imprest

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Imprest

Accounting slang; a small amount of money appropriated for a particular purpose. The imprest is periodically replenished. See also: Petty cash.

imprest

a system used to control the expenditure of petty cash. An opening balance of petty cash (called the imprest) is made available to cover the petty cash expenses for the next accounting period. At the end of the period, whatever cash has been spent is replenished to restore the petty cash balance. This system tends to limit any losses, for example, via fraud, because the maximum that can be misappropriated in any one period is the imprest or opening balance.
References in periodicals archive ?
'Failure to surrender imprests on time contravenes public financial management regulations and puts the validity and occurrence of the expenditure reported to have been incurred through the imprests in doubt,' Ouko says in the report.
Ouko is concerned that the former board chairperson has outstanding imprests amounting to Sh605 million.
'Consequently, the cash and cash equivalents balance was understated and the recoverability or accountability of Sh7.9 million imprests could not be ascertained,' Ouko said.
Cash safari imprests amounting to Sh22 million were issued to officers travelling abroad without proper records.
'It was observed that officers traveling on official duty were not issued with safari imprest as required but were instead allowed to travel and make claims upon return.
In Narok North, Sh1,818,000 imprests supposedly issued to constituency staff could not be accounted for.
'The cashiers also confirmed the accused (Mitema) did not bring back any receipts to account for the various imprests or the IOUs,' added Oloo.
He 'borrowed' Sh3.8 million from the taxpayers using informal debt acknowledgement slips commonly known as IOUs (I owe you), and advances in the form of imprest (money advanced to someone for particular use).
Various DJs and MCs and artistes were paid over Sh10.6 million through imprest. The law stipulates that imprests above Sh30,000 are not allowed.
He also wants a probe into the county's multiple accounts, unaccounted imprest, and statutory fees.
The Acting County Secretary said upon receipt of the said standing imprests, the accountants and standing imprest holders shall make full disclosure to their respective County Executive Committee Members and the Chief Officer and that subsequent expenditure be in consultation with them.
Nairobi Governor Mike Sonko has suspended all the imprest over graft allegations.