Level 2 UACS Exam - Transaction Descriptions

Hi all,

I will be sitting the Level 2 UACS exam this Friday. The only thing I am wondering, is when posting a bank payment/purchase invoice/sales invoice what types of descriptions would we use for each transaction, as the practice assessments don't give enough information for us to detail.

I was also wondering if I could be marked down, if the information in the description box isnt accurate. Thanks

Comments

  • JoBovis
    JoBovis Registered Posts: 5
    I'm currently studying for the exam so cant say for sure but my self study answer sheet does not ask me to check/mark the description. Just very quickly write what the transaction is for in brief "Sale of Car" "Purchase Laptop" "Postage" "Cash Sales" "Photocopying" "Restore Imprest System". Keep it brief as you will need the time for identifying the correct nominal codes, reports and uploading your work.

    I do think that the Ref column will be marked for InvNo, CrdNo, BACS, DD, SO, ChqNo, JL01, Trans etc. In some sample assessments I've taken, they tell you what to use I.e name the journal JL01 and other tests didn't.

    The main thing I'm revising at the moment is the nominal codes. I expect they will try to included costs from all categories. I'm mainly looking at the direct expenses code. I've not been given any examples by my learning provider other than the ones below which I disagree with. I'm self learning so frustrating when I don't have anyone to answer questions.
    I did a sample test from my learning provider yesterday and there were two petty cash payments for a Car Sales Company. Window cleaning (no other details given) and biscuits.
    I costed window cleaning to O/H 7801 as I assumed it was for the office and biscuits to O/H 8205 - Refreshments. My answer sheet costed both to a direct expenses code 6900 - Miscellaneous Expenses. I know I'm learning and my provider are meant to be the experts but I cant agree with them that either of these costs are direct expenses.

    I've also never been asked to post wages or direct labour in my samples but I'm just about to go over to the AAT website and see what examples they have (if any) as I have only done the Sage portal and my provider samples. So maybe AAT have something on their site that will test this knowledge which I'm about to find out. They do like surprising me with questions not quite like samples so I'm anticipating one or two nominal postings outside of the usual. Wages would be a good one as there are various wages nominal codes to make us sweat.

    I'm also making sure I have some VAT knowledge. (I'm studying SAGE 50 so there may be differences.)
    T1 and T5 are simple but more thought has to be put into whether to use T0, T2 or T9.
    I would make sure you understand the basic difference should they not provide the code to use.

    This is the general list I have wrote down and anything else I will try to use common sense,
    0% - T0 - Public transport, Magazine/Leaflets, some food (milk, bread, tea), Water/Sewage
    Exempt - T2 - Postage, Bank charges, Insurance, Financial Services
    Out of Scope - T9 - Interest Earned, Rent, Depreciation, Drawings, Tolls for bridge/road, Journals, O/Bal, Wages
    My Sage gives a clue when you go into the first screen in bank reconciliation. Interest earned defaults to T9 and Account Charges defaults to T2. I know if I get brain fog posting bank charges I can go check the defaults.

    My learning provider has posted a rates payment to both T9 and T2 in two different assessments so I'm a little ticked off at which one it should be. I'm going guess T9 at it seems more plausible.

    Do you mind me asking have you had you Synoptic results back yet? I get mine next week and feeling sick. Would be good for me to see how someone else did. I did great on all the normal questions and the smaller written question, but the main written one :-( . I had a bit of a brain f*rt due to it being more involved than I had revised for.

    Sorry I could write forever on this subject lol......
    Jay36598
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