RPL POLICY
RECOGNITION OF PRIOR LEARNING POLICY : At APA we recognise the fact that most of the Theory Bookkeeping and Accounting taught on other courses is relevant to the work place. However, we observe that it falls short in some critical areas, which is the reason why we designed our Theory for Practical Bookkeeping and Accounting. Examples of weaknesses we address are classified and explained below.
Its on the basis of these weakness that we don’t offer exemptions in the Theory, Manual and Excel Bookkeeping. Its Computerised Bookkeeping where it’s easier to offer an exemption but to be on the safe side, to confirm they can do it, they simply write the practical examination to eliminate any doubt.
To recognise completion of any other theory course, we award the Diploma in Practical Bookkeeping, on successful completion of the Manual, Excel and Computerised Bookkeeping.
Below are the weaknesses we address on our course.
1. Completeness and Practicality
1.A Complete Recording Model. From Opening Balances and Reversals, to Income and Receipts, Purchases and Payments, Pre-Vat Submission, Post - Vat Tasks, Creditor’s and Debtor’s Ledgers, upto Periodic Reports. There are No Gaps.
2.The Classification and Filing of Source Documents, including Completeness Checks.
3.The phasing of the recording process into Pre and Post Vat, to cater for the tight Vat Submission deadlines.
4.The recording of Computed Wage figures and Wage Creditor Payments.
5.The recording for Agency Collections, Deductions, and Submissions.
6.The integration of Disallowed Expenses into the Bookkeeping process.
7.The replacement of Transactions with Documents, used for practice. Experience is acquired when converting documents into transactions, before recording.
8.The re-numbering of Purchases and Payments documents for Uniformity and Identity.
9.Document numbers replace folio numbers, which are required for Auditing and Taxation.
10.A 4 Stage Bank Reconciliation process based on double entry, plus the Credit Card, Loan and Cash Reconciliations.
11.The two reconciliations in the Creditors Ledger. One is against the Control Account and the second is against Supplier Statements.
12.Trial Balance weaknesses addressed by alternative Verification Methods which include; Vat Verification; Reconciliations for Cash, Loan, and Credit Card; Periodic Trial Balance Comparison; and Periodic Performance Comparison.
13.An extensive list of Periodic Reports which include; Vat Return, Detailed Vat Report, Period and Cummulative Trial Balances, Cash and Bank Reconciliation plus Summaries, Debtors and Creditors Outstanding, Aged Analysis, Profit and Loss Account, Periodic Performance Comparison, plus Balance Sheet.
14.A Periodic Tasks Checklist which guides to ensure all periodic tasks are carried out.
15.Post Year Treatment for Prepayments, Advance Income, Accruals, Income Reserve, and Opening Stock. We also provide guidance on how to compute them.
16.Yearend Banking Reversals to ensure the balance matches with the last Bank Statement.
17.Accounting Schedules which support the Notes to Financial Statements.
18.Cross Referencing which indicates the various sources of figures, among the yearend reports.
19.The Yearend Checklist which guides to ensure all yearend tasks are carried out.
2. Efficient Procedures
Working procedures are modernised but inefficient procedures are still taught in the 21st Century.
20.Subsidiary books are eliminated to save time. Credit transactions are recorded straight onto Control Accounts, which are then posted to the Debtor’s and Creditor’s ledgers.
21.Recording straight from a Bank Statement as the main source document for Bank transactions.It saves time.
22.The Extended Trial Balance replaced by the Pre, Post Vat, Period and Cumulative Trial Balances to ensure that errors are captured momentarily. As opposed to a single and lengthy error search at the period end.
3. Tax Compliance
23.The Vat Accounts are modified to facilitate the preparation of Detailed Manual Vat Reports.
24.Vat Management is extensive including the Vat Fraction, Reporting Options, Detailed Vat Reports, Vat Payable Account, Verification, Vat Return Preparation, Approval, Submission, Transfers, Vat Payments and Refunds, plus Penalties.
25.Disallowed Expenses are handled as part of Bookkeeping.
26.Goods and Service Drawings are treated as a Sale, including Vat where appropriate.
27.Our Final Accounts structure follows the Self Assessment layout. On completion, the figures are just copied onto the Self Assessment form for Tax Reporting.
4. Software Orientation
28.The Chart of Accounts is the basis of hundreds of accounts used in software. This eliminates the cashbook, petty cashbook, and introduces accounts like the Cheque Receipts and Electronic Receipts.
29.Vertical Accounts replace horizontal accounts. Getting used to this layout prepares for Excel and Computerised accounts.
30.Pre Vat, Post Vat, Period and Cumulative Trial Balances are taught since they are found to be necessary.
5. Excel Accounting
This may be the only course integrating comprehensive Excel formatting. They learn how to create an Excel based software for Bookkeeping and Accounting. Its programming in the simplest form, and a manifestation of a deeper understanding of Bookkeeping and Accounting.
Excel is one tool which Bookkeepers and Accountants can’t do without. Its cheap to buy, and a very fast recording tool for Sole Traders, Partnerships, and Limited Companies. It can even do double entry with the “If Function”. Any report a software can’t prepare, we resort to Excel.
6. Examinations
Just like the work environment, Practical Bookkeeping examinations are based on documents. From a complete business scenario, they start with opening balances, record Income and Receipts, Purchases and Payments, Wages, Loans, Credit Cards, plus Banking documents. Verify the records, Prepare Vat and other Periodic Reports. And all this is assessed in one examination. This is what determines their Level of Competence.
The Practical Accounting examination provides a Trial Balance and Yearend Adjustments. It requires a Final Trial Balance, Notes to Financial Statements, Supporting Reports (Cross Referencing), and ends with the Financial Statements.