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What is the meaning of Imprest System of Petty Cash?

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Question added by manseer muhammed ali , Accountant General , Royal Lighting L.L.C & Royal Furnishing LLC
Date Posted: 2015/12/30
Murtaza Kalabhai
by Murtaza Kalabhai , Accountant , Al Raj Mobile Phones Trading L.L.C

In imprest system of petty cash is that a fixed amount of cash reserved.

for example if maximum petty cash amount is issued $. the claimant can only spend that they have and if they spend $. then only $ will be replenished.

 

in non imprest system of petty cash a fixed amount of cash given on regular basis or either they required. 

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