Imprest Account Home. Definition of Imprest An imprest is a sum of cash advanced to an Officer to meet payments which are otherwise inconvenient to disburse through the normal payment procedures. Classes of Imprest Imprest is of two classes, namely: Standing Imprest, held throughout the financial year and replenished as and when necessary by the presentation of receipt and petty cash vouchers; and Special Advance, is normally issued for making a particular payment, or group of payments which must be fully retired by the date specified in the approval.
Each application shall, however, be considered on its own merit. Imprest Holders to Keep a Register All imprest holders shall keep a Register showing the amount received as imprest and how it has been used.
The Register of Imprest holders are also subject to examination by the Director of Finance. Special Advance There are two types of Special Advance; namely: Special Advance Granted for Purposes other than Research: This must be accounted for in full within one month or when the service has been performed whichever is earlier Special Advance for Research: This must be accounted for through the Head of Department concerned to the Director of Finance or the approving body within which the activity is completed.
Consideration for Special Advance Application for Special Advance shall be considered only: Where credit facilities are not obtainable from the supplier of the goods or services Where an item or service is urgently required and can only be paid for by cash Approved Special Advance shall only be used for the purpose for which approval was given.
Responsibility of Imprest Holders Imprest holders shall observe all regulations regarding the control of expenditure and disbursement of the University monies. Recoupment and Retirement of Imprest Imprest holders may recoup their imprest from time to time when the amount is almost or completely exhausted.
This system makes it easier to monitor expenses, flag discrepancies, and ultimately detect fraud. The imprest system involves the following steps:.
As companies increasingly rely on electronic transactions, the imprest system is steadily falling out of favor. It's often easier to use a company credit card than an imprest, because the former offers electronic documentation of transactions, and doesn't trigger a need to replenish any outgoing funds. Companies keep cash on hand in imprest to pay for incidentals like office supplies, small reimbursements, or other minor expenses. Similar to petty cash, imprest should not be used for material expenses such as utilities or to purchase assets for the firm.
The word is derived from the early Italian or medieval Latin imprestare, which meant to lend. Thus, an imprest now means a small advance of funds used for incidentals, and which must be replenished after use.
In addition to funds used by a business, an imprest may also refer to money paid to someone for doing work on behalf of a government. In this case, the government advances the funds prior to the work being completed. Financial Statements. Home Equity. Your Privacy Rights. To change or withdraw your consent choices for Investopedia.
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