ASB Badge #14 - Imprest Accounts & Change Funds-ASB Badge #14 PowerPoint

ASB Badge #14 PowerPoint

Pdf Summary

The document explains ASB imprest accounts and change funds, focusing on their purpose, setup, controls, and reconciliation.<br /><br />An imprest account is a fixed checking account used for small, immediate disbursements that need to be handled outside the normal accounts payable process. It must be authorized by school board resolution under WAC 392-138-120, and the amount should not exceed what is needed for the month of highest expected demand. A custodian, usually the ASB bookkeeper, is assigned to manage the account. Opening the account requires a district warrant, proper signatures, preprinted check stock, and preprinted deposit slips.<br /><br />Imprest checks must be used only for allowed expenses such as student-approved disbursements, change funds, student refunds, entry fees, and meal travel allowances. They cannot be used for wages, personal loans, cash advances, or check-cashing services. A check register is required to track checks, deposits, balances, and replenishments.<br /><br />Replenishment must occur at least monthly. The business office reviews supporting documents, issues a warrant equal to the total disbursements, and posts expenses to the correct club or activity. Monthly bank reconciliations are required to compare the bank statement to the check register and identify reconciling items such as outstanding checks, deposits in transit, and bank fees.<br /><br />Change funds are separate cash amounts kept securely to make change for events or sales. They should not be used for purchases, personal services, or unrelated cash handling. Change funds should be closed at least annually, after events, or when the custodian changes. Proper counting, reconciliation, and secure storage are emphasized, especially for evening events and cash boxes.<br /><br />The presentation closes by summarizing key controls: board approval, segregation of duties, monthly replenishment, and regular bank reconciliation.

Keywords

ASB imprest account

change funds

bank reconciliation

school board resolution

custodian

check register

replenishment

reconciling items

cash controls

WAC 392-138-120