Definition, Meaning & Synonyms

imprest

noun

/ɪmˈprɛst/

Definition

A system of advance payment for specific expenses to be accounted for later.

Examples

The company used an imprest system to manage petty cash effectively.
After receiving the imprest, he had to submit a report detailing how the funds were spent.
Many organizations adopt an imprest procedure to streamline expense tracking.

Meaning

Imprest refers to a financial arrangement where a fixed sum of money is given to an employee or a department, which must then be accounted for with receipts or records of expenditure.