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Petty cash us cash held in the form of coins and notes. It is used to pay the small incidental expenses incurred by a business. Imprest system which is based on a pre-set float being maintained the imprest amount.
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What is an integrated accounting software?
An integrated accounting system is one that works along with your computers operating system. Easily installed into your computer, it can be up and running in a matter of minutes.
What is global accounting?
Global accounting is a system that some places use that provides them a gross margin in a specific period. This system works best for dealers who trade in bulk volume with low value goods.
What is the advantages of management control system?
Management Control System asists the operator in doing multi-tasking works, so as to concentrates on a more priority task. The task performed are from a previous operation that are stored in the data memory.
Scope and limitation of payroll system?
SCOPEThe System is designed for the enhancement or development of Computerized Payroll System for Q Works Construction. It includes the features that can Add Employees record, Edit Employees information, Delete Employees record, print / Save the Pay Slip of each employee and Updating Employees information as well as the Weekly Salary, Cash advance, the rate per day, overtime, Gross payment, Net pay, and Deduction such as withholding tax and SSS, adding up with a log-in log-out process for security purpose. Moreover, with help file can be used by the users to know how to use the payroll software.LIMITATIONSOn the other hand, this study limits only to the proposed enhancement Computerized Payroll System of the Q Works. A proposed system which can only be access by authorized person. It does not support network topology implementation, online program or online transaction.knOx18 :)
How credit card processing works?
Each place that you use a credit card has agreed with the issuing company, say Visa for instance, that they will will allow them to "borrow" money from you. It is all done electronically through a central banking system.
What is the nature of the imprest system?
An imprest system is a system using loans as control against fraud and theft. The most common imprest system known is the petty cash system.Petty cash imprest systemThe Petty Cash Imprest System works on the basis that you only replenish what you have spent. So if you start the month with $100 in your petty cash float and spend $90 of that cash in the month, an amount of $90 will be then placed in your petty cash float to bring the balance of your petty cash float back to $100.Why use the imprest systemIn this example the maximum amount of petty cash that can be issued (spent) is $100. You can only spend what you have and you are only replenished with what you spend, in this case $90.In a non imprest system where a fixed amount is issued every month e.g. $100 every time cash is required, there is no incentive to ensure all money issued has been documented because when money is all spent a cheque for a fixed amount is issued. It is much more difficult to reconcile a non imprest system as you never know how much exactly should be in the float.In an imprest system the amount requested is documented. The documentation being the petty cash dockets and their associated receipts or invoices. So at all times you can check how much should be left in the petty cash float by deducting the amount spent from the opening petty cash float.How petty cash imprest system worksThe imprest system ensures that you must document how the petty cash is spent. In a petty cash system, petty cash dockets are written for each amount issued. So when all of these dockets are totalled at the end of the month and deducted from the opening petty cash float, the calculated value must agree with what is left in the petty cash float. Under the imprest system, only that which is recorded as spent is replenished. Any shortfalls may have to be replenished by the guardian, usually a bookkeeper, of the petty cash float from their own personal resources.For the source and more detailed information concerning your request, click on the related links section (Answers.com) indicated below.
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