You all seem a friendly bunch here. However, I suspect I may be one of the odd ones out insofar as I am not a professional bookkeeper or accountant... well not just yet.
Accountancy is a second career for me having come from a legal/publishing background. At the moment I am working through my ACCA papers and trying to build up practical experience. Boy o boy, does ACCA leave you unprepared for the real world of bookkeeping! I appreciate, that is not what ACCA sets out to do, but it is a tad depressing when every entry level position expects you to have a good grasp of book-keeping which is not covered in the syllabus. Rant over! Anyway, I am on a quest to solve the "no experience > no job > no experience" conundrum.
At the moment I am grappling with Sage Line 50. After completing a course which I believe covers all the basics (sales ledger, purchase ledger, bank transactions) I am currently on a work experience programme run by a local firm. Even with their best intentions, I feel that Sage retains a list of unresolved mysteries and thet list keeps growing with every new thing that I do.
As you would imagine, like anyone at the start of their new/career, I am keen to be very good at what I do and most importantly, understand what I am doing wrong. I hope you may see my future queries and questions in that light.
Did you get exemption from paper F3 when you moved on to ACCA as bookkeeping is covered under that paper.
I know that one or two people that I know have had issues caused by taking exemptions from F2 and F3 (and to a lesser extent F1 but such does not really hit there until one takes P1).
If your setting up a self employed bookkeeper don't forget to keep an eye on your services offered by comparrison to ACCA regulation 8 which severly restricts the services that you can offer.
How far are you through them by the way? How did your results go from the June sitting?
Look forwards to chatting and any ACCA help as well as bookkeeping don't hesitate to ask.
Oh, and there are lots of students and those aspiring to a career change on the site as well so don't feel that you are the odd one out here. You are going to fit right in no problems.
Cheers from the sunny Midlands,
all the best,
Shaun.
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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.
I've just completed F5; passed with 75%. Pass rate was higher this session I believe. Anyway, I am chuffed.
I didn't claim any exemptions and therefore sat each of the papers from F1 to F4 averaging over 80%. I do not know whether that is indicative of a decent understanding of double entry bookkeeping. But I am perfectly sure that I am far, far below 80% on the scale that measures good book-keepers. Sage drives me potty! That is partly I suspect I am told to do things in my work experience without the explanations of why.
Perhaps I am being overly idealistic about things Shaun, but I just thought, understanding things from the ground up would put me in good stead as I progress through my career.
Thanks for the heads up re Regulation 8. I have no plans to set up on my own. I am just keen to learn good accounting practices and tie it in with my academic learning. Next step for me would be to secure an entry level accountancy position.
I am sure that my relative inexperience will provide plenty of opportunities chat.
BTW, are there any good books that cover Sage 50 that you can recommend?
I've managed so far to run the practice without it so it's one of the few subjects that I cannot advise a good book on.
Something like VT Transaction+ is far closer to the principles of bookkeeping but of course with Sage being the market leader sometimes one has no choice but to use that product.
Your idealistic stance is to be commended and it should be encouraged or indeed enforced for all students of the subject matter. Personally I just do not see how people can use software if they do not understand what is happening under the hood.
The way that I learnt VT was by knowing what I was inputting, where I expected it to appear and when it didn't figuring out why it had disappeared off where it did.
Maybe that's the way to pick up any software. To know what you want and then try to figure out why the software isn't playing ball.
As for books for Sage, although it's not pevculiar to Sage you could try Computerised Bookkeeping by Dr. Peter Marshall that includes ICB, IAB and OCR exams which are perfect for practicing Sage.
You could also buy the computerised exams from the ICB for levels II and III... I think that anyone can buy them rather than just members but you may need to confirm that.
Note that the Peter Marshall book includes the stock answers for all exams EXCEPT the ICB's for which it only gives the questions.
Congratulations on F5. SOunds as though you are doing fantastically well.
When I did F3 it was still paper 1.1 and it is possible that there may now be less emphasis on double entry than there was back in the dark ages.
kind regards,
Shaun.
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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.
