How do you use an imprest float petty cash system?
The basis of an interest system is that there is always either cash or dockets, or some combination of these in the petty cash tin, which always add up to the value of the imprest float. To begin an imprest system carry out the following steps: 1. Cash a cheque for the amount agreed upon (lets say $50). Make an entry in the cash payments book accounting for this sum. This should be entered under sundries. 2. Place the cash and a book of vouchers in the petty cash tin and lock tin. 3. Use the cash as you need it. Whenever money is withdrawn, replace the money with a completed authorised voucher. The amount on the voucher must be exactly the same as the amount withdrawn. Staple receipts to the voucher. 4. Enter each transaction into the petty cash book. 5. When the cash is getting low add up the columns of the petty cash book and make sure that: • the total of all used vouchers equals the total column of the petty cash book, and • the total of all vouchers plus the remaining cash equals
