IAB Level 1 Award in Bookkeeping

Unit 1 Introduction to bookkeeping (T/508/5857)

• 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

Unit 2 Keep double entry records and prepare trial balance (T/508/5858)

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

Unit 3 Prepare reconciliations (T/508/5859)

• Reconcile the petty cash balance
• Prepare a bank reconciliation statement

Assessment

A knowledge test and two assignments are used for the purpose of assessing learner competence in this qualification. The assessments for this course are completed online using the IAB online testing platform and are subject to a time constraint. You will also have to complete a tutor-marked assignment.

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

The IAB Bookkeeping Level 1 course will take approximately 25 study hours. You can register at any time and will have a full year to complete the course from the date of enrolment, so you can work at your own pace.

Study method

This course is designed for study by distance learning at home or at work. You will receive a course pack containing all study materials, as well as support and assignment marking from a personal tutor.

Course outcome

Upon successful completion of all assessments, you will achieve a Level 1 Award in Manual Bookkeeping accredited by the Institute of Accountants and Bookkeepers(IAB). That means that it is a level 1 nationally recognised qualification approved by the regulatory authorities in England (Ofqual), Wales (Welsh Government) and Northern Ireland (CCEA).

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 careers. The courses are developed by education professionals, members of the IAB, employers, and other relevant organisations to ensure that all of their qualifications meet the highest industry-approved standards.

RQF Number: 601/9065/6

What next?

Upon completion of the IAB Bookkeeping Level 1 course, you can move up to, and complete, the IAB Bookkeeping Level 2 course.