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Forums › FIA Forums › FA2 Maintaining Financial Records Forums › Petty Cash
What is the difference between “Float” and “Imprest” regarding to Petty Cash?
The imprest system involves keeping enough petty cash available to meet the needs of the following period of time.Let us say for the following week for example.A petty cash box would be supplied with say 50 pounds.This fifty pounds would be the float.If during the week thirty pounds was spent and properly logged with vouchers and receipts then at start of next week thirty pounds would be paid into petty cash box to bring float back up to fifty.The float is amount judged to be needed for following period requirements.With imprest system money paid into cash box to amount needed to maintain float.If you have any other questions regarding this please ask.
Thank you “mrjonbain” so much, its now all clear,
You are welcome.