AP Badge #12 - Imprest Accounting-AP Badge #12 Recording

Video Transcription

Video Summary

This badge explains impressed accounts, also called revolving funds, which are used for small disbursements outside the regular accounts payable system. Examples include ASB impressed checking accounts, business office revolving funds, and employee travel advance funds. The board must approve the fund amount by resolution before it can be opened. Funds are kept in a bank checking account with an appointed custodian, and checks must be preprinted, prenumbered, and carefully stored.<br /><br />The instructor describes how to set up and manage the account, including using the correct ledger code, obtaining signatures, ordering deposit slips, and maintaining a detailed check register with dates, payees, amounts, deposits, and running balances. For ASB accounts, disbursements require student approval and should be limited to allowable expenses like refunds, change funds, or student travel items. Prohibited uses include wages, personal loans, and contracts.<br /><br />The badge also covers monthly replenishment, where accounts payable reviews documentation, codes expenses correctly, and restores the account to its original balance. Bank reconciliation must also be done monthly by someone other than the check writer. Finally, the lesson explains how to handle outstanding checks, including canceling old checks and reporting unclaimed property.

Keywords

impressed accounts

revolving funds

small disbursements

bank reconciliation

check register

monthly replenishment

outstanding checks

unclaimed property