AP Badge #12 - Imprest Accounting-AP Badge #12 PowerPoint

AP Badge #12 PowerPoint

Pdf Summary

This document explains imprest accounts and how they are used, controlled, replenished, and reconciled in school district accounting.<br /><br />An imprest account is a fixed cash account set aside for specific purposes, such as minor disbursements, making change, emergency payments, or advance travel expenses. It is authorized by school board resolution, which establishes and controls the account amount. Examples include ASB imprest checking accounts, revolving funds, and advance travel funds.<br /><br />To open an imprest checking account, Accounts Payable issues a warrant for the board-approved amount, using general ledger code 200 rather than an expenditure code, since this is a cash transfer, not a district expense. The account is opened at a local bank under the district’s tax ID. Three signatures are required: a district administrator, a primary check signer, and a secondary check signer. Check stock and deposit slips must be prenumbered, preprinted with the school or account name, and securely stored.<br /><br />Each imprest account should have a district-standard check register showing check dates, numbers, payees, cleared status, amounts, replenishments, and balances. ASB imprest checks must support student-approved invoices and are limited to allowable expenditures such as refunds, entry fees, and travel allowances. Certain uses are prohibited, including personal services contracts, employee wages, personal loans, and check-cashing services.<br /><br />Imprest accounts must be replenished at least monthly through Accounts Payable using an approved voucher equal to total disbursements. Replenishment forms should include sequential checks, proper coding, supporting receipts, reconciliation, and required approvals.<br /><br />Bank reconciliations must be completed monthly by someone independent of the transactions. The adjusted bank balance must equal the adjusted check register balance and reconcile to the approved imprest amount. Outstanding checks over one year must be canceled, deducted from the next replenishment, and reported as unclaimed property.

Keywords

imprest account

school district accounting

replenishment

bank reconciliation

check register

Accounts Payable

board resolution

ASB imprest

revolving fund

unclaimed property