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Bookkeeping |
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Key concepts |
Financial statements |
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The imprest system is a form of financial accounting. The most common is petty cash.[1] The basic characteristic of an imprest system is that a fixed amount is reserved, which after a certain period or when circumstances require, because money was spent, will be replenished. This replenishment will come from another account, e.g. petty cash may be replenished by cashing a cheque drawn on a bank account or using an ATM.