Institute of Professional Bookkeepers of Canada IPBC Tiers – INTERN Tier info

Document date: December 08-17 Page 1 of 2

REQUIREMENTS FOR RECOGNITION AS AN INTERN BOOKKEEPER (TIER 2) EFFECTIVE DATE: January 01, 2018 (subject to change without notice)

INTERN BOOKKEEPER REQUIREMENTS (Note: for the IPBC Tiers, “years of experience” refers to full-time work equivalent over the course of one year, or 1,750 hours per year)

EDUCATIONAL Pathway (Formal Training)

EXPERIENCE Pathway (On-the-Job Training)

DESCRIPTION

Becoming an Intern Bookkeeper will enable you to obtain a second-stage bookkeeper role in an organization where you are supervised. • To obtain the Intern Bookkeeper title, you will require a

minimum of one consecutive year of cumulative Canadian bookkeeping experience gained through the Apprentice Tier as well as a minimum of one year of cumulative Canadian bookkeeping experience performing Intern level bookkeeping tasks.

• To obtain the Intern Bookkeeper title, you must have had at least one resource person who provided assistance, guidance and mentoring (i.e. Supervisor or Employer).

• To obtain the Intern Bookkeeper title, you must maintain at least one certification in an Accounting software program (at a User level when the software company offers this).

DESCRIPTION

Becoming an Intern Bookkeeper will enable you to obtain a second-stage bookkeeper role in an organization where you are supervised.

• To obtain the Intern Bookkeeper title, you will require a minimum of two consecutive years of cumulative Canadian bookkeeping experience performing both Apprentice and Intern level tasks, gained through on-the-job training.

• To obtain the Intern Bookkeeper title, you must have had at least one resource person who provided assistance, guidance and mentoring (i.e. Supervisor or Employer).

• To obtain the Intern Bookkeeper title, you must maintain at least one certification in an Accounting software program (at a User level when the software company offers this).

PREREQUISITE(S): Successful completion of the Apprentice Bookkeeper Tier requirements.

PREREQUISITE(S): Proven equivalency of the Apprentice Bookkeeper Tier requirements gained through on-the-job training and experience. (Apprentice Tier exam may be challenged).

INTERN BOOKKEEPER – KNOWLEDGE EXPECTATIONS (both Pathways): To complete the Intern Bookkeeper Tier, your knowledge level should include a theoretical understanding of the following bookkeeping topics - including, but not limited to:

• Assets: Tangible vs. Intangible – definition and purpose

• Accrual vs. Cash-Basis Accounting

• Control Accounts – definition, purpose and effect of Subledger postings

• Different ownership structures – definition and effect on Chart of Accounts

• Shareholder Loans – performing basic transactions for purchases and paybacks

• Accounts Payable & Accounts Receivable: Refunds and Credits – definition and processing

• Gift Cards/Gift Certificates – definition and basic understanding of process

• Inventory basics: ▪ Definitions of inventory methods

▪ Effects of buying and selling on the Chart of Accounts

▪ Basic transaction processing for buying and selling inventory items

▪ Bookkeeping for Back-Orders

▪ Adjustment entries resulting from an Inventory count or a customer return

• Payroll basics: ▪ Definition of basic Payroll terms

▪ Basic Payroll processing (EI, CPP and Tax deductions and Vacation Pay calculations/handling)

• Payroll Remittances – definition of Thresholds / processing a Remittance for a Regular Threshold

• GST/HST – processing of Remittances that do not require adjustments

• Bank Reconciliations – purpose of / processing of basic Bank Reconciliations / knowledge re: inability to reconcile

• General Journal – definition / purpose and examples of use

• General Ledger – definition / use of it as a resource

• Month-End basics tasks including: Bank Reconciliation reporting / entering of Prepaid Expenses

Institute of Professional Bookkeepers of Canada IPBC Tiers – INTERN Tier info

Document date: December 08-17 Page 2 of 2

• Balance Sheet – definition / purpose / process to create

• Income Statement – definition / purpose / process to create

Along with the above knowledge, you should be able to properly perform double-entry postings for Source Documents for all of the above, and be able to produce the following financial reports: Trial Balance, Balance Sheet and Income Statement.

Members at this level are expected to become aware of IPBC’s Continuing Education Credits (CEC’s) through such activities as attending local Regional meetings, IPBC webinars and the IPBC Conference.

The Intern Bookkeeper must follow the IPBC Code of Ethics and Professional Conduct.

INTERN BOOKKEEPER TIER TEST: Part of obtaining the IPBC Intern Bookkeeper title means you must take and pass the IPBC Intern Exam. This exam consists of 60 multiple-choice questions, with a time limit of 1.5 hours. The passing mark is 80%.

• If you do not pass the Intern exam on your 1st attempt, you must wait 1 month before taking it again.

• If you do not pass the Intern exam on your 2nd attempt, you must wait 3 months before taking it again.

INTERN BOOKKEEPER TIER TEST: Part of obtaining the IPBC Intern Bookkeeper title means you must take and pass the IPBC Intern Exam. This exam consists of 60 multiple-choice questions, with a time limit of 1.5 hours. The passing mark is 80%.

• If you do not pass the Intern exam on your 1st attempt, you must wait 1 month before taking it again.

• If you do not pass the Intern exam on your 2nd attempt, you must wait 3 months before taking it again.

INTERN TIER COMPLETION REQUIREMENTS: To obtain the Intern Bookkeeper title, you must:

• have a minimum of 2 years of cumulative Canadian bookkeeping experience that includes the duties of the Apprentice and Intern Tier levels, and

• pass the IPBC Intern Bookkeeper Exam, and

• provide an IPBC Intern Evaluation Form completed by your supervisor after 2 years of cumulative (Apprentice and Intern) Canadian work-experience. This Evaluation Form must be uploaded to your IPBC profile, and

• provide proof of a software certification, which must be uploaded to your IPBC profile, and

• have proof of Continuing Education Credits (CEC’s): there is a requirement of 5 CEC’s per year for the Intern, and it is your responsibility to maintain documented proof of these CEC’s and upload them to your IPBC profile.

INTERN TIER COMPLETION REQUIREMENTS: To obtain the Intern Bookkeeper title, you must:

• have a minimum of 2 years of cumulative Canadian bookkeeping experience that includes the duties of the Apprentice and Intern Tier levels, and

• pass IPBC’s Intern Bookkeeper Exam, and

• provide an IPBC Intern Evaluation Form completed by your supervisor after 2 years of cumulative (Apprentice and Intern) Canadian work-experience. This Evaluation Form must be uploaded to your IPBC profile, and

• provide proof of software certification, which must be uploaded to your IPBC profile, and

• have proof of Continuing Education Credits (CEC’s): there is a requirement of 5 CEC’s per year for the Intern, and it is your responsibility to maintain documented proof of these CEC’s and upload them to your IPBC profile.

PUBLIC SERVICES THE INTERN BOOKKEEPER CAN PROVIDE: IPBC strongly recommends that those who have successfully completed the Intern Bookkeeper Tier

not provide services to the public as a sole service provider. Services to the public by an Intern Bookkeeper should be done through their employer or company they contract to.

COST OF INTERN TIER: Upon achieving all of the Intern Bookkeeper Tier requirements, the annual cost of your

IPBC Intern Bookkeeper Membership will be $235 plus GST/HST.

The cost of the Intern Bookkeeper Tier exam the first time you take it is $150 plus GST/HST.

If you do not obtain a passing mark the first time you take the Intern Bookkeeper Tier exam, then subsequent exam(s) are $100 plus GST/HST.

BENEFITS TO BEING AN IPBC INTERN BOOKKEEPER: Benefits to being an IPBC Intern Bookkeeper include base Membership Benefits plus:

• Access to the IPBC Member Library and the IPBC logo

• Access to the IPBC website Career Centre

• Tiered webinar pricing & webinar library @ $9.95 per webinar plus GST/HST

• Option for semi-annual membership billing

• The Intern Bookkeeper Tier exam is not invigilated.