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Author:
Harold Averkamp, CPA, MBA

imprest amount definition

A constant or unchanging amount that is often used when referring to petty cash. For example, if the petty cash account in the general ledger has an imprest balance of $100, the account balance will be a constant $100. The journal entry to replenish an imprest petty cash fund involves debiting each of the expenses involved and crediting cash (not Petty Cash) for the amount necessary to get the actual cash on hand equal to the imprest amount. Any difference in these amounts is entered into the account Cash Short and Over.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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