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The imprest system is a form of financial accounting system. The most common imprest system is the petty cash system. The base characteristic of an imprest system is that a fixed amount is reserved, which after a certain period of time or when circumstances require, because money was spent, it will be replenished.
What is an Imprest System? My Accounting Course 2017-10-05T02:06:50+00:00 Definition: An imprest system is a method to account for petty cash by maintaining a balance in a fund that equals petty cash receipts plus additional cash in the fund. What Does Imprest System Mean? Most companies set up a special fund called a petty cash fund for small purchases and office expenditures. The petty cash fund is exactly like it sounds.