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What is the difference between an Imprest and Non-imprest
petty cash account?
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Answer Posted / nagesh
petty cash fund is by definition an imprest fund. There is
no such thing as non imprest petty cash. If you haven't set
aside money into petty cash (imprest is "lending" money to
a fund to pay future expenses), then it isn't imprest.
And if you don't have any cash in the fund, petty cash
doesn't exist. Requirements are such that there need to be
specific controls surrounding petty cash.
If not, there is room for abuse and fraud that will not be
caught by a normal bank reconciliation process. Basically
additional controls need to be established.
| Is This Answer Correct ? | 18 Yes | 45 No |
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