Imprest(noun) is the boodle set up to cover the incidental outgos of a firm. This term generally refers to a loan advanced but it can also have specialized meanings in business, politics, military etc.
Meanings of Imprest
1. To lend a loan.
2. (Business/Commerce)To set up a fund to cover small expenses which is bushelled periodically.
3. (Politics/Government/Democracy)A loan given by the government to execute a public job.
4. Military/Navy) An advance payment of wages to soldiers or sailors.
Origin of Imprest
This word is derived from obsolete Italian “impresto” which means “loan”. Impresto descends from the past participle of “imprestare” meaning “to lend”. This word is formed by abridging “in” that means “toward” (Latin) + “prestare” i.e. to lend (from Latin praestre, to give, from praest, at hand.)
Master’s Tip to Learn Imprest
People, more often than not, stock up some money for ‘the rainy day’. Imprest is a similar adaptation, followed by companies under which they allocate funds to be used for incidental expenses and these funds are restored to the original amount yearly. This way they need not dig into the company finances for small expenditures and can also easily account for the used money.
Sentence examples for Imprest:
1. The child demanded that an Imprest be given to him beside the regular pocket money to buy an iPhone!
2. The GM asked the auditor to transfer the petty expenditures to the Imprest system of the company.