Advice

spurschic1@yahoo.com[email protected] Feels At HomePosts: 94Registered
Hi all,

I am currently studying the Technician Stage. Just a thought that although the AAT gives you some great subjects such as budgeting, Cost Analysis, it dosn't give you how to do a full set of company accounts from scratch using sales, purhcases and bank statements. I have always worked in a large company with an ETB at the touch of a button.

Any advice how I can pick this up other than working in an accounting firm? Are there any text books?
Thanks

Comments

  • slackdaslackda Trusted Regular Posts: 460Registered
    Have they changed the DFS papers? im sure how to do full set of accounts is covered in that, but then it is 3 years since i did my DFS exam.
  • A-VicA-Vic Expertise Guaranteed Posts: 6,970Registered
    slackda wrote: »
    Have they changed the DFS papers? im sure how to do full set of accounts is covered in that, but then it is 3 years since i did my DFS exam.

    sure do you have a full set of accounts consolidated cashflow and interpritation of accounts.
  • blobbyhblobbyh Font Of All Knowledge Posts: 2,415Registered
    I can't remember everything that was covered and okay so it won't tell you how to do the complex accounts of a multinational but for a simple, small limited company it's a good start to be built upon with CPD and practical experience.

    Foundation: principles of double entry, cash books, P/L, S/L & N/L, control accounts, bank recs and the ITB.
    Intermediate: the ETB, depreciation, accruals & prepayments, journals, incomplete records, basic VAT, handling assets, introduction to P&L and B/S plus partnership/sole trader accounts
    Technician: limited company accounts, introduction to accounting standards, cashflow statements, interpretation of financial statements etc

    I think you've been given the knowledge maybe you just haven't yet had the application?
  • sdvsdv Experienced Mentor Posts: 585Registered

    I am currently studying the Technician Stage.

    Interesting! Are you studying at a college? At our college students are not be allowed to enrol on a technicain level, unless they have fully complted an Intermediate level.

    it dosn't give you how to do a full set of company accounts from scratch using sales, purhcases and bank statements.

    Incomplete records were a part of AAT Intermediate Level, tested by skills test and final exams.

    Any advice how I can pick this up other than working in an accounting firm? Are there any text books?



    Pick up a good AAT Unit 5 book. (FRA)
  • blobbyhblobbyh Font Of All Knowledge Posts: 2,415Registered
    Hadn't thought of that SDV. I may be wrong - and someone will quickly correct me if I am - but I didn't think you could become AAT qualified without also passing Intermediate and it would seem absurd to complete the harder level then have to go back and do the marginally easier previous one.
  • MonsoonMonsoon Font Of All Knowledge Posts: 4,071FMAAT, AAT Licensed Accountant
    blobbyh wrote: »
    Hadn't thought of that SDV. I may be wrong - and someone will quickly correct me if I am - but I didn't think you could become AAT qualified without also passing Intermediate and it would seem absurd to complete the harder level then have to go back and do the marginally easier previous one.

    I didn't think there were any exemptions for Intermediate either. Mostly because of the Costing module.

    Our in house bookkeeper is on Intermediate. She's prerry much repeating stuff in Financial, as she's IAB qualified to final accounts but the costing is new.
  • sdvsdv Experienced Mentor Posts: 585Registered
    blobbyh wrote: »
    Hadn't thought of that SDV. I may be wrong - and someone will quickly correct me if I am - but I didn't think you could become AAT qualified without also passing Intermediate

    Aparently you can!

    so long as you can satisfy the AAT Centre that you are competent to handle all the Level 3 requirements by demostrating the number of years you have worked in accounting department.

    I know of at least one student who is working for a firm of an accountants and has been with them for a number of years, he is preparing TB and even final accounts.

    He was given a level 3 test in FRA and ECR and the centre was satisfied for him to start and finish at Level 4. He's passed level 4 and AAT offered him a membership!


    Lucy for some!
  • MonsoonMonsoon Font Of All Knowledge Posts: 4,071FMAAT, AAT Licensed Accountant
    Interesting!

    Thanks for the info :)
  • VonniVonni Feels At Home Posts: 63Registered
    I may be old fashioned but I passed my AAT exams years ago before the NVQ method which is used now. Whilst I believe that the modern equivalent is much better - my daughter-in-law is currently studying and doing really well, having no previous experience and working 10 years as a shop assistant (am I still allowed to call it that?!?) - I don't always feel that you gain some of the experience you need, given the exemptions that are available at some levels.

    As I had always worked in accounting practice prior to studying (10 years of experience) I had never taken any exams - I was exempt from several parts of the course but decided - as I had been out of education for 10 years to follow the full course, using the exemption and not taking the exams only the attending the classes.

    I learned loads which was extremely useful and it kick started me back into studying mode - BUT experience really counts my basic background was manual double entry bookkeeping and accounting, vat and payroll - learnt in a professional environment.

    After qualifying I didn't have to prove myself before I became a fellow member and member in practice as I already had the extensive work experience and knowledge I needed.

    I understand that now post qualification fellow membership and moving on to being a MIP is harder to achieve?

    V
Sign In or Register to comment.