Level 1 Award in Bookkeeping (QCF) 601/0470/3

Overview

This qualification covers the skills and underpinning knowledge of financial record keeping, in a single entry, manual bookkeeping system.

The qualification is made up of:

3 – Online Computerised Tests
5 – Online Assignments

Click Here to download the Purpose Statement

Who is this qualification for?

The IAB Level 1 Award in Bookkeeping is suitable for:

  • Individuals who wish to begin their studies of bookkeeping from a point of no previous knowledge.
  • Individuals who have some practical knowledge and skills at this level and wish to gain an accredited qualification
  • Owners of small businesses as it gives coverage of the keeping of a single entry book manual keeping system, suitable for the production of small business accounts and also acts as the underpinning knowledge of bookkeeping for the processing of financial transactions using a computerised accounting system.

What you’ll study

This qualification is made up of the following units:

Introduction to bookkeeping – M/600/8737 (level 1 – 1 credit)

  • Understand the job role and career path for a bookkeeper
  • Understand different types of business organisation
  • Know the terminology used in bookkeeping

Working within Bookkeeping – T/600/8738 (level 1 – 2 credits)

  • Understand single-entry bookkeeping
  • Know the general principles of VAT
  • Understand what is meant by both cash and credit transactions
  • Understand the principles of coding and batch control
  • Understand how to process information in the books of prime entry (excluding the Journal)
  • Understand responsibilities when working in a bookkeeping environment

Banking procedures – R/505/1098 (level 1 – 1 credit)

  • Understand the banking process
  • Understand document retention and storage requirements

Recording receipts and payments – L/600/8745 (level 1 – 1 credit)

  • Maintain a two column analysed cash book
  • Reconcile the bank statement with the cash book

Preparing and processing book-keeping documents – M/600/8740 (level 1 – 1 credit)

  • Process sales invoices and credit notes
  • Process supplier invoices and credit notes

Recording Credit transactions – A/600/8742 (level 1 – 1 credit)

  • Complete the day books

Making and receiving payments – J/600/8744 (level 1 – 1 credit)

  • Process cash receipts
  • Process cheques received and other forms of receipts
  • Process payment in cash
  • Make payments by cheque
  • Prepare a remittance advice

Maintaining petty cash records – R/505/1120 (level 1 – 1 credit)

  • Complete a petty cash voucher
  • Maintain an analysed petty cash book
  • Maintain the petty cash balance

Learning Resources Available

The Level 1 Bookkeeping QCF book covers the entirety of this qualification, and can be bought here

Next Steps After Passing

Upon successful completion of this qualification you could move onto one of the following qualifications:

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