An imprest is a type of cash account that businesses use to pay for small, routine expenses. The basic characteristic of an imprest system is that a fixed amount is reserved, which after a certain period or when circumstances require, is replenished. The term "imprest" can also refer to a monetary advance given to a person for a specific purpose.

Imprests are regularly replenished to maintain a fixed balance, and the funds contained in them are earmarked for specific purposes. This makes it easier to monitor expenses, flag discrepancies, and ultimately detect fraud. The imprest system requires expenditure to be documented, and receipts are written for each amount issued. At the end of the month, all of these receipts are totaled, and the calculated value must align with what is left in the float. Only that which is recorded as spent is replenished, and any shortfalls may need to be replenished by the guardian of the float, usually a bookkeeper, from their resources.

Imprests discourage the use of unauthorized spending because the funds are reserved for particular purposes. As a consequence, imprest usually pays the same sum of money regularly, which gradually takes the account to a near-zero balance until it is replenished automatically with the same fixed amount of money.

Imprests can be used as a revolving loan, and the initial funding for an imprest checking account comes from the University’s unrestricted endowment income pool and must be returned to the pool when the imprest checking account is closed.

In summary, an imprest is a cash account that businesses use to pay for small, routine expenses, and the funds contained in them are regularly replenished to maintain a fixed balance. The imprest system requires expenditure to be documented, and receipts are written for each amount issued. Imprests discourage the use of unauthorized spending because the funds are reserved for particular purposes.