Please help me!!!!

System

Hi All,

As you are probably aware... i started the aat course nvq2 in september! After leaving school at 16, I got a full time job as an accounts assistant, and then the college course a couple of months later, i know its what i want to do, and i want to succeed in it, its just as a younger student than everyone in my class, i often feel as though i dont know enough?! Im starting to get stressed as im working towards an exam in December which we have to pass, and i just dont seem to know anything?! I really need to knuckle down, i really do try! Im getting confused with the whole lot...
If anyone has any advice for a stressed (ahhh) student!! please help!!!

THANKS ALOOOOTT!!

System

Re:Please help me!!!!

Hi Hayley im 18 and started the diploma course about 6 months ago for the exam in December and i get a bit stressed at times too is there anybody that can help you to understand the work because i tend to get a bit confused with a few things but the people i work with have been very helpful. Also there is a thread called Study Buddy if you need any help there are four of us that are subscribed and have no problems with helping anybody and giving advice.

System

Re:Please help me!!!!

Hi Hayley!

Chill... You don't 'have' to pass - it would be nice if you do pass, however. You can take the exam in June, with a better understanding...

As Rae said, there is help available, if you ask for it.

Firstly, you need to find out what your weaknesses are, then figure out how to strenghthen them.

Take a look at my advice for another student:

https://www.aat.org.uk/forums/posts/list/13616.page

Don't get upset - like they did.

Think about what i've tried to say.

There are a lot of resources on this website to help students, and there are the experiences of the students as well.
Okay? We're here, so try not to worry. Try to focus on what you will need for the exam... 8)

So, questions to ask yourself:

What do I need to know?
Where can i get that info?

Also pay attention to the last comment about 'playing with the numbers' - get a 'feel' for when things don't look right...

As time is short - your priority should be to sort out your understanding of double-entry, the other stuff can wait...

System

Re:Please help me!!!!

Toadie is right about that once you have the double entry sorted most of the other stuff should fall into place anyway but that is one of my main weaknesses and im now concentrating on getting that right which has helped with other stuff, especially Trial balances, but dont worry about that now Just try to focus and dont forget.......... Breath!

System

Re:Please help me!!!!

Thanks everyone for your support!!

Its just like im just getting to terms with things, and then we start on something new, or i think ive got the hang of it an then i do it wrong, it just makes me wonder sometimes...! I know everyone makes mistakes, but im just scared what i'll be like in the exam with no help, sources or advice from you guys. I really need help on the summaries, of the main ledgers and the subsidiary ledgers - what goes in what, what it all means, purposes etc!
Thanks alot!
:roll: *Hayley-May* :oops:

System

Re:Please help me!!!!

Thanks!!!! I know, but im just getting confused all the time with what ledger certain aspects should fall into, and im getting confused with the whole assets/capital and liability things - even what they are? :S! and loans and where they are placed etc!!! I thought i new a little about them before i started the course.. and id build by knowledge on them but im not so sure, sometimes they just assume that weve got all this foundation knowledge?! grrr!!!!!! lol. im even still getting so confused on what side things should be placed on! :oops: ! I probably sound so dumb!!!!! Im just starting to panic!! Im going to take a deep breath..! got a day off work tomoz, so that will be used to r e l a x i think and have a pampering day, whilst leaving half the day to study, and hopefully feel better about the whole situation! :shock:
Thanks!!
*Hayley-May*

System

Re:Please help me!!!!

Have you had a look on some of the other threads yet? Quite a few people have had the same problems check out some of the others and there are pointers on them to help with things like that. Just remember that there is still some time to the exam and if you really have problems with anything to revise these. Have you printed off a practice exam yet? Im going to do a practice to see where i am going wrong then i can revise these and also after ive checked the answers i can see where things should be and why.

System

Re:Please help me!!!!

Dont worry you dont sound dumb i have the same problems and so do a few others if you just remember to start from the bank and that anything being paid into the bank goes on the debit side and anything being paid out of the bank is a credit. The rest should fall into place form there as it is the double entry and the opposite entry should be on the other side of the other account.

System

Re:Please help me!!!!

Just remember your TB doesnt have to balance to pass! If your TB doesnt balance and you've checked it twice and divided by 9 and 2.. stick a suspense account in for the difference. Work on the rest of the paper then come back to the TB at the end if you have time. You get marks for making the TB balance at the end, even if you do have to put a suspense account in.

I love being the youngest! I keep thinking... 'yeah, youre being paid more than me, but I'm 2-5 years younger than you and we're on exactly the same level so ha.' :!:

System

Re:Please help me!!!!

Okay, Hayley. 'Assets, Liabilities and Capital'. I'll try my best...
(Apologies for the length!!!)
NB Don't try to memorise all of this, just try to understand the overall relationships between the items.
And 'Gem7321' has done a much shorter version in my Revision thread.
http://forums.aat.org.uk/forums/posts/list/13648.page#66988

Capital is the money that the owner(s) of the company has loaned to the company. The company therefore, owes this to the owner(s). It is a Loan, but is separated from the other loans, as it is used for various situations, eg overall 'market value' of company, profitability, etc (eg you invest 1000, the company owes you 1000, the capital is 1000 more than before. If the company makes a profit, this adds to the Capital value of company. We will be covering this side of things, at level 3 and 4, so don't worry about it for time being.) Just accept that it is treated differently to other Liabilities (loans).

Liabilities is/are the money that is owed to the bank, or to people who loaned the company money, or suppliers (ie your purchases) who are still owed money. (so credit side.) Credit value for Bank in cash Book is an overdraft - you owe the bank. Also, Vat, will in most cases, be owed (credit side).

Assets are the items owned by the company. eg buildings, vehicles, fixtures and shelving, computer equipment, machinery, cash in safe, petty cash in cash box, money in a bank account, and also money owed to the company by debtors (ie customers). Most of them are 'physical' items, but you can also have 'Goodwill/reputation' or a client-list treated as assets since they have a money value. Also 'stock' is an asset.

Stock is defined as 'items purchased with the intention of selling them later' - hopefully at a profit for the company. (so, 'Purchase' and 'Sales' with a specific meaning.)

Capital Expenditure (not to be confused with 'capital'!) - This is the purchase of assets. Also known as 'fixed assets'. Would also include things which increase the value of the asset, eg building an extension to an existing building. 'Long-term' use.

I would also include the purchase of Stock, in this category, but have been told to treat it separately.

Revenue Expenditure. This is money spent on running costs, eg wages, electricity, redecorating office, raw materials, rent for rented premises, stationery for office use (paper, pens, stamps, etc) 'Short-term' use.

Some of these can depend on what the situation is. For example, delivery costs can sometimes be an expense, but is usually included in the Sale price. (The info in question will usually tell you which of these is true.) Also Purchase & Sales for a car showroom, or a newsagent, or an office supplies shop, will be different, and thus their running costs will also depend on circumstances...

Capital is credit (company owes money)
Liabilties are credit (" " ")
Assets are debit (company is owed or owns these items)

If you rented out part of your building, then the tenant would owe you rent (hence debit side), but pay out of Credit side (Hence, into debit of your cashbook...)

The Capital Expenditure, and Revenue Expenditure, items will usually have their own accounts and entries will be on the debit side. Both will (normally) have already been paid for.
Capital Expenditure forms most of the Assets.

Revenue Expenditure (ie running costs) are used in the 'Trading and Profit & Loss account'), while Capital Expenditure (fixed assets) are used in the Balance Sheet. (Both covered at level 3 & 4).

Capital =Assets - Liabilities
or Assets=Capital + Liabilities

Your running costs (ie Revenue Expenses) will have been paid for out of 'Bank' (one of the assets), so a reduced Bank value shows up in the Assets total - (eg liability of electric bill being paid as an expense) and Revenue expenses are thus not included. (But they affect your profit, so affect your Capital on the other side, with a delay... Trading & P & L)

If you buy or sell any of the assets, then the individual values change, but the assets total stays the same.

The difference between your Purchases and your Sales is the Profit (or loss), and will affect your Capital, at year-end...

If you had more capital invested, then there would be an increase in 'capital', but also an increase in the Bank, within Assets on the other side, so the equation still balances.

In general, Debit=Credit (Trial Balance...)

Also, your Sales and Purchases accounts are the other way around, from what you would expect - opposite to their respective Purchase Ledger and Sales Ledger.) The overall balance of these (in and Out) is your 'stock'.
In effect, these two accounts along with the Sales Returns and Purchase Returns are the 'stock warehouse'.
The 'IN' part (debit) of this 'warehouse' (ie purchases and sales Returns) owes value to the company (and thus debit),
while the 'OUT' part (credit) (ie sales and purchase returns) is owed value by the company (and so, is Credit)
These 4 accounts are always NET values ie Vat is removed and posted separately.

They are separated out, so that you can see their individual values. ie you may want to keep a check on how much shoddy crap you are buying from other companies, or even how much of your 'craftmanship' is coming back...

Does that make sense? I thought it best to cover all the bases... (Some things probably already make sense to you, so apologies if anything appears belittling or patronising...)

I would advise you to also re-read the sections in your book, then you will have two lots of jargon to explain things...

System

Re:Please help me!!!!

hello. I feel the same way. im only sixteen with no previous education in accounts. what i was suprised to find out when i talked to people was that they had all done a year at college with accounts and they left because they didnt like the college teacher etc or they have got a degree in law and finance etc so they knew a bit.

anyway getting to answer your question:

Have you learnt about suspense account. If your trial balance doesnt balance add a suspense account with the difference.That says you know you have made a mistake you just dont have the time to find it right now. You might even get a mark or two for it.

A few tricks are as follows:

Does the difference divide by nine. if yes its a transpositional error. i.e 123 is 321.

half the difference. if you have it a figure on the wrong side you have you take the figure out and then take it out again. effectively halfing the difference. i.e you have a difference of 200 take 100 out then take out another 100. difference now = 0.00


and the golden rule.

PEARLS

PURCHASES, EXPENSES ASSETS on the debit side.

REVENUE LIABLITIES AND SALES on the credit sales.

if you dont learn anything this will help you alot. this is how i got the hang of the debit and credits.

System

Re:Please help me!!!!

Hi Chris!

Just above my waffle, Gem had already mentioned the Suspense Account... (300+...)

However, thankyou for offering it.

I have compiled a list of highly useful stuff from other contributors on this forum.

You may find the breadth of knowledge from all these people a 'little' awe-inspiring.

https://www.aat.org.uk/forums/posts/list/13648.page

Hope it comes in useful for your studies.

I am currently coming up with a solution to your problem - the discounts list.

[advert for Study Buddy repealed through oversubscription...]
:P 8)

And, *Hayley-May*. Are you okay? We haven't heard from you in a while, and are getting worried.
If you are busy studying on your own, then just log-in (for a short-time) and let us know that you are okay.

System

Re:Please help me!!!!

Hi All!

Thanks so much for everything, it has all really helped.. ive been working hard these past couple of days and guess what... things are starting to sink in thanks to everyone! youve all been excellent! its nice to know that someones in the same boat as me, hope ur gettin on okay. Hope everyones okay. Thanks again, Im fine thanks toadface :!: Thanks all 4 carin!!! It's nice to know that if i have any probs then u guys will help!!!

Thanks soooooooo much

*Hayley-May*
xxx
xx
x

System

Re:Please help me!!!!

It's good to hear from you!

Thanks for logging-in. I was a little worried.

Glad to see that it is making more sense.

Take it easy. Be confident. Don't forget to pamper and reward yourself.

Love
Nigel
xx

*****************************************************
Thank you.
Much easier to read now...
No problem with notes. Just try not to 'memorize' things word for word. Try to a get a feel for how they link together.

There are my notes for Discounts at
http://forums.aat.org.uk/forums/posts/list/13699.page
(this is "trade discounts, et al" question from Chris Harte - page ??? of Foundation Index page.

There are Revision Techniques & Exam Tips (by the aat) at
Revision
http://www.aat.org.uk/students/display/store4/item1088/
Exams
http://www.aat.org.uk/students/display/store4/item1087/

Foundation. :thumbup: I am still learning as well...

Talk to you later.
xx

For the Last Week Before Exams
http://forums.aat.org.uk/forums/posts/list/13816.page
http://forums.aat.org.uk/forums/posts/list/15492.page

System

Re:Please help me!!!!

Hehe!! i wont...! lol! thanx! going 4 a meal on friday, and a nice lonnnnnng relaxing weekend waiting for me i think! can i have your permission to use your response to my questions to form some notes please? they are soo helpful thanks so much (just wondered if you'd copyrighted them at all! haha)! you cant be on aat foundation are you? you should now be named the aat angel 8) i think?! do you have any tips for revising... :? also can u just give me summarys of the different discounts available and how and when to work them out.

your a *
Thanks everyone else 2!
and ive changed the colour of my writing to suit toadface!

*Hayley-May*

xxx
xx
x

System

Re:Please help me!!!!

GENERAL QUESTIONS IN PLB EXAM

NB Choose some areas that are NOT here, just to give yourself some backup!

Night Safe
A chute leading to a miniature vault inside a bank. Used to deposit money when bank is closed.
Advantages: Out-of-hours deposits, security, next day counted and processed first thing in morning.

Filing Systems
Numerical, Alphabetical, Geographical or Regional, Chronological (Date order), Town Branch, Departmental, or by Materials usage/Product, etc.

Advantages of Accounting Software vs Manual
Accurate, security, faster, compact, more transportable (eg files on floppy/cd)

Integrated Accounting Software
The separate components automatically update when change one element. Also, the separate 'ledgers' can interact with each other, and thus one program can deal with several parts of the Accounts requirements. eg Accounts & Payroll, etc

Name Additional Components of PC System
Basic setup is:-
CPU case
Monitor screen
Keyboard
Hard Storage (hard drive)
Soft Storage (floppy, CD, DVD)
Mouse.
Optionals (Peripherals) include:-
Printer
Scanner
Barcode reader
Modem/Router.
Software items:-
Operating System (Windows XP, Linux)
Office Programs (MS Office, Corel WordPerfect suite)
Accounting Software (Sage line 50, QuikBooks).
Security Issues:- Use Passwords on files, programs and workstations (Desktop PCs).

Banking Procedures
Payee - 'person' receiving money.
Drawee - the bank.
Drawer - person/company holding the account.

Petty Cash
Checks:- Count the cash, match cash vs vouchers, and receipts, security (locked in locked drawer or cupboard, etc).

Cheques
Date within 6 months? (If blank, can be written...)
Signature?
Figures and numbers match?
Sort Codes Match?
Name of Payee correct?
Crossed 'for Payee' only, or cashable?

Cheque Clearing Cycle
Central clearing = 3 days.
Special Clearance (1 day) at fee.

Returned Cheques
'refer to drawer' - RD, not enough money.
'refer to drawer, please represent' - RDPR, as above but tried again.
'payment countermanded by order of drawer' - payment stopped.
'technical problems' - eg not signed, out of date, figures & numbers not matching, needs chasing...

Alternative Payments
Cash on delivery, Credit cards (insurance benefits, etc), BACS, CHAPS, Banker's Draft, etc.

EFTPOS
Electronic Funds Transfer at Point Of Sale.
eg swiping card at till, with PIN.

Direct Debits vs Standing Orders
Direct Debits are usually variable values (& they 'call'), while Standing Orders are fixed amount each month (& you 'call').

BACS & CHAPS
Bankers Automated Clearing Services - fast transfer between banks.
Clearing House Automated Payment System - same day high-value payments.

Week Before Exams
http://forums.aat.org.uk/forums/posts/list/13816.page
General Documents Listing
http://forums.aat.org.uk/forums/posts/list/15/5678.page#67424

Good Luck with Your exam Hayley-May!

Good luck to everyone else as well...