imprest account

a UK term for a record of the transactions of a type of petty cash system. An employee is given an advance of money, an imprest, for incidental expenses and when most of it has been spent, he or she presents receipts for the expenses to the accounts department and is then reimbursed with Cash to the total value of the receipts.

Browse by Subjects

Popular Accounting Terms

bond power
risk asset ratio
International Federation of Accountants
commercial bill
pay up
statutory books
Serial option
interest equalization tax