| Proli Footwear | ||||
| Imprest Petty Cash Fund Reconciliation | ||||
| diciembre 31, 2014 | ||||
| Counted on December 30, 2014 in the presence of Brian Baddude, petty cash custodian | ||||
| Bills | 535.00 | |||
| Coins | 8.31 | |||
| Stamps | 6.44 | |||
| Total currency and stamps | 549.75 | f | ||
| Vouchers: | ||||
| Emergency travel advance - V Vamp | b) | 1,200.00 | L | |
| Emergency travel advance - G Buye | b) | 800.00 | L | |
| Postage stamps | a) | 99.00 | ||
| Supplies for office | a) | 26.00 | ||
| COD receipt for supplies | a) | 32.00 | ||
| Cash advance - Brian Baddude | b) | 50.00 | L | |
| Gas receipt - John Jones travel | c) | 42.00 | ||
| V Vamp - Lunch with visitors | c) | 157.00 | L | |
| Total vouchers | 2,406.00 | f | ||
| Petty cash fund total | 2,955.75 | f | ||
| Returned to me intact: Brian Baddude | ||||
| Counted by: RP 12/30/14 | ||||
| Shortage/(overage) | d) | 44.25 | ||
| Balance per trial balance | 3,000.00 | f | ||
| Audit adjustments: | ||||
| Balance per audit | f | |||
| f = footed | ||||
|
L = Lacks approval signature; Company policy requires approval of person other than person receiving the advance. V Vamp, Vice President Information-Technology, a newcomer to the company G Buye, Vice President-Purchasing Brian Baddude, Controller |
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| How the nature of an imprest fund might affect the operation of the payroll bank account and the petty cash fund? Also, determine how reporting on the financial statements could be affected by the use of an imprest fund? Do we need to make adjustments? | ||||
nature of imprest fund is to focus on documentation for every cash spen and only that which is recorded as spent is replenished. Any shortfalls needs to be replenished by a bookkeeper, from their own personal resources.
payroll bank account is a seperate account for payroll rather than all the business expenses.
there could be breakdown in control with regard to use of imprest system.there could be case that differences could not be quantified and accuracy of balances of imprest system cannot be explained even after reconciliation.
yes we need to make immediate adjustments by
1. reconciling all imprest
2.quatify and resolve all reconciling items
3.now processing the resulting adjustments.
4. also proper training should be given
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