Accounting - ASB Imprest Checking Accounts
The imprest checking account is to be used for convenience and expediency of payment for ASB goods and services. Expenditures are limited to the balance of the account. Expenditures made from the ASB imprest fund checking account must have prior principal approval and student approval, if required. The principal, assistant principal (for secondary schools) and accounting manager are the only authorized signers on each school’s imprest account. Each check must be recorded in a check register. All checks, including voids, must be accounted for in the register. All voided checks must be kept on file and have signature area removed.
The imprest fund checking account shall be replenished at least once a month by a warrant drawn on the ASB Fund for the sum of the disbursements made in the imprest fund checking account during the preceding month. Please complete an Imprest Reimbursement Request Form monthly signed by principal and student (for all secondary schools and any elementary with an active ASB governing body). Each check number should be listed with appropriate backup for each transaction. The backup must include the following:
1. Original itemized vendor invoice (or receipt) with full signature and date of receipt. Please include a blue sheet for all reimbursements.
2. Requisition and/or purchase order with student and principal approval.
Depositing into the imprest fund checking account
The only deposits allowed in your imprest fund checking account are your replenishment warrants and/or a return of change fund. An imprest check can be used for a cash box (or change fund). Please do not write the check out to cash, but make it out to Bank of America, per the state auditor. Redeposit the change fund prior to leaving for the summer. ASB change funds may only be used for authorized ASB receipts. The change fund may not be used to cash checks.
Bank statement reconciliation
Complete bank statement reconciliation monthly and send a copy of the reconciliation form and the bank statement to the district office. Someone other than the authorized signer of the imprest fund checking account should complete the bank reconciliation. Please include the original date of the check on your reconciliation form, per state auditor request. Remember to cancel checks that have not been cashed in over a year and send all information regarding that check to Accounting.
You may also refer to the WASBO ASB Procedures Manual for more detailed information on imprest fund checking accounts. Please call Accounting with any questions.