Minnesota Management and Budget Statewide Operating Procedure Minnesota Management and Budget, General Accounting Number 0606-01.2 Issued: April 14, 2014 Revised: N/A Imprest Cash Accounts, Using, Maintaining & Reimbursing Objective To make appropriate expenditures from and make timely reimbursements to imprest cash accounts; and, to record transactions correctly in the accounting system, Statewide Integrated Financial Tools (SWIFT). General Procedures Step Action Responsible Timeline Party 1. Obtain agency purchase order or other authorization and receipts Agency As or other supporting documentation for the expense pursuant to needed imprest cash account expenditure. 2. Determine whether item is an appropriate imprest cash expense Agency As item and if so, authorize payment from agency imprest cash needed account, match invoice with appropriate purchase authorization form and prepare imprest cash check or cash authorization form. 3. Reconcile imprest cash account in accordance with statewide Agency As policies and policies and procedures and needed your agency’s internal ensure there is adequate documentation to support payments. 4. Reimburse the imprest cash account back to the approved amount Agency As by preparing an accounts payable for reimbursement of imprest needed cash fund through SWIFT. Agencies that make numerous small payments (cash or check) may summarize these entries by account so it is not necessary to enter each individual imprest cash payment as a reimbursement. 5. Enters accounts payable in SWIFT detailing the vendor as the Agency As agency imprest cash account. needed 6. Certify imprest cash account balances to MMB; MMB General Agency As Accounting will send periodic and year-end imprest cash needed certification worksheets to agencies; agency personnel will need to and prior send an email with the certification worksheet for all imprest cash to 6/30 accounts to . Any questions should be directed to that address as well. Notes on Internal Controls Accountability and separation of job duties/responsibilities are also an integral part of internal controls. Duties are divided, or segregated, among different people to reduce the risk of error or inappropriate actions. Incompatible responsibilities are combinations of duties that place one person alone in a position to create and conceal errors, frauds, or misstatements in his or her normal job. For example, when processing transactions, the duties of (1) authorizing or approving the transaction, (2) recording the transaction, (3) maintaining custody of the related assets, and (4) reconciling or comparing
Minnesota Management and Budget Statewide Operating Procedure Minnesota Management and Budget, General Accounting Number 0606-01.2 Issued: April 14, 2014 Revised: N/A Imprest Cash Accounts, Using, Maintaining & Reimbursing Objective To make appropriate expenditures from and make timely reimbursements to imprest cash accounts; and, to record transactions correctly in the accounting system, Statewide Integrated Financial Tools (SWIFT). General Procedures Step Action Responsible Party Timeline 1. Obtain agency purchase order or other authorization and receipts or other supporting documentation for the expense pursuant to imprest cash account expenditure. Agency As needed 2. Determine whether item is an appropriate imprest cash expense item and if so, authorize payment from agency imprest cash account, match invoice with appropriate purchase authorization form and prepare imprest cash check or cash authorization form. Agency As needed 3. Reconcile imprest cash account in accordance with statewide policies and your agency’s internal policies and procedures and ensure there is adequate documentation to support payments. Agency As needed 4. Reimburse the imprest cash account back to the approved amount by preparing an accounts payable for reimbursement of imprest cash fund through SWIFT. Agencies that make numerous small payments (cash or check) may summarize these entries by account so it is not necessary to enter each individual imprest cash payment as a reimbursement. Agency As needed 5. Enters accounts payable in SWIFT detailing the vendor as the agency imprest cash account. Agency As needed 6. Certify imprest cash account balances to MMB; MMB General Accounting will send periodic and year-end imprest cash certification worksheets to agencies; agency personnel will need to send an email with the certification worksheet for all imprest cash accounts to . Any questions should be directed to that address as well. Agency As needed and prior to 6/30 Notes on Internal Controls Accountability and separation of job duties/responsibilities are also an integral part of internal controls. Duties are divided, or segregated, among different people to reduce the risk of error or inappropriate actions. Incompatible responsibilities are combinations of duties that place one person alone in a position to create and conceal errors, frauds, or misstatements in his or her normal job. For example, when processing transactions, the duties of (1) authorizing or approving the transaction, (2) recording the transaction, (3) maintaining custody of the related assets, and (4) reconciling or comparing