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Member vs Associate Member

Liz D
  • 273 posts
  • # 53914

Hi all

Pondering whether or not to go for Level III Bookkeeping ......

Does it entitle you to sign off Ltd Company Accounts for submission to Companies House etc?
  • 698 posts
  • # 53918

Hi Liz

Level III does not entitle you to sign off limited company accounts it believe that is reserved for the level IV members <----- May be corrected

I think you should go on and do the level III exams as they will further improve and develop you knowledge which can only be a good thing.

There are limitations to being an associate however I can not remember what they are as there have been a few changes since I was an Associate.

Is there any particular reason you do not want to sit the level III Exams Liz.

Go on you know you want to do it Money mouth 

Besides on the bright side all the time you are studying and doing the exams you dont have to worry about CPD HEHEHEHEHE

Kind Regards
Stuart

  • Forum Moderator, South East & Greater London Regional Chairman

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  • Member PM.Dip
  • 113 posts
  • # 53925

I thought you couldn't do bookkeeping for a ltd co if you weren't level 3 qual'd
Liz D
  • 273 posts
  • # 53927

I didnt think you could sign off ltd accounts unless you were chartered but the syllabus shows (level III) limited liability accounts to final........

I worked for a chartered accountant for several years so not worried about taking exam (also did company secy exams) just partnership are a no go for me - hate the hassle of chasing them and not sure i want the hassle just now of limited. 

But CPD and all that :-)
  • 12 posts
  • # 53931

I am also in the process of going through training before possibly setting up as a self-employed bookkeeper. Is there a specific page on ICB, where we can find what we can and can't do once we work our way through each different level?
It's just if I look at the page that has the syllabuses on it, for Level III, it says amongst other things 'Produce a set of final accounts for a limited liability company', which doesn't indicate anything about only being draft?
I am probably being completely dense, so forgive me.
Thanks ever so much.

  • I have my own Bookkeeping Practice as of 1st Feb 2011. How exciting is that.


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  • Member PM.Dip
  • 113 posts
  • # 53936

Hi Helen

You're not being dense, when I first started training with ICB this is something I struggled with. If you call the helpline, you're basically told "anything you've passed an exam in".

Imho, the  above advice is open to misinterpretation e.g. one you pass level 2, you have an understanding of Accounts and the main difference between a sole trader and Ltd company is basically capital structure. So what's the difference between a bank rec, sales ledger and purchase ledger between the various legal forms? Very little, if any.

When I was having my web-site approved, it was initially rejected because it mentioned Limited Companies. So technically I believe you're snookered with Ltd Co's until you've passed level 3.

Liz, imho, brush up on Partnerships and I'm sure you'll sail through level 3. I just need to pass my level 3 comp. I've done manual but not paid the upgrade fee yet. I guess when I pay, I'm ok to do manual ltd co's but not computerised ;-)

What I would like to say, is none of the above ramble is a criticism of ICB because I completely "buy in" to the fact that if they're endorsing your credentials. you need to play by the rules.


Edited at 20 Jan 2011 01:50 PM GMT
  • 12 posts
  • # 53937

Thanks Tony for your answer. Much appreciated.
But I suppose my question still stands, 'James @ ICB' said in his post that we can't produce limited co. accounts until we have passed Level IV, we can only produce 'draft final accounts' at Level III. The syllabus for level III doesn't mention draft, so how are we supposed to know that? And if there is a link to more detailed knowledge like this then I would love to have a look at it, so that I know where I stand as I go up the levels. :)

  • I have my own Bookkeeping Practice as of 1st Feb 2011. How exciting is that.


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  • Member PM.Dip
  • 113 posts
  • # 53938

Sorry Helen, I edited that bit out of my reply :(

I don't believe there is any clear guidance and I think there should be, perhaps in the members area.
Liz D
  • 273 posts
  • # 54001

Helen White said:

'James @ ICB' said in his post that we can't produce limited co. accounts until we have passed Level IV, we can only produce 'draft final accounts' at Level III. The syllabus for level III doesn't mention draft, so how are we supposed to know that? And if there is a link to more detailed knowledge like this then I would love to have a look at it, so that I know where I stand as I go up the levels. :)”
Thanks Helen - thats what I was trying to get my head around as well - only you posed the question far better than I have :-)
Liz D
  • 273 posts
  • # 54002

James @ ICB said:

“Hello,

The signing off depends on terminology, you can't actually sign accounts, not even if your a chartered accountant, only a Director can.

However, for limited companies, at Level IV you would be able to produce final accounts. At Level III you can only produce draft final accounts.”
Thanks for this James - that clears up the levels.

I was being lazy when I said 'sign off' what I should have said was prepare final accounts for submission.

While we are on the subject though........

Can associate carry out bank rec, sales & purchasing input for ltd?

The reason I am asking is that I have recently picked up a new client whereby that is all that is required.  I will then send info to his CA for adjustments, corp tax and final accounts.

Thanks all for your encouragement  - my hubby told me to get on with it so I suppose Id better - planning a quiet time in March (still wouldnt touch partnerships - lol)

(and good luck Helen - go self employed, well worth the sanity.)
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