ICB Level 3 Bookkeeping and Accounts

Our course code: X301

Course fee: £395 or from £30 per month

Enrol on this 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 you name.

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

This is a paper-based course, meaning that we will send all of your study materials out to you in the post. However, correspondence with your personal tutor is via email and our student portal.

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 a small fee, which also extends your tutor support.

Assessment

The four assessments (M4, M5, M6, M7) are to be taken in the order listed above and these exams are taken via the ICB portal at home. Finally you will take the M8 exam in a local Pearson Vue test centre (these are often the same building as a driving test centre). This is a mixture of multiple choice and data entry questions. Successful candidates will need to pass all assessments to gain the full qualification. There will be additional costs for exams: £55 per online exam.

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.

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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.

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.

That’s fine, this course can be studied anywhere and is completed by submitting Tutor marked assignments (TMAs).

Please check our FAQs section or Contact Us, we are happy to answer any questions you have.