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CSIR SARI PRESENTATION IMPREST-Paul

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CSIR SARI PRESENTATION IMPREST-Paul

  1. 1. P A U L F A B A L O N A , C A , M B A H E A D O F C O R P O R A T E F I N A N C E COUNCIL FOR SCIENTIFIC AND INDUSTRIAL RESEARCH ACCOUNTING FOR IMPREST 26TH JULY, 2016
  2. 2. INTRODUCTION • Imprest is a sum of cash advanced to a public officer to meet payments which are otherwise inconvenience to disburse from public funds through the normal payment procedures (FAR 2004 ,Sec. 282)
  3. 3. PUBLIC FUNDS
  4. 4. ACCOUNTING FOR IMPREST • An officer shall apply imprest through his or her HOD and requires approval from Director to operate an imprest. • Accountable imprest should be requested in time since the Finance Division is required by law to banked all cash received within 24Hrs or the next working day.
  5. 5. TYPES OF IMPREST  There are two types of imprest:  •Standing imprest- imprest held throughout the financial year and replenished as necessary by presentation of paid payment vouchers to the HOD.  •Special Imprest- issued for making particular payments which must be fully retired by the date specified in the approval to operate the imprest.
  6. 6. UNAUTHORISED USE OF IMPRESTS  Imprests shall be used only for the specific purposes for which they are issued.  The application of imprest moneys for purposes other than those authorised is a breach of financial discipline as defined in regulation 8 (1). (FAR 2004 ,Sec. 288)
  7. 7. RETIREMENT OF IMPREST • Any unretired imprest should treated as a personal advance (i.e. personal loan) to the imprest holder. • Failure to retire imprest is financial indiscipline, unless occasioned by death or invalidity. • Unretired imprest should be reported to CAG and AG . (FAR 2004 ,sec. 289(1,2&3) • A new imprest is granted to an officer only after rendering the account of the previous imprest
  8. 8. Financial Disclosure Personal effects of unaccountable imprest:  Names/List of imprest holders are published with there are balances.  Your name can be Mentioned on TV’s (i.e. PUBLIC ACCOUNTS COMMITTEE) for holding or owing public monies.  Holding of certain public office becomes questionable.
  9. 9. REPORT OF IMPREST BALANCES  The Controller and Accountant General shall report balances in the hands of imprest holders in the statement of Public Accounts required under section 41 of the Financial Administration Act 2003, (Act 654).FAR, 2004(sec. 290)
  10. 10. END OF PRESENTATION THANK YOU

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