What does imprest mean?
The term 'imprest' refers to a sum of money given to a person for expenses, often for a specific purpose. It can also describe a person who has been entrusted with money for such expenses. The word is commonly used in business and financial contexts, particularly in the UK and US. In these settings, an imprest is typically a fixed amount of money provided to cover expenses, and it is usually accounted for and reimbursed. The term is not commonly used in everyday conversation, but it is an important concept in finance and business. Understanding the concept of imprest is essential for individuals and organizations managing expenses and finances. The word has its roots in the 15th century, derived from the Old French word 'impréster,' meaning 'to impress' or 'to stamp.' Over time, the term evolved to refer specifically to the concept of a sum of money given for expenses. Today, imprest is a widely recognized term in financial and business circles, and it continues to play an important role in managing expenses and finances.
A sum of money given to a person for expenses, especially for a specific purpose.
"The company provided an imprest of £1,000 for the team to use during the project."
A person who has been entrusted with money for such expenses.
"The accountant was responsible for managing the imprest for the company's travel expenses."
Reviewed by Deb Chak, Editor. AI-assisted content curated by RJS Tech Solutions LLP.
Etymology of imprest
The word 'imprest' originated in the 15th century from the Old French word 'impréster,' meaning 'to impress' or 'to stamp.' Over time, the term evolved to refer specifically to the concept of a sum of money given for expenses. The word has its roots in the financial and business practices of the time, where money was often given to individuals for specific purposes. Today, imprest is a widely recognized term in financial and business circles, and it continues to play an important role in managing expenses and finances.
Usage notes
The term 'imprest' is commonly used in business and financial contexts, particularly in the UK and US. It is often used to describe a sum of money given to a person for expenses, or a person who has been entrusted with money for such expenses. The term is not commonly used in everyday conversation, but it is an important concept in finance and business.