The entrance criteria for this programme is Grade 10

Would you want to be an accountant or are you keen to provide necessary bookkeeping and accounting skills? There’s your chance!! You will acquire knowledge and practical skills in financial accounting, bookkeeping, corporate strategy, management accounting, reporting standards, financial management, research and tax revenue.

Colleges where you can study ICB Financial Accounting

Skills Academy                   Home Study College                  TWP Academy

Foundation Level

National Cetificate: Bookkeeping (NFQ L3 SAQA ID 58375, total credits120)

Duration: 12 months

Requiments:

  • Grade 10 (Std 8) or equivalent
  • No prior accounting knowledge needed
  • you must be at least 16 years old

Subjects:
1. Bookkeeping to Trial Balance (BKTB)
2. Payroll & Monthly SARS Returns (PMSR)
3. Computerised Bookkeeping (CPBK)
4. Business Literacy (BUSL)

What your job title can be
Junior Bookkeeping, Accounts Clerk, Reconciliation Clerk, Payroll Clerk, Accounts Payable/Receivable Clerk

What you will be able to do

Monthly bookkeeping to trial balance (manual and computerised); disclose profit and financial position; reconcile suppliers, inventory and bank statements; calculate PAYE/UIF/SDL; payroll tax and other deductions; EMP201, EMP501, IRP5, IRP6 and IT3a documents and VAT returns.

Intermediate Level

Further Education and Training Certificate: Bookkeeping (NQF L4 – SAQA ID 58376, total cumulative credits: 130)

Duration: +6 months

Requiments:

  • Successful completion of the previous learning areas (1-4) – i.e. hold the National Certificate: Bookkeeping.

Subjects:
5. Financial Statements (FNST)
6. Cost and Management Accounting (CMGT)

What your job title can be
Assistant Accountant, Senior Bookkeeper, Junior Accountant, Business Analyst, Financlal Services Officer, Credit Controller.

What you will be able to do

Monthly bookkeeping; asset disposal; year-end adjustments; International Financial Reporting Standards for SMMEs; branch accounts; incomplete records; analysis of financial statements; understand cash flow; basic cost and management accounts; prepare manufacturing accounts; costing and budgeting.

Upper Intermediate Level

National Diploma: Technical Financial Accounting (NQF L5 – SAQA ID 36213, total cumulative credits: 251)

Duration: +6 months

Requiments:

  • Successful completion of the previous learning areas (1-6) – i.e. hold the Further Education and Training Certificate: Bookkeeping.

Subjects:
7. Income Tax Returns (ITRT)
8. Business Law and Accounting Control (BLAC)

What your job title can be
Technical Financial Accountant, Financial Manager, Financial Services Manager, Accounting Technician, Tax Technician

What you will be able to do

Complete a full set of accounts for a financial year; support management in finance and accounting; become a SAIT tax practitioner (once you meet their requirements); know the ins and outs of accounting, taxation (individuals and companies), auditing and business law.

Advanced Level

National Diploma: Financial Accounting (NQF L6 – SAQA ID 20366, total cumulative credits: 280)

Duration: +12 months

Requiments:

  • Successful completion of the previous learning areas (1-8) – i.e. hold the National Diploma: Technical Financial Accounting NQF L5, or equivalent.

Subjects:
9. Corporate Strategy (CRPS)
10. Management Accounting Control Systems (MACS)
11. Financial Reporting and Regulatory Frameworks (FRRF)
12. Research Theory and Practice (by short dissertation; topic: Financial Accounting) (RTAP)

What your job title can be
Financial Accountant, Assistant Manager, Accounting Officer (via SAIBA, if you meet their criteria), Tax Consultant, Management Accountant, Tax Practitioner.

What you will be able to do
Compile annual financial statements; register with SAIBA as an Accounting Officer (once you meet their requirements); work with Chartered Accountants and Auditors; have a thorough knowledge of accounting theory and practice, corporate strategy and International Financial Reporting Standards.

What description you capture by financial accouting?

Financial accounting is a specialized branch of accounting that records the financial transactions of a company. the use of standardized rules means that the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.

Companies issue financial statements on a routine schedule. The statements are considered external because they are given to people outside of the company, the main beneficiaries are owners/stockholders, as well as a number of lenders. however If a company’s share are traded on a stockexchange, its financial statement (and other financial reports)  tend to be widely disseminated, and inforation will likely reach secondary beneficiaries such as competitors, customers, employees, labor organizations and investment analysts.

It’s important to acknowledge that the purpose of financial accounting is not to report the value of a business. Rather, the objective is to provide enough information for others to evaluate the value of a company for themselves.

One of the importance of financial accountants in a company is Review Financial Records and Transactions, in smaller companies, financial accountants can complete physical transactions to the books and records. However, in most cases, other employees record transactions, during the review of these entries for accuracy and proper account posting by the financial accountant. the accountant will review the books and records to ensure they reflect the operating results of the organization just after checking the transactions made over few time period, . These accountants also organize company books and records in preparation for the annual outside audit of the organization. Read more on ICB here. 

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