IAB Level 1 Award in Book-Keeping (RQF)

Q3068 - IAB Level 1 Award in Manual Book-Keeping (September)

Within the qualification, you have the opportunity to gain knowledge of basic manual bookkeeping routines concerning the documentation and process related to making and receiving payments, and you will gain an introduction to the process of keeping double entry re cords, preparing reconciliations and a trial balance.

On completion of the level, you will have developed your understanding of those transactions which are necessary for the day to day function of an accounting system and for processing of simple documents, with an emphasis on accuracy, integrity and security of data.

The Level 1 Award in Book-keeping qualification is specifically aimed at learners who wish to begin their studies of book-keeping. The qualification has been designed to appeal to individuals within the following groups:

• Learners starting their studies in the subject of book-keeping from a point of no previous knowledge or experience.

• Learners employed at a junior level with some limited basic book-keeping knowledge and skills, who want to formalise their competence by gaining a recognised accredited qualification in book-keeping. Learners returning to study and/or work after a study or career break.

• Learners considering a change in career.

• Learners considering a career as a self-employed practitioner.

• Owners of a small business wanting an introduction to the function of book-keeping with a view to keeping financial records for their business.

The IAB have introduced a new rule that affects students wanting to sit IAB exams. If you wish to sit one of their exams you must be a member of the IAB. To help, they have introduced a one year Student membership class. Membership allows you to sit multiple exams during the year and costs just £50.00. As the student membership is associated with the student UCM cannot organise it. This is something that you need to organise with IAB onlinefor yourself. If needed we can help show you as part of the first lesson.

What subjects will I study?

Introduction to book-keeping

• Understanding the basics of double entry book-keeping

• Understanding book-keeping terms

• Recognising source documents and understand their purpose

• Understanding the basics of VAT

• Understanding the purpose of the trial balance and petty cash and bank reconciliations

Keep double entry records and prepare a trial balance

• Using the journal

• Recording transactions in a double entry book-keeping system

• Preparing a trial balance

• Prepare reconciliations

• Reconciling the petty cash balance

• Preparing a bank reconciliation statement

Students that wish to purchase course books from the IAB need to look at their website to view the books but email what they want to orders@iab.org.uk. Do not order books directly through the IAB website as the IOM is considered to be “overseas” and it will reject your order.