imprest and non imprest system
This query is : Resolved
12 September 2016
please tell me what is petty cash imprest and non imprest system (with the suitable example ) and also how to verify petty cash during audit with the help of these system.
12 September 2016
imprest is given to dept. or branches for day yo day exps. and they r informed to maintained exps. statement which shows anytime avbl money bal.
open cash is cash is kept for other than daily exps also say vendor pay, imprest pay, employee adv. etc.
imprest may (not) be on software but open is in software base app.
13 September 2016
Imprest may also be called as an advance. Like if a person need some cash for official work, so he/she must take that cash against Imprest account, and after submission of proper documents of that expenses that imprest account will got credited and expenses account should got debit.
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