"FAQs about IAB Award in payroll, know more about its duration, certification, assessment, exam structure, skills and enrolment dates at Future Connect Training."
In this article, we will discuss Bookkeeping and Lab Payroll Level 2 practical skills, study benefits and job possibilities. To get more information about the curriculum and instruction, you can talk to our training service centre
Introduction Of Bookkeeping And Lab Payroll Level 2:
The Award in Lab Payroll level 2 for Business qualification is a section of the Regulated Qualification Framework. It takes a total of 50hrs to complete the course. This Bookkeeping and lab Payroll Level 2 qualification is outlined within the regulations of the Regulated Qualification Framework.
Entry requirements:
- This course is accessible to all students, of any academic background.
- Students should be aged 17 or over to begin the qualification.
- A primary understanding of the English language, literacy, numeracy, and ICT is needed to attend this course.
Course content:
Level 2 Bookkeeping and Lab Payroll level 2 is made up of below units:
Principles of Bookkeeping and VAT
- Basics of bookkeeping and bookkeeping systems
- Terms used by bookkeepers
- Source documents and their purpose
- Sub-divided bookkeeping system
- Basics of the VAT system
- HMRC VAT rules
- VAT control account and VAT return
Financial Services and Payment Methods
- Role of banks and building societies
- How businesses use financial services
- Methods of payment and their features
- Security measures and procedures for the safekeeping of cash
Prepare and check Business Documents
- Prepare documents to be issued to customers
- Checking documents received from suppliers
- Preparing reports to be issued to suppliers
- Preparing a petty cash voucher
Record Transactions in a sub-divided Bookkeeping system
- Daybooks
- Analysed cash book
- Petty cash book
- Journal
Prepare a Trial Balance and Reconciliations
- Trial balance
- Control accounts and reconcile control account balances
- Reconcile the bank's current account balance
Who is ideal for this Lab Payroll Level 2 course?
- This course fits students who aspire their further study in Lab Payroll Level 2 and wants to qualify for Level 2 of the regulated qualification framework.
- Students with no previous experience qualify for Level 2 of the regulated qualification framework.
- Suits to learners who already completed the IAB Level 1 Award in Payroll for Business.
- To people with some practical knowledge and skills to gain a certified qualification in the subject of Payroll.
- This course is perfect for a learner who is admitting to a career as a self-employed practitioner.
- Fits for Businesses owners who need to be actively involved in the collection and processing of payroll data and keeping of Payroll works for their business.
Study Benefits of Lab Payroll Level 2:
You will progress to a qualification in the same subject area yet at a higher level, thereby developing your learning and skills base in the subject area.
The necessary units within the IAB Payroll Level 2 for Business qualification loop with the following National Occupational Standards (NOS) for Accountancy and Finance:
- FSP P1 – Create and manage employee records
- FSP P2 – Calculate Gross Pay
- FSP P3 – Prepare entitlements and deductions
- FSP P4 – Control payroll
Skills you will gain:
- Understanding of the principles of legislation relating to the processing of the Payroll
- What information is required to prepare Employee payroll record preparation
- Learn the additional elements that constitute gross pay
- Principles of legal additions to, and deductions from pay
- Understand the policies of PAYE and NIC legislation and other regulatory obligations in processing the Payroll
- Follow the laws of reimbursing Student Loans through the Payroll
- Understand the ideas to adopt when dealing with a leaver
- Requirements for processing including submitting payroll information
- Understand the necessity to complete close session procedures within given timescales
- You will be able to set up and manage a company, pension and employee reports using commercially accessible computerised payroll software
- How to process Payroll correctly for a variety of payment terms using organisational systems and timescales
- You will learn to produce lawful and non-statutory reports
- Able to back up and restore data when required
How are you assessed?
To win the IAB Level 2 Award in Payroll for Business students will be expected to complete the subsequent assessments:
- Knowledge Test of Principles of employment legislation and payroll processing
- Synoptic End Exam of Computer-aided Payroll Processing
Grading:
- To complete the qualification students must demonstrate competence in all the mandatory units of which the qualification is comprised.
- Apprentices are assessed as Pass or Fail.
- Minimum levels of the performance set as follows:
- Knowledge Test – 70%
- Examination – 60%
- The qualification is not grade-based.
- On achievement of each of the mandatory sections, the student will be awarded a Pass in the unit completed.
Study Mode:
As we give a number of practice training, you'll sit confidently during the exam. We provide expert support during weekends and evenings; also, we serve flexible study mechanisms and course start dates. You'll avail of our certified and skilled teachers, practical learning techniques, and ongoing response, even after your exams.
Classroom:
- Experts will lead a scheduled programme face to face sessions in classrooms.
- Classes at set times of the day.
- We allow digital access to our online learning resources.
- Our organisation provides workbooks for practice Activities.
Class and Mock Tests
We have a lot of materials to guide you to revise for and pass your exams. All study alternatives come with the following:
- Knowledge tests: As you go on, knowledge tests help to evaluate your understanding of a module before you move on to the next one.
- Progress check: These are inadequate tests based on critical issues to make you active for sitting the mock tests.
- Mock tests: Study your test technique with mock tests with the look and the feel of the real test, so you can continuously check your progress.
- Additional video learning resources: If you're studying in a classroom or online, you'll take access to our Online Learning Resources.
Enrol Now in Lab Payroll Level 2
If you are curious to learn Bookkeeping and you're looking for more flexible access to learning that fits around your life, then this is the perfect course for you. Register online today by speaking to one of our experts or give us a call at 0203 7908674 for more information.