An imprest payroll account limits the client's exposure to payroll fraud.

Question

Quizplus · Accepted Answer

An imprest payroll account is a bank account established by employers for the purpose of covering payroll checks. This account is funded only with the exact amount needed to cover payroll expenses. Since imprest payroll accounts have a limited balance and require proper documentation for payroll disbursements, it reduces the risk of payroll fraud, making the statement true.

An Imprest Payroll Account Limits the Client's Exposure to Payroll