Imprest account

An account into which a fixed amount of money is placed for the purpose of making change or minor disbursements. As disbursements are made, a voucher is completed to record the date, amount, nature, and purpose of the disbursement. At periodic intervals, or when the money is completely expended, a report with substantiating vouchers is prepared and the account is replenished for the exact amount of the disbursements, and appropriate general ledger accounts are charged. The total of cash and the substantiating vouchers should always equal the total fixed amount of money set aside in the imprest account.