I have experience in sales and purchase ledger and work for a company and I have passed AAT Intermidiate level and studying toward AAT technician level. I am starting bookkeeping business.
I am using moneysoft for payroll and VT cash book for bookkeeing. I am bit confused about bank Rec, please correct me if I am wrong
1. I separate all invoices shown on Bank statement and process them. 2. Process all other invoices as cash payment. 3. I do not enter bank receipts and only enter total sales (which includes bank deposits) 4. Can I continue to process data like this or show bank deposits separately.
before giving any technical advice, you are not covered for MLR from the AAT until you have a practicing certificate from them which will not be available until you are MAAT.
You need to have 12 months post qualification supervised experience via the AAT route in order to get MAAT status.
You can however buy MLR cover directly from HMRC. If you do not have it then you face two years imprisonment and an unlimited fine.
However, you will find it difficult to get PII cover without either a practicing certificate from a recognised body or at least two years practical experience.
Also, VT cashbook is what you would give to your clients, not what you would use for the bookkeeping (Which would be VT Transaction+ or VT Accounts which includes VT Transaction+).
The questions that you are asking are quite fundamental. You may wish to review your studies from AAT units 1-3 and then ask specific questions.
Good luck with your business,
kind regards,
Shaun.
-- Edited by Shamus on Sunday 11th of April 2010 02:00:02 PM
-- Edited by Shamus on Sunday 11th of April 2010 02:11:08 PM
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Thank you very much for your prompt reply. I have already applied for the registration of MLR through HMRC and also applied for AAT MIP. I can still be a member in practise while I am studying for AAT.
Actually, I started AAT from Intermidiate level and missed Fundamental level, secodly I never dealt with incomplete accounts. Anyway I go through these lessons again if AAT help line is not good enough.
Thank you very much for your prompt reply. I have already applied for the registration of MLR through HMRC and also applied for AAT MIP. I can still be a member in practise while I am studying for AAT.
Actually, I started AAT from Intermidiate level and missed Fundamental level, secodly I never dealt with incomplete accounts. Anyway I go through these lessons again if AAT help line is not good enough.
Thanks again and best regards
Just wondering what being AATMIP means to your business. As far as I can find out from the AAT becoming part of the MIP as a student doesn't actually lead to any benefits as you still can't advertise any affiliation with the AAT unless you become a full member.
I am studying AAT Tech level myself and I am not aware it is possible to become a MIP without being fully qualified and providing the correct work experience to the AAT for each service you wish to offer.
I think if you have skipped foundation level and are wanting to start a business, I would at least get the books for that level and familiarise myself with them before I started up.
I am studying AAT Tech level myself and I am not aware it is possible to become a MIP without being fully qualified and providing the correct work experience to the AAT for each service you wish to offer.
I think if you have skipped foundation level and are wanting to start a business, I would at least get the books for that level and familiarise myself with them before I started up.
Best of Luck
If you look hard enough and play the podcast backwards at 45rpm the AAT tell you that you can gain MIP status as a student but not recieve any benefit from it (that I can see), it appears to be something that they don't have a lot of info on.
It does as you say appear to be more something that you would do once you have acquired MAAT status.
This then begs the question why offer it to students as I can't find anywhere that states the benefits.
Oooh must be a new thingy that then and somewhat pointless as you say. Unless you use it to show you are a student, I suppose its better than just saying you are one if you get some letters or something official.
Oooh must be a new thingy that then and somewhat pointless as you say. Unless you use it to show you are a student, I suppose its better than just saying you are one if you get some letters or something official.
Except as a student you still aren't allowed to affiliate yourself \o/
I'm off out but I may look into this further when I get back
You can register as an MIP without being fully qualified, you aren't allowed to advertise using the AAT logo and they have to approve you for each thing you wish to practice at.
I suppose it might speed up the MAAT status when you have qualified but I am struggling to see the benefit of it to be honest.
Isn't it that as an AAT student you are not allowed to practice unless you register that you are practicing with the AAT?
Unfortunately I'm just guessing as so much is hidden on the AAT site that you have to be a member in order to view.
However, it does seem to make sense that they want to keep tabs on what everyone is doing.
Would mean that there are absolutely no advantages to Raja apart from that without it he may be in breach of his terms and conditions of membership.
As I say though, just guessing and it really needs for Raja to check the institutes bye laws which should clarify the situation.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
While you are studying for your AAT qualification, you can set up in practice. However, certain restrictions apply until you become a full member:
You may not advertise in connection with the AAT.
You must only undertake work within your competence and seek professional advice where necessary.
You must abide by the our Guidelines on Professional Ethics.
You are strongly advised to take out professional indemnity insurance.
Thats what it says concerning students.
What does member in practice' mean? If you're an AAT full or fellow member offering accountancy, taxation or related consultancy services to the public in the UK or Channel Islands, you must become an AAT member in practice.
and
Why does the AAT operate a MIP scheme?
If you're working for yourself, it's vital that your clients have the utmost confidence in you and the services you offer.
Our member in practice scheme enables us to:
regulate all full and fellow members who are in practice
provide tailored support to members in practice
demonstrate to the public and the industry that you're competent, highly trained, and committed to high standards of ethics and professionalism.
First of all I admit that I did not provide enough information about my experience because I was bit shy to ask a very basic Question. I have solely handled a cash & carry's account ( Turnover
