I help out with the books for my son's pre-school on a voluntary basis. They don't do double entry as they are a charity and there is no real need for it as they don't need to submit accounts to Companies House, and all the info they need for a tax return is available without using the double entry system. However I have been discussing the way they do their petty cash, and they spoke to a couple of other pre-schools that adopt the Imprest System. Currently they just draw cash for a float when they run out, but they would like to change to Imprest to keep a better track of what they spend out of their petty cash.
How easy is it to change over? Is it better to change at the start of a new tax year, or is it easy just to change it over at the beginning of a month? Are there any complications in changing over?
