Imprest system
An imprest system maintains petty cash at an authorised fixed amount. Payments are supported by vouchers or receipts. At replenishment, the cashier receives the amount needed to restore the fund to its authorised level, after checking the cash and supporting records. The arrangement assists control over small payments and makes shortages or unsupported expenditure easier to identify.
Worked example
The authorised fund is $200. Supported payments total $145 and cash remaining is $55. Reimburse $145 to restore the cash to $200. Before replenishment, cash of $55 plus vouchers of $145 should explain the full fund.
Common mistake
A reimbursement is not automatically the original imprest amount. Investigate a mismatch between cash plus valid vouchers and the authorised fund.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | F1 | Direct | July 2027–August 2028 |
| ACCA | FA | Direct | September 2026–June 2027 |
| ACCA | K1 | Direct | July 2027–August 2028 |
| CIMA | BA3 | Direct | Official assessment-window verification pending |
| FIA | FFA | Direct | September 2026–June 2027 |
Related terms
Also called: petty cash imprest