If there are entries only related to cash movement in imprest account and no repective expense is booked for which the imprest money was given..will that change the nature of that account to loans and advances ?
Arihant (Business) (207 Points)
24 July 2012If there are entries only related to cash movement in imprest account and no repective expense is booked for which the imprest money was given..will that change the nature of that account to loans and advances ?
Shweta Garg
(CA FINAL Executive(Payables))
(147 Points)
Replied 25 July 2012
In any company, there would be some cash transactions.
Is it a hypothetical situation or a real one.
Anand Raghavendra
(Manager-Internal Audit)
(111 Points)
Replied 27 July 2012
Ideal situation would be to indentify and have an inclusive list of expenses classified as IMPREST whether cash or otherwise
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