imprest system

Definition:

a system for supplying and controlling petty cash, in which the person responsible for petty cash is given an initial stock of cash (called a ‘float’) sufficient for a period of time: for each disbursement a petty cash voucher must be written out; at the end of the period a fresh amount of cash is supplied equal in value to the vouchers for the period, so that the stock of petty cash should be restored to its initial level. The same principle may be used for controlling stocks of supplies and materials. Originally an ‘imprest’ was a government official’s stock of cash for spending on official business.



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