A cash book is a financial journal that contains all cash receipts and payments, including bank deposits and withdrawals. It records transactions chronologically and is frequently reconciled with the bank statement to ensure accuracy and integrity in financial reporting.
Cash float refers to the notes and coins held by a business to ensure they can provide change to customers during transactions. This concept is essential for efficient cash management and smooth operational flow in day-to-day transactions.
An imprest account is a simple yet effective means of controlling petty-cash expenditure, ensuring accountability, efficiency, and proper tracking of minor day-to-day business expenses.
The imprest system is a bookkeeping system where a fixed amount of money is reserved for minor expenses and is periodically replenished.
Petty cash is the amount of money in the form of notes or coins that an organization keeps on its premises to pay for small expenses.
A Petty Cash Book is a ledger used to record small or minor financial transactions that occur within a business, typically managed through an imprest system.
