शैडोइंग अभ्यास: Day-to-Day English Vocabulary for Accountants (Free PDF Download) - YouTube के साथ अंग्रेजी बोलना सीखें

In today's class, we're going to go through the vocabulary and the day-to-day phrases you'll need as an accountant.

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In today's class, we're going to go through the vocabulary and the day-to-day phrases you'll need as an accountant.

So we start off with some basic terms,

but as we progress through the lesson,

these terms are going to become more and more advanced.

So even if you are an advanced student,

watch until the end because you will definitely get a lot of value out of this class.

So let's start off by seeing how the information gets into the general ledger and then look at some common phrases.

So our first term is the general ledger.

So the general ledger is the word we use to call the database where financial information is recorded.

In some cases people refer to the general ledger as the system.

I hear my students call this the wrong name all the time.

They say balance, but it's not correct.

The right term is general ledger.

So the first way information is put into the general ledger is by the accounts payable team

or AP as we often refer to them, and they record invoices.

So when we want to talk about supplier invoices,

we use the verbs record, enter, or post.

So we can say the AP team record the invoices in the system.

Just note the preposition in,

we use in when we are talking about recording information in the GL.

Okay, in this case, I could also say the AP team record invoices in the system.

As I mentioned previously, sometimes refer to the general ledger as the system.

The second way information gets into the general ledger is through the accounts receivable team or AR.

So when we want to talk about customer or client's invoices,

we use the verbs raise, issue or create.

You notice that the verbs I use for accounts receivable are different to accounts payable.

So we can say the AR team raise invoices in the GL.

So accounts payable and accounts receivable do a lot more than just dealing with invoices.

If you want me to do a specific class just on accounts payable or accounts receivable,

type in the comments AR or AP and I'll make a video about that as well.

Our third way information gets into the system is when the accountants post general journals.

So general journals are those manual transactions that we put into the general ledger

or the automatic journals when we run depreciation and amortization.

So the verbs we use with general journals are record,

post, do, put, or recognize.

For example, accountants record general journals in the GL.

We also hear general journals being called journal entries.

Now that we've talked about the inputs,

let's start to look at some of the outputs or reports that we get from the general ledger.

So when we talk about extracting reports,

the verbs we use are run,

which is the most common one, extract, and produce.

For example, someone in your organization may ask,

can you run the trial balance for me?

And that brings us to our first report, the trial balance.

So the trial balance is the report that shows all the account names

and account codes with their ending balance in the general ledger.

It's fairly detailed and it's the report that is requested by the auditors.

This is generally used by only the finance team and the auditors.

If you're implementing a system in your company,

this is the report that you would upload into your new system also.

The next set of reports are the financial statements.

The word financial statements refers to the four major reports that are included inside.

So the names of the four reports can vary depending on the accounting standards your company adopts,

whether it's IFRS or US GAAP.

The names I've included here are the names we use on a day-to-day basis.

So the first one is the profit and loss,

but it can be called the income statement,

statement of comprehensive income, but it's mostly referred to as the P&L.

This is the report that shows all the income and expenses for the period and the profit or loss at the end.

Our second report is the balance sheet or statement of financial position.

And it contains all the assets, liabilities and owner's equity.

Our third report is the cash flow statement or statement of cash flows.

And this shows all the cash flows during the period.

the fourth report is the statement of changes in equity

or some companies call it statement of stockholders equity

and it basically shows the detailed changes in the equity account

things like retained earnings any new capital that's been injected changes in the reserves

or dividends paid this report doesn't get a lot of discussion

during the year generally at the end of the year

when we're producing the financial reports so this slide summarizes all the ways information gets in and out of the general ledger,

the big nouns you need to know, and their relevant verbs.

You can download this in the link in the description below.

In this next section, we're going to be looking at the vocabulary and the structures you'll need to talk about accounting transactions.

So if there is a general journal to be recorded,

you'll be able to explain the impact on the general ledger.

Let's imagine we raise a sales invoice for $1,000

and you need to explain to someone in your company how the transaction will be recorded.

The most common way to say the transaction is by following this formula.

We say the subject plus the debit plus the account,

the value, the credit plus the account plus the value.

So if we were speaking in the past,

I would say we debited accounts receivable 1000 and credited sales 1000.

So debit and credit are both verbs here.

Depending on the situation, you may use the present or future tense,

which you can see here.

In our next scenario, we make a mistake or we want to undo what we did previously.

The verb we use is reverse,

and we can use it as a verb.

So I could say, I reverse the journal,

an adjective, I do a reversing journal,

or a noun, I do a reversal of the journal.

Here we will look at some specific verbs for provisions and accruals.

You can use the vocabulary in the previous section,

but it's good to understand this vocabulary as well,

as you'll hear it often.

If we want to talk about the movement of an accrual or a provision of $1,000,

we can say we increased the accrual or provision by $1,000.

We reduced the accrual or provision by $1,000.

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We made an accrual or a provision of $1,000.

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We accrued $1,000.

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So we can see here that accrue is a verb also.

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What if we wanted to say we'll make the balance of the accrual or provision a specific amount,

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which is different to the previous examples where we were talking about a transaction.

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We'll use the following phrases.

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We top up the accrual or provision account to $5,000.

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In the past, we would say topped up.

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It's a regular verb.

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Or we could say we true up the accrual or provision to $5,000.

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In the past, we say trued up.

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It's also a regular verb.

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If we want to reduce the accrual or provision account by $100 each month,

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the verbs we can use are we unwind the accrual

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or provision each month by $100 or we release $100 each month from the accrual or provision account.

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On this slide, we have a summary of everything we talked about and all the nouns and their respective verbs.

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This also can be downloaded from the PDF in the link in the comments section.

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In the final section of this video,

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I've put together a list of the major responsibilities these accountants have.

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So if anyone asks you what you do,

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you can just pull some phrases from this part here.

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Just make sure you're paying attention to the verb noun combination.

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So if someone asks you what you do specifically,

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you could say, I maintain the integrity of the general ledger.

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And the way I do that is I reconcile accounts by matching,

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tying, verifying, supporting documentation to the general ledger.

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I look for big variances in the P&L and I investigate them.

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You'll notice here I've put in all the verbs in green and I'm putting the nouns with an underline.

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So always make sure you've got the right combinations there.

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You could also say I consolidate the results of our various entities.

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I run the end of month process.

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Generally in business when we're talking about running in relation to responsibilities it means

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that you're kind of the owner of that process.

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You could also say I report the results to management

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and statutory authorities or if you're talking about the external audit process if you're just helping,

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you would say I assist with the external audit process.

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But if you're the person that's in charge,

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you're the main person responsible,

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you would say I run the external audit process.

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If you're working taxes, you could also say I prepare or do the income tax return.

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Well, I hope you enjoyed the lesson today.

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If you did, please hit the like button,

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subscribe if you haven't already,

143

and share with any of your other accountant friends.

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If you have any questions or if I miss something,

145

please feel free to write in the comments and I'll get back to you as soon as I can.

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शैडोइंग अभ्यास: Day-to-Day English Vocabulary for Accountants (Free PDF Download) - YouTube के साथ अंग्रेजी बोलना सीखें

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