularization by observing the departmental formalities. and recoup of the funds. RELEASE OF FUNDS.
What does the name imprest mean?
noun Im”prest. A kind of earnest money; loan; — specifically, money advanced for some public service, as in enlistment. Etymology: Cf. It. impresto imprestito, LL. impraestitum. See Imprest ( v. t. ), and Impress compulsion to serve.
What does imprest mean?
Imprest Fund. For information on this subject, please see the Treasury Financial Manual, Volume 1, Part 4A, Chapter 3000, Section 30170. Last modified 07/18/19.
What is the meaning of Imprest Account?
Imprest refers to a type of cash account maintained by a company used to pay for small incidental or routine expenses. A fixed account balance is established in the imprest account and refunded as needed when money is withdrawn for items like payroll, travel, or petty cash.
What does imprest basis mean [1]?
The imprest system is an accounting system for paying out and subsequently replenishing petty cash. Petty cash is a small reserve of cash kept on-site at a business location for incidental cash needs. The imprest system is designed to provide a rudimentary manual method for tracking petty cash balances and how cash is being used.