I have an Associate CB.Cert membership with the ICB and I have applied for a bookkeeping position with a private limited company and they have come back and asked if I can produce the following reports:
1. Profit and Loss Statement monthly
2. Cash Flow monthly
3. Budget monthly
4. VAT Return
I know how to produce these reports but my question is are all these reports within my membership qualification? I am sure 2-3 are ok but not sure about the Monthly Profit and Loss Statement, does this come under 'drafting final accounts for Ltd companies''? Also does it make any difference if it is an employed position rather than self employed?
I would really appreciate any feedback as I can't find an answer on the ICB's website and would like to get it straight before I reply.
I think that unlike self employment if you are going to be an employee and your ICB membership gets in the way of things that you can do then simply dump the ICB membership. (You have to date reached AICB which you could soon retake for the cost of the exams if ever you needed it back again).
On a self employed basis, regardless of the ICB position on the matter, unless you have prior verifiable experience in these areas you would hit issues with your PII that only covers you for work that you are deemed qualified and / or experienced to perform and AICB is really only going through to trial balance (the VAT return should be ok regardless).
Congratulations on getting a job offer Jill and good luck with the position.
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.
I have an Associate CB.Cert membership with the ICB and I have applied for a bookkeeping position with a private limited company and they have come back and asked if I can produce the following reports:
1. Profit and Loss Statement monthly
2. Cash Flow monthly
3. Budget monthly
4. VAT Return
I know how to produce these reports but my question is are all these reports within my membership qualification? I am sure 2-3 are ok but not sure about the Monthly Profit and Loss Statement, does this come under 'drafting final accounts for Ltd companies''? Also does it make any difference if it is an employed position rather than self employed?
I would really appreciate any feedback as I can't find an answer on the ICB's website and would like to get it straight before I reply.
Thanks
Jill
You're not doing the final accounts - only monthly so I think you should be ok.
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Never buy black socks from a normal shop. They shaft you every time.
but, whilst there will be AICB's able to do this due to other studies and / or experience if you only had ICB then the ICB states that you must only perform for payment any task that you are qualified to undertake and AICB does not cover P&L for limited companies in any form (which does not come in until level III).
I think that really Jill should call the ICB to confirm but be prepared to stand down her membership if they do not give the right answer.
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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 will ring ICB tomorrow and get it all clarified but are you saying that I can not be employed as a bookkeeper and still hold my membership with ICB? I've still got 8 months left on my practice licence and membership so would have to think seriously about giving it up. On the other hand I could be earning an income as an employed bookkeeper or spend the next 8 months looking for enough work and not earning much of an income.
a couple of years ago I was offered a perfect job but the quite successful practice turned out to be run and owned by unqualified accountants. After checking with the ACCA I had to tell the employer that they were not qualified enough to employ me.
The choice was walk away from the ACCA or walk away from a regular income.
Its similar to your situation here which I'm keeping my fingers crossed that the ICB turn around and tell you that provided that the business also has an accountant overseeing, or at least able to oversee if required, your work then everything is fine.
kindest 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.
