Best Of
Re: Going to level 4 from level 3
I'm only studying Level 2 so not much help. But, if it were me in your position, i'd maybe do some practice exams for Level 3 maybe the synoptic assesment? It's probably changed quite a bit but if you pass then you know you can move onto level 4. If you don't pass then maybe you can do some self studying through your old Level 3 stuff so that you pass a practice assesment then move onto Level 4.
For me, that would give me the confidence boost I need, but like I said i'm only just studying level 2 so nowhere near as experienced.
For me, that would give me the confidence boost I need, but like I said i'm only just studying level 2 so nowhere near as experienced.
Re: Going to level 4 from level 3
I'm not going to lie Level 4 is very tough from my perspective, and it felt like a massive jump for me even having just completed Level 3. If I can give any advice, go to First Intuition and consider their Self Study packs, here's a link:
"https://www.firstintuition.co.uk/book-now/?fwp_provider=aat&fwp_level=professional-diploma-in-accounting&fwp_study_centre=aat-distance-learning&fwp_study_method=self-study"
They're mostly £35 and if you get one delivered, it basically has all the syllabus in - work through that before June and see if you think it's right for you. That means there'll be at least not too much commitment. They're honestly brilliant packs and well worth the money, I've used it and the exams I felt I best performed in I used one of their packs.
If you wanted to test whether you thought you could get through the whole thing, buy the one for Management Accounts: Decision & Control, as I've found that to be the toughest module. If you wanted one to ease you in and see if you could carry on, go for Credit Management - I've found that to be a nicer module (though be aware that that is an optional choice, so you'd only be able to pick one other if you decided to try that one).
If you had any other queries on anything just let me know, happy to help!
Ellis
"https://www.firstintuition.co.uk/book-now/?fwp_provider=aat&fwp_level=professional-diploma-in-accounting&fwp_study_centre=aat-distance-learning&fwp_study_method=self-study"
They're mostly £35 and if you get one delivered, it basically has all the syllabus in - work through that before June and see if you think it's right for you. That means there'll be at least not too much commitment. They're honestly brilliant packs and well worth the money, I've used it and the exams I felt I best performed in I used one of their packs.
If you wanted to test whether you thought you could get through the whole thing, buy the one for Management Accounts: Decision & Control, as I've found that to be the toughest module. If you wanted one to ease you in and see if you could carry on, go for Credit Management - I've found that to be a nicer module (though be aware that that is an optional choice, so you'd only be able to pick one other if you decided to try that one).
If you had any other queries on anything just let me know, happy to help!
Ellis
Re: Request your user title (Student, AATQB, MAAT, FMAAT, Licensed Bookkeeper, Licensed Accountant)
@Careerchanger all done 😊
Re: * Year End Procedures *
One big tip to save time and money is to copy and reconcile every statement you can find, this will save the time and attention of the accountants...also reconcile control accounts to reports (e.g. SLCA to debtors report, PLCA to creditors, PAYE to liability due over year end date).
Also ensure everything is filed in a logical order and that you have provided notes on any anomolous transactions/missing information postings you have calculated etc. Lastly a rundown of unusual aged debts/creditors amounts and steps being taken (or payment dates if paid after year end ) never go's amiss .
Also ensure everything is filed in a logical order and that you have provided notes on any anomolous transactions/missing information postings you have calculated etc. Lastly a rundown of unusual aged debts/creditors amounts and steps being taken (or payment dates if paid after year end ) never go's amiss .
Re: Professional synoptic - Task 1
Probably too late but just think about it logically to whether items will be detected or not, will they be picked up on a reconcilliation, should they be in that account etc.
Re: Netting of expenditure against income - charity accounts
@CSan89 You have quite correctly made my point.
@dsm2019 You are required by the Charities SORP to record your income as the actual amount received. There is no scope for "offsetting" any income for the purpose of reducing any thresholds. This is confirmed by section 5 of the SORP which deals with recognition of income.
Paragraph 5.9 of the Charities SORP states "All income must be reported gross when raised by the Charity (or by volunteers working at the Charity's direction) or its' agents. Any fee charged for fundraising by a third party and deducted from the amount collected before it is remitted to the Charity must not be offset against fundraising income recognised in the accounts but be reported as a fundraising expense..."
That paragraph specifically mentions fundraising but the principle applies to all Charitable Income.
@dsm2019 You are required by the Charities SORP to record your income as the actual amount received. There is no scope for "offsetting" any income for the purpose of reducing any thresholds. This is confirmed by section 5 of the SORP which deals with recognition of income.
Paragraph 5.9 of the Charities SORP states "All income must be reported gross when raised by the Charity (or by volunteers working at the Charity's direction) or its' agents. Any fee charged for fundraising by a third party and deducted from the amount collected before it is remitted to the Charity must not be offset against fundraising income recognised in the accounts but be reported as a fundraising expense..."
That paragraph specifically mentions fundraising but the principle applies to all Charitable Income.
Re: Netting of expenditure against income - charity accounts
Thank you for a very unhelpful and accusatory cmresoinse. You are incorrect in some of your assumptions and particularly judgemental that we are trying to hide money and would be subject to investigation by the CC.First point, replying to comments in this way is unlikely to get you much help, especially as @davealucas has some valid points.
Second point, I would assume (with my limited knowledge on charity accounts) that if you are receiving grants from local councils this would have to be recorded as 'restricted income' with the temp accomodation put as expenses.
My thinking is that of the VAT thereshold.
If a builder buys materials and sells to the customer at cost, this is still included in the threshold figure even though they make no 'profit' from the material.
The reason you want to net it off is to reduce your income below the audit threshold. As a charity, being transparent is key so this seems counterproductive.
Re: AAT Member - wanting to refresh knowledge
Hi @Kimbers1483
Are you MAAT and have you kept up to date with your membership fees? If this is the case there is a lot of CPD and information on the members pages on the website.
Branch events are also a good source of CPD.
Are you MAAT and have you kept up to date with your membership fees? If this is the case there is a lot of CPD and information on the members pages on the website.
Branch events are also a good source of CPD.
Re: How to make the leap from employment to self-employment
A good article for anyone interested in setting up their own practice!
Re: Level 4 Synoptic PDSY - Cost Benefit Analysis (Task 6)
Fingers crossed that you've done enough on the other tasks to pass.