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What is the difference between an Imprest and Non-imprest
petty cash account?
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Answer Posted / eilynn
In a non-imprest system, a fixed amount is issued every
month.
Every time cash is required, there is no incentive to
ensure all money issued has been documented because when
money is all spent, a cheque for a fixed amount is issued
by the chief cashier.
It is much more difficult to reconcile a non-imprest system
as you never know how much exactly should be in the float.
In an imprest system, the amount requested is documented.
So, at all times, you can check how much should be left in
the pretty cash float by deducting the amount spent from
the opening petty cash float.
| Is This Answer Correct ? | 82 Yes | 13 No |
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