B operates the imprest system for petty cash. At 1 July there was a float of

B operates the imprest system for petty cash. At 1 July there was a float of

A cash float is a fixed amount of cash held by the petty cashier to settle small payments withn a period.The imprest system is a system by which the actual amount spent in a period would be reimbursed at the end of the period or at the beginning of the following period,thus fixing the maximum amount of petty cash spending within each period.