Imprest accounts are created to allow establishments or sections the ability to make small value payments. Currently the maximum values are £250 for an individual transaction (although some exceptions have been agreed) or £200 for schools.
The principle of an imprest account is that at any time the balances not spent, either cash or in the bank, plus the value of money paid out, represented by receipts and vouchers, must always equal the value of the imprest. This principle follows through to the procedures for reimbursing the imprest which require that the certified reimbursement claim includes the reconciliation to the value of the imprest. It is this reimbursement process that allocates expenditure against the budget.
Under no circumstances should personal cheques be cashed or money borrowed from imprest accounts.
Further guidance on responsibilities and requirements when maintaining imprest accounts is contained within the Bristol City Council Financial Regulations/Financial Regulations for Schools.
Internal Audit are able to provide advice on operating regulations, compliance and security of imprest accounts.