IAB Level 1 Certificate in Bookkeeping and Payroll
Overview
The qualification aims at building the base for more complex concepts at the later stages. It provides an introduction to bookkeeping and payroll concepts. As IAB is a progressive qualification, Level 1 concepts are later complimented by Level 2 and Level 3.
The qualification is made up of:
Online Knowledge Test
Online Assignment
Key Information:
75 GLH (Guided Learning Hours)
165 hours TQT (Total Qualification Time)
Who is this qualification for?
The Level 1 Certificate in Bookkeeping and Payroll qualification is aimed at leaners who wish to begin their studies of bookkeeping and payroll with regulated Level 1 certification approved by IAB.
What you’ll study
This qualification is made up of the following units:
- Understanding of basic employment and data protection legislation applicable to payroll processing
- Understanding the components of Gross pay and payroll processing for periods including leavers, joiners and various forms required for them
- Understanding the statutory and voluntary deductions to HMRC and their implications
- Understand the principles of the PAYE & NIC, and related HMRC Legislations
- Be able to prepare and submit an employee payroll record under HMRC Real Time Information RTI processes
- Finalising the payroll based on understanding of various internal and external procedures
- Gross pay calculation for different scenarios and periods
- Learn calculation of income tax deduction from Gross Pay to reach net pay
- Be able to determine the amount of NIC
- Be able to apply and calculate deduction voluntary
- Be able to complete leaver forms like P45
- Be able to produce all the important payroll submission reports
- Be confident in working on a computerised payroll system like Sage payroll or XERO Payroll
- Be able to set up company structure using a computerised payroll software and be able to process payroll functions on that
- Be confident in dealing with gross pay whilst using a computerised payroll system
- Be able to process the payroll functions and edit information of the individual employees as per the requirement
- Be able to back up, restore, import of export the payroll data
- Introduction to the basics of double entry
- Understanding the VAT and basis of source documents recognise source documents
- Purpose of the trial balance and control account reconciliations
- Understand the Use the of accounting journal
- Understating the double entry bookkeeping system
- Finally learn the important concept of preparing a trial balance
- How to reconcile the petty cash balance
- Learn how to prepare a bank reconciliation statement