IMPREST MONEY Meaning and
Definition
-
Imprest money refers to a predetermined sum of money given in advance by an organization or employer to an individual for the purpose of covering specific expenses. It is a fixed amount, usually a petty cash fund, which is provided to enable the individual to make small, regular payments or to cover unforeseen expenses that may arise within a specific period.
The term "imprest" implies that the individual is entrusted with the responsibility of managing and spending this fixed amount and is expected to keep a record of all transactions. The purpose of such an allocation is to ensure a readily available cash flow for minor expenses that are too small or frequent to be formally reimbursed through regular channels.
Imprest money is often used in various contexts, including in businesses, government offices, educational institutions, or any other setting where there is a need for small-scale, routine cash transactions. The individual who is provided with this fund may be referred to as the "imprest holder" or "imprest cashier", and is typically required to submit regular reports on the expenditure and maintenance of the imprest fund.
It is important to note that imprest money is different from a personal loan or an advance payment. Unlike a loan, this is not a debt and thus does not incur any interest. It is simply a provision made to facilitate ongoing cash transactions and can be replenished periodically based on the expenditure and accounting records provided by the imprest holder.
Common Misspellings for IMPREST MONEY
- umprest money
- jmprest money
- kmprest money
- omprest money
- 9mprest money
- 8mprest money
- inprest money
- ikprest money
- ijprest money
- imorest money
- imlrest money
- im-rest money
- im0rest money
- impeest money
- impdest money
- impfest money
- imptest money
- imp5est money
- imp4est money
- imprwst money
Etymology of IMPREST MONEY
The word "imprest" has its roots in Middle English, specifically from the Old French word "emprester" meaning "to lend". It is derived from the Latin word "impretiāre", which means "to loan" or "to advance".
The term "imprest money" originated in the 17th century in England and referred to a specific kind of monetary advance. It was initially used in the context of military finances, where funds would be advanced to soldiers for daily expenses such as rations, supplies, and incidental payments. The soldiers were to account for this money and repay any unused portion.
Over time, the term "imprest money" expanded beyond military usage and came to refer to any advance or fixed sum of money given to an individual for specific purposes, usually with the expectation of accounting for its proper use.
Infographic
Add the infographic to your website:
