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Imprest system
IMPREST SYSTEM

Definition: [usually singular] (finance) A method of keeping an amount of cash (= money in the form of coins and notes) in a business for paying small amounts, where a certain amount of money is kept and replaced to the same level at the beginning of each new period.
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* All seven or eight elements, as applicable, should be in.


1. Purposeful and necessary for the business.

2. Funding - replacement - will be regular and timely.

3. Expenditures will be rightly approved or authorized.

4. Accounting or rendition will be up-to-date and correct.

5. Change that may be returned will be genuine notes and coins.

6. Available level will be adequate at any point in time.

7. Method serves purpose(s) or achieves objective(s).

8. Can be reformed or modified, if need be.
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See perfect EMBEZZLEMENT.

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