How the imprest system works
A fixed float, a voucher for every payment, and a top-up equal to what was spent. See why the tin always adds up.
Task 1A float that always adds up4 questions
Petty cash is a small amount of notes and coins, kept in a locked tin for small costs. The person who looks after it is the petty cashier.
- Imprest amount
- the fixed amount the tin holds at the start of each period
- Voucher
- a slip filled in for every payment out of the tin
- Top-up
- the money put back at the end of the period, to bring the tin up to the imprest amount again
Every pound that leaves the tin is replaced by a voucher. So at any moment, the cash in the tin plus the vouchers equals the imprest amount.
Task 2What petty cash is for4 questions