ICB Level 3 Bookkeeping and Accounts

Our course code: X301

Course fee £545 or from £41 per month

Enrol on our course

Our Level 3 Bookkeeping and Accounts course covers the core topics required to attain Member status with the ICB.  For example, topics you’ll explore include the preparation of ledger balances, control accounts and reconciliations. In addition, you’ll learn about adjustments and preparation of final accounts for all types of businesses. Finally, the course covers the calculation of basic ratios, such as probability and liquidity. At the end of this course, you will become a qualified, certified bookkeeper.

This is the minimum requirement for you to become self-employed as a bookkeeper under the umbrella of the ICB. Your ‘skill-set’ will also enable to you apply for employed bookkeeping positions.

Upon completion of this qualification, you can carry out the role of an employed or self-employed bookkeeper. For instance, you’ll be able to reconcile bank statements with the ledgers, produce a VAT return, and control the sales and purchases ledgers. Furthermore, you’ll know how to post year-end adjustments and produce final accounts for sole traders, partnerships and not-for-profit organisations in manual and computerised systems.

This course package covers the M4, M5, M6, M7 and M8 elements that are required to attain Member status with the ICB. In addition, upon successfully acquiring ICB membership, you can use the letters “MICB” after your name. To enrol on this course, we require you to have first achieved an ICB Level 2 Certificate in Bookkeeping or its equivalent qualification.

Topics you’ll cover on our ICB Level 3 Bookkeeping and Accounts course include:

  • The core foundations of bookkeeping
  • Reconciliation of accounts and the correction of errors
  • Reconciliation and production of a VAT Return
  • The calculation and post adjustments to the accounts
  • Creating draft final accounts for internal management purposes
  • Interpretation of financial statements

Our ICB Level 3 Bookkeeping and Accounts covers ledger balances, control accounts and reconciliations, adjustments and preparation of final accounts for all types of businesses.

  • Free ICB Student Membership

    Get free 12 month student membership to the ICB and 6 months free access to SageOne.

  • Study with winners

    We’re an award-winning learning provider and have been recognised for our cutting-edge learning techniques.

  • Unlimited Tutor Support

    Get as much help and support as you want from your personal course tutor via email and phone.

  • Awarding body: ICB

The ICB’s role as a membership body is to provide ongoing support to members to ensure they are knowledgeable and up to date with the latest legislation, mindful of their ethical obligations, and best-placed to provide a trusted and exemplary service to business.

In the bookkeeping industry, The ICB need no introduction, they are the biggest institution of its kind in the world. Effortlessly and professionally maintaining the high standards of bookkeeping as a profession.

Study Hours

Up to 200 hours, which is around 30 minutes per day for 12 months.

Study Method

The course is specially designed for study by distance learning. Throughout the course, there will be self-assessment questions, and tutor marked assignments (TMAs), to enable you to monitor your progress.

Course Duration

You have up to a year to complete this course and we have included a suggested number of study hours above. This is usually ample time for learners, even with full-time jobs and other commitments. Don’t worry if you go over the year though, we can organise an extension to your course for an additional fee, which also extends your tutor support.


At the end of each unit, you’ll be given assignment that will be marked by your personal tutor. You’ll also need to pass exams to gain this qualification – M4, M5, M6, and M7 can all be taken via the ICB portal at home. Finally, you’ll take the M8 exam, which is a synoptic assessment covering all aspects of bookkeeping. You can take the exam in a local Pearson Vue test centre, which are often in the same building as local driving test centres. Alternatively, you sit your exams remotely from home. This M8 exam will be a mix of multiple choice and data entry questions. You’ll need to pass all your assessments to complete your qualification.
Mock exams cost £15 each, and live exams cost £65 each.

Course Outcomes

Successful achievement of this qualification will allow you to apply for Member status, the second tier of the ICB. You will be able to work as an Bookkeeper and you will also receive an official certificate of completion from the ICB. Read more about the ICB here.

Additional Information

Difficulty - Level 3

Entry requirements - Before commencing the study at this level the candidate should have achieved ICB Level 2 Certificate in Bookkeeping or its equivalent.

Course Content

1: Topic 1: Underpining Knowledge
  • Adhering to a code of ethical principles
  • Taking appropriate action to cope with unethical behaviour
  • Legal differences between the structures of various types of business
  • Main accounting concepts
  • Accounting standards applied to the production of year end accounts
  • VAT schemes
  • Clear communication of relevant information
  • Requirements for uploads to HMRC under Making Tax Digital
2: Topic 2: Reconcile Accounts and Correct Errors
  • Reconciliation of debtors and creditors control accounts
  • Write off a bad debt
  • Correct errors in the accounts
3: Topic 3: Reconcile and Produce a VAT Return
  • Reconciliation of VAT accounts
  • Completion of VAT returns
4: Topic 4: Calculate and Post Adjustments to the Accounts
  • Accounting for the disposal of fixed assets
  • Adjustments to the accounts
  • Revaluation of assets
5: Topic 5: Produce Draft Final Accounts for Internal Management Purposes
  • Preparing final accounts for internal management purposes
  • The calculation and posting of amounts to appropriate profits
  • Adjusting capital shares of partners
6: Topic 6: Interpretation of Financial Statements
  • Interpreting financial statements for internal management purposes
  • Analysis and interpretation of financial statements
  • Preparation of a cash budget
7: Exam Paper M4 – reconciliations and final accounts of a sole trader
  • Underpinning knowledge
  • Reconciliation and correction of errors (customer and supplier reconciliations, bank reconciliation, correction of errors including the clearance of a suspense account balance)
  • The calculation of summary figures for control accounts
  • VAT Returns (cash and standard VAT returns only but including EU transactions)
  • Posting adjustments including disposal and acquisition of fixed assets
  • Revaluation of assets
  • Final accounts of a sole trader (profit and loss account and balance sheet)
8: Exam Paper M5 – final accounts of a partnership
  • All of the requirements for paper M4 but set in a partnership scenario plus:
  • Underpinning knowledge
  • Ethical considerations
  • Underpinning knowledge of the legal requirements for a partnership
  • Final accounts of a partnership including the appropriation account and production of partners’ current accounts
  • Calculations and bookkeeping entries to record a change of partnership (partnership ratios, goodwill, the effect on capital and current accounts etc.)
9: Exam Paper M6 – final accounts of a not-for-profit organisation
  • All of the requirements of paper M4 but set in a not-for profit scenario plus:
  • Underpinning knowledge regarding not-for-profit organisations
  • Understanding the different requirements of a chart of accounts for such an organisation
  • Understand the concepts of the different forms of income for not-for-profit organisations including a subscriptions account
  • Posting adjustments including the subscriptions account and disposal and acquisition of fixed assets
  • Final accounts of a not-for-profit organisation
10: Exam Paper M7 – Management accounts of incorporated businesses
  • Final accounts including adjustments for a limited company (internal management accounts format only)
  • Limited liability partnerships
  • Calculation and interpretation of ratios
11: Exam Paper M8 - Level 3 External Assessment

A single assessment to be taken at an ICB examination centre. The assessment will be a mixture of multi-choice and data entry questions which will cover all elements of the syllabus.

Show 5 more modules

Frequently Asked Questions

We have some answers to common student questions, but if you can't find the answer you're looking for then please contact us and we will do everything we can to answer your questions.

Before commencing the study at this level the you should have achieved an ICB Level 2 Certificate in Bookkeeping or its equivalent.

We provide all the specially written learning materials you require to study this course at home. The course fee also includes our personal tutor support for 12 months. We provide 12 months' free student membership and registration to The ICB which is worth £78 and access to SageOne accounting cloud software for 6 months worth £144. That's a bundled saving of £222!

Yes, there are four online assessments which can be done at home. There is also a single exam to be taken at an ICB examination centre that will be a mixture of multiple-choice and data-entry questions covering all elements of the syllabus.ICB examinations can be completed inside and outside of the UK and in most countries around the world. Home-based examinations can be completed anywhere that you can connect securely to the internet and open your emails.Centre-based examinations are available at more than 5,200 centres worldwide throughout the year.

Yes, there are additional costs for exams. Per Mock Exam: £15. Per Live Exam: £65.

You will have access to your personal tutor, via email and telephone, who will mark your assignments and guide you through the course. In addition, you will be supplied with a comprehensive Study Guide which will help you through the study and assessment process. Your personal tutor will be highly experienced in their subject area and qualified to teach.

We include 6 months’ access to the full version of SageOne within our course fee. Our cloud-based Sage software runs on any computer with a web browser.

Most students finish comfortably within the course duration period given. However, if you do need more time, your personal tutor support can be extended for an additional fee.

Please check our main FAQs section or Contact Us, we have experienced course advisers who will be delighted to help!