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

Video Transcription

Video Summary

The transcript explains how ASB IMPRIST accounts and change funds should be set up, used, and reconciled. An IMPRIST account is a fixed checking account used for ASB disbursements and must be authorized by board resolution under WAC rules. It should be kept at the lowest practical amount, with a custodian assigned, usually the ASB bookkeeper. The instructor reviews how to open the account, order pre-numbered school-branded checks and deposit slips, and maintain a detailed check register showing dates, amounts, deposits, cleared checks, and replenishment status.  <br /><br />The lesson also covers what can and cannot be paid from the account. Allowed uses include student refunds, entry fees, travel allowances, and similar ASB-related expenses. Prohibited uses include employee wages, personal loans, cash advances, personal expenditures, and check-cashing services. Replenishment must happen at least monthly, with backup documentation and proper account coding.  <br /><br />Bank reconciliation is emphasized as a monthly control to match the register to the bank statement, identify outstanding checks, deposits in transit, bank fees, and errors, and reconcile back to the board-approved fund amount.  <br /><br />The second half focuses on change funds, which are cash-on-hand amounts used to make change at events or in registers. These funds must be secured, counted by two people, kept intact, and closed annually or when staff changes. The instructor also explains cash boxes, event deposits, and safe storage practices.

Keywords

ASB IMPRIST account

change funds

bank reconciliation

check register

board resolution

custodian

replenishment

cash handling