IAB Bookkeeping Levels 1 2 and 3

Course Code

OSC1390

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Are you looking to pursue a career in bookkeeping or even further your knowledge in the field? Then this IAB Bookkeeping Levels 1, 2 and 3 course bundle could be just for you. From the introduction to the process of keeping double entry records to making adjustments in the preparation of financial statements, this may just be your foot in the door to the bookkeeping world.

Achieve a nationally recognised qualification in bookkeeping and accounting.
Understand everything you need to know about bookkeeping including trial balance, valuing stock, books of prime entry and much more.
Know how to gain the skills required to prepare financial statements for a sole trader.
Gain a nationally recognised qualification from the Institute of Accountants and Bookkeepers.

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This IAB Bookkeeping Levels 1, 2 and 3 course bundle provides an excellent knowledge base in bookkeeping and accounting, whilst being ideal for students who want to achieve a career in the field. If you’ve already made a start to life in bookkeeping, this bundle will boost your skills and help you progress in your career. You’ll go from learning to prepare reconciliations to examining the complexities of preparing financial statements, with double entries and incomplete records for sole traders, partnerships, and not-for-profit clubs and societies.

It is ideal for:

Students who want to develop their accounting and finance knowledge.
Those aspiring to work or progress their career in accounting, finance, or bookkeeping.

Future career options:

Chartered accountant
Finance manager
Management accountant
External auditor
Forensic accountant
Stockbroker
Internal auditor
Business analyst

Join over 110,000 other students who chose to improve their education and boost their employability through distance learning.

Course duration

Up to 3 years.

Course outcome

You will receive a Level 1 Award in Bookkeeping, a Level 2 Certificate in Bookkeeping and a Level 3 Certificate in Bookkeeping and Accounting accredited by the IAB (Institute of Accountants and Bookkeepers).

Entry requirements

There are no specific entry requirements for the IAB Bookkeeping Levels 1, 2 and 3 Bookkeeping course bundle.

Assessment

A mixture of tutor-marked assignments, online tests and examinations.

IAB Level 1 Award in Bookkeeping

Basics of double-entry bookkeeping
Bookkeeping terms
Source documents and their purpose
Basics of VAT
Purpose of trial balance and petty cash and bank reconciliations

Using the journal
Recording transactions in a double-entry bookkeeping system
Preparing a trial balance

Reconcile the petty cash balance
Prepare a bank reconciliation statement

IAB Level 2 Certificate in Bookkeeping

Basics of bookkeeping and bookkeeping systems
Terms used by bookkeepers
Source documents and their purpose
Sub-divided bookkeeping system
Basics of the VAT system
HMRC VAT rules
VAT control account and VAT return

Role of banks and building societies
How businesses use financial services
Methods of payment and their features
Security measures and procedures for the safekeeping of cash

Prepare documents to be issued to customers
Checking documents received from suppliers
Preparing documents to be issued to suppliers
Preparing a petty cash voucher

Day books
Analysed cash book
Petty cash book
Journal

Trial balance
Control accounts and reconcile control account balances
Reconcile the bank current account balance

IAB Level 3 Certificate in Bookkeeping and Accounting

Purpose of accounting concepts and standards
The qualitative characteristics of financial information
Accounting for a stock valuation
Accounting for fixed assets
Accounting for prepayments and accruals
Accounting for bad and doubtful debts
The purpose of a trial balance and a suspense account
The purpose of financial statements
The purpose of the extended trial balance
The principles of accounting for partnerships
The process of accounting from incomplete records
The principles of accounting for not for profit organisations

Account for a stock valuation
Account for fixed assets
Account for prepayments and accruals
Account for bad and doubtful debts

Prepare a trial balance and correct errors
Prepare financial statements for a sole trader
Prepare an extended trial balance
Prepare financial statements for a partnership

Calculate capital or accumulated funds from incomplete data
Construct accounts and a trial balance from incomplete records
Prepare financial statements from incomplete records

Assessment

During this course, you will complete a number of tutor-marked assignments in preparation for your official assessments.

For the Level 1 Award in Bookkeeping, as part of your official assessment, you will complete 3 online knowledge tests. For the Level 2 Certificate in Bookkeeping, as part of your official assessment, you will complete two online knowledge tests, two online assignments and an examination. For the Level 3 Certificate in Bookkeeping and Accounts, as part of your official assessment, you will complete one online knowledge test, two online assignments and an examination.

All online knowledge tests and assignments for this course are completed using the IAB online testing platform and are subject to a time constraint. All IAB examinations will be completed under controlled conditions at an external venue. You will be responsible for booking for these external exams, but we are able to assist with finding a venue.

Please note, you must purchase IAB student membership in order to book your IAB exams – please see the Q&As section for more information.

Course duration

Once enrolled, you can start at any time and will have three years to complete the IAB Bookkeeping Levels 1, 2 and 3 course bundle (one year per level). You will also receive 12 months tutor support for each level, so you can work at your own pace.

Study method

You will study this course by distance learning, which will enable you to learn when and where you want. You can study from home or at work, it is completely up to you. All your materials will be posted or online, depending on the study method you choose. If you choose to study online, your login details will be emailed to you. You will also receive your tutor support by email, so help is only a click away.

Course outcome

Upon completion of the IAB Bookkeeping Levels 1, 2 and 3 bundle course, you will receive a Level 1 Award in Bookkeeping, a Level 2 Certificate in Bookkeeping, and a Level 3 Certificate in Bookkeeping and Accounting which are accredited by IAB (Institute of Accountants and Bookkeepers).

You could also apply to be a professional member at the grade of Membership with IAB.

Awarding body

The Institute of Accountants and Bookkeepers (IAB) is a membership organisation and awarding body that provides qualifications in bookkeeping, payroll, and finance all over the world.

By offering flexible, Ofqual-regulated qualifications, they are helping develop students’ journeys from the beginning and throughout their career.

What next?

When you have successfully completed this course, you will be able to apply for professional membership with IAB and start your career in bookkeeping and accounting.

There are no formal entry requirements needed to enrol onto the IAB Bookkeeping Levels 1, 2 and 3 bundle course. However, it is recommended that you have basic skills in numeracy and literacy. Prior knowledge of bookkeeping terminology and the skill to perform some basic bookkeeping tasks is also desirable.

Dedicated personal tutor support
Dedicated learner services
Assignment marking and feedback
FREE CV critique service
FREE employability guide to help you impress future employers
FREE XO Student Discounts membership
Comprehensive study guide
Open Study College pen and highlighter
Student notebook

From 1^st January 2022, all IAB students will be required to register for student membership via the IAB website. The annual membership fee is £50. Once you have registered, you will receive an e-certificate indicating that you are a member of the IAB and the date your membership is valid until.

Becoming an IAB member will give you access to a range of benefits such as networking events, copies of the quarterly The Bookkeeper magazine, and a dedicated student area on their website.

Please note that to enable you to book your IAB exams, you must purchase the membership and register as a student member.

For more information on membership, benefits, and exam fees, go to the IAB website.

It's not a problem. We offer a course replacement service, so if you get into trouble and your course pack is lost or damaged, our Student Support Team can provide you with a new set of materials for a one-time additional fee.