Meaning & use
imprest system
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Meaning
nouncountablebusiness
A way of managing cash in which a fixed sum is set aside and, after spending, is topped up to its original amount using receipts as proof.
Grammar: Usually singular with the: the imprest system.
Patterns
- the imprest system for something
The office uses an imprest system for petty cash.
Under the imprest system, the cashier refills the fund to exactly one hundred dollars.
An imprest system makes it easy to spot missing money.
Word forms
| plural | imprest systems |
|---|
Common combinations
- operate an imprest system
- The firm operates an imprest system for small office expenses.
- imprest system for petty cash
- An imprest system for petty cash keeps records tidy.
- under the imprest system
- Under the imprest system, every payment needs a receipt.
- set up an imprest system
- We set up an imprest system for the branch.
- imprest system audit
- The imprest system audit found no errors.
Synonyms and how they differ
- petty cash system
- Petty cash system is a broader, plainer term, and the imprest method is one particular way of running it.
- float system
- Float system is a British phrase for a fixed amount of cash kept for small payments.
- cash-fund method
- Cash-fund method is a general wording without the specific rule of topping up to the fixed sum.
- replenishment system
- Replenishment system describes just the refilling step, not the whole fixed-fund idea.
Word family
- imprest noun
- a fixed sum of money advanced for expenses
- imprest fund noun
- the fixed sum itself
- petty cash noun
- small amounts of cash kept for minor expenses
- reimburse verb
- to pay back money spent
Commonly confused: imprest system or impress?
imprest system vs impress
Impress means to make someone admire you and is spelled differently from imprest, which is an accounting term.
Practice
Under an imprest system, the petty cash box always holds the ____ amount after it is replenished.
Choose one answer.
The imprest system restores the fund to a fixed amount using receipts. Average or random amounts would defeat its control purpose.
Make it your own
Write a sentence using “imprest system”, then check it and compare it with the examples above.