Imprest Cash Accounts
REG 07.30.08
Financial Reporting and Accounts Receivables
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Authority: Vice Chancellor for Finance and Business
History: First Issued: November 1, 2001.
Additional References: University Controller
Contact Info: University Controller (919-515-3824)
1. Purpose
An imprest cash fund is a cash fund (generally $50- $100) which is used by
campus departments to purchase office supplies, postage, or other inexpensive
items used in the daily activities of the office. The following statement
outlines the uses of the imprest cash fund and the procedures to be followed
in establishing a fund, reporting expenditures, obtaining reimbursement, increasing
a fund, changing a fund custodian, and closing a fund. These procedures are
to be followed for all imprest cash funds established by a college, department,
or administrative unit. See Statement No. 6.2 for information regarding imprest
checking accounts.
2. General Guidelines
Purchases of items costing less than $50 and not on state contract may be
made from established imprest cash funds. A unit may make several purchases
from the fund and accumulate the costs on one payment authorization, thereby
reducing processing costs and facilitating the acquisition of small items.
3. Procedures
3.1. Establishing a Fund
A college, department, or administrative unit desiring an imprest cash account
should submit an Imprest Cash Account Request, NCSU Form BA-096, to the General
Accounting Office, Box 7203. This form must be signed by the person requesting
the imprest cash account and approved by an appropriate individual, i.e.,
dean, director, department head, etc. See page 3 for Form BA-096 instructions.
If the imprest cash account is authorized by the Director of Accounting,
the custodian must come to the General Accounting Office to pick up the check
and sign an Imprest Cash Agreement, NCSU Form BA-095. See page 4 for Form
BA-095 instructions.
3.2. Increasing a Fund
A college, department, or administrative unit desiring an imprest cash increase
should submit an Imprest Cash Increase Request, NCSU Form BA-095B, to the
General Accounting Office, Box 7203. The request must be accompanied by a
memo justifying the need for an increase.
If the imprest cash increase is authorized by the Director of Accounting,
the custodian must come to the General Accounting Office to pick up the check
and sign the bottom half of the Imprest Cash Increase Request, NCSU Form BA-
095B.
3.3. Change of Custodian
If there is a change of custodian, all new custodians must complete an Imprest
Cash Agreement - Change of Custodian Form, NCSU Form BA-095a, which is available
from the General Accounting Office, extension 3587.
3.4. Reimbursing a Fund
Expenditures from the imprest cash account must comply with the restrictions
specified in the Imprest Cash Agreement. Reimbursement of the account will
be requested using a Payment Authorization Form (AP-002), which is sent to
the General Accounting Office, Box 7203. Paid invoices and receipts totaling
the amount of the requested reimbursement must be attached to the payment
authorization. (See Statement 4.0 for information on payment authorizations).
Note: Payments involving alcoholic beverages, food labor, or other items
which should be processed on PA's or through Payroll, should not be made from
imprest cash. See Statement No. 4 for information on payment authorizations.
3.5. Required Reports
All imprest cash custodians must file the Imprest Cash account Report, NCSU-Form
BA-098, with the General Accounting Office, Box 7203, within ten days following
the end of each month.
3.6. Closing A Fund
An imprest cash fund should be closed when it is no longer required. The
custodian should prepare a PA for all outstanding receipts and submit it for
payment. After receiving the reimbursement check, the custodian should bring
the total authorized amount of imprest cash to the General Accounting Office
along with a memo on departmental letterhead requesting the account be closed.
A final imprest cash account report must be submitted by the account custodian
within ten days following the end of the month in which the fund was closed.
The report should show that the amount of imprest cash authorized and the
total cash on hand equal zero. A balance other than zero must be fully explained.
4. Form
Blank Forms BA-096, Imprest Cash Account Request, BA-095, Imprest Cash Agreement,
BA-095a, Imprest Cash Agreement - Change of Custodian, BA-095B, Imprest Cash
Increase Request, and BA-098, Imprest Cash Account Report, can be obtained
from the General Accounting Office, extension 2149. These forms may also be
copied, once the initial forms are obtained from General Accounting. Blank
Payment Authorization Forms (AP-002) may be purchased from Central Stores.
5. Instructions for Completion of Form
5.1. Imprest Cash Account Request (Form BA-096)
5.1.1. Enter desired amount of imprest cash account (normally $50 to $100).
5.1.2. Briefly explain the reason for establishing the account, including types
of expenditures to be paid from imprest cash.
5.1.3. Enter name of individual responsible for controlling the imprest cash
account.
5.1.4. Enter name of school, department, or administrative unit for which the
imprest cash account is requested.
5.1.5. Enter appropriate organizational unit code.
5.1.6. Enter address of office requesting the account.
5.1.7. Enter telephone number of office requesting the account.
5.1.8. Describe how frequently the account will be used (daily, weekly, monthly,
etc.).
5.1.9. Enter requested date for opening imprest cash account.
5.1.10. Enter anticipated date on which imprest cash account will be closed.
If unknown, enter "N/A".
5.1.11. Provide other comments or additional information which may be important
in considering the request to establish an imprest cash account.
5.1.12. The requestor must sign and date the form and enter his/her title and
campus telephone number.
5.1.13. Enter signature of Dean, Director, Dept. Head, etc.
5.2. Imprest Cash Agreement (Form BA-095)
Items 1 through 7 are completed by General Accounting Office personnel.
5.2.1. The imprest cash custodian must sign and date this section when they
pick up the check in the General Accounting Office.
5.3. Imprest Cash Account Report (Form BA-098)
NOTE: This report must be submitted within ten days following the end of
each month.
5.3.1. Enter the ending date of the period covered by the report.
5.3.2. Enter the school, department, or administrative unit.
5.3.3. Enter the organizational unit code.
5.3.4. Enter the date the report is submitted.
5.3.5. Enter amount of imprest cash authorized.
5.3.6. Enter amount of cash on hand at end of month.
5.3.7. Enter total amount of receipts on hand at end of month.
5.3.8. Enter amount of reimbursement vouchers in process at the end of the
report period.
5.3.9. Enter total of items 2, 3, and 4. This total should agree with item
1 (Amount of Imprest Cash Authorized).
5.3.10. Subtract item 5 from item 1. A balance other than zero must be explained.
5.3.11. Enter signature of the account custodian.
5.3.12. Payment Authorization (Form AP-002)
5.3.13. See Statement No. 4 of this section for instructions.
