Shadowing Practice: Chart of accounts | Odoo Accounting - Learn English Speaking with Video
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Hi, dear Odoo-ers, and welcome to this video on the chart of accounts.
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A chart of accounts is simply a list of all the accounts that a business uses to keep its records organized.
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Accounting software groups these accounts by their type, and while the names of those types might vary slightly from one software to another, they're generally similar.
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In Odoo, all account types are categorized according to the financial report to which they belong.
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Let's look first at the accounts that appear on the balance sheet.
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Equity accounts represent the financial ownership of a company.
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So these are used for shareholder accounts and retained earnings.
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Assets are what the company owns and can be categorized into subtypes like bank and cash accounts, current assets like accounts receivable,
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and fixed assets like property equipment and company vehicles, etc. etc. Liabilities are obligations a company owes,
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such as accounts payable, short and long-term loans, etc. And then for the profit and loss report, we have our income and expense accounts.
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Income accounts are where a company keeps track of the revenue coming in from its sales.
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And by using multiple income accounts, companies can track income from different sales channels or from different product categories to have a more detailed understanding of their revenue.
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Similarly, expense accounts are where a company keeps track of its expenses, whether that's due to external purchases, inventory loss, or internal expenses.
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Let's take a look at it in our Bloom database.
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So we'll open the accounting app and go to Configuration and Chart of Accounts.
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Now there are a few things to keep in mind about the charts of accounts.
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First, the chart of accounts can look slightly different depending on which fiscal localization a company uses.
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That's because the typical chart of accounts in Canada, for example, is different from the chart of accounts from Belgium, like we see here.
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However, a database may use a multi-company feature.
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It is possible to have multiple charts of accounts in one database, but there can only be one chart of accounts per company.
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But the same account can be mapped and belong to multiple companies, and accounts from multiple companies can be merged into one.
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Check out our multi-company and branch management video for more information on that.
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Within each company's chart of accounts, each account must have a unique code, a name, a type, and if it allows reconciliation.
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This enables the reconciliation of journal items that hit this account with open bank transactions.
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So now if we want to create a new account to track the income that we're receiving from our sales in Canada, we can go to our existing income accounts
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because the best way to create a new account is to duplicate an existing similar one.
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So in our case we'll take the 700 700 non-EU sales account.
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So we'll select that and go to actions duplicate and then we want to change this account name.
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So we'll click into it to open the account and we'll leave it as non-EU sales but then Call it Canada there.
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And note that Odoo automatically updated the code to ensure that it's unique.
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So here on the form view, we have additional options that weren't visible in the list view,
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such as the fiscal category and whether the account is active or not.
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One important thing to point out is that if no currency is specified on an account, it can be used with any currency.
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And if an account is managed in a different currency than the company's main currency,
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Odoo stores the foreign currency amount and then converts it into the company's currency for debit and credit purposes.
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Here in the Description tab, we'll update the account description to be Sales to Customers in Canada
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so that other users know when to use this account and select it on an invoice.
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So let's create an invoice to see what it looks like.
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We'll go back to our accounting dashboard
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and click on new in the sales journal
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and we'll select one of our Canadian customers like Garden D Canada
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and we can add a line
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because they want to buy some of our succulent arrangements
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so I'll add that and we'll see that the sales account here is starts as 700,000 and it's updated to 700,700.
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And then we can change it ourselves by clicking into it.
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And we see our new account here.
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And the description that we added earlier is visible here.
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So it helps us to select the correct one.
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Now, these accounts are all suggested because they're income accounts.
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But if we wanted to select another, we could simply click show more and select another account.
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But for now, we'll leave it as the 700701 non-EU Sales Canada account.
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Note that for vendor bills, it's the expense and fixed assets accounts that are proposed first.
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Now you know where to find the chart of accounts in Odoo
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and how to customize it to match your own chart of accounts.
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The chart of accounts is the foundation of many aspects of accounting, making it essential to set up correctly.
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Now we have that done, we can move on to the next topic.
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This has been your pal Dal, I'll see you in the next one.
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Vocabulary and speaking notes for this lesson
This C1 speaking lesson is built on the video “Chart of accounts”. The speaker keeps coming back to these words: account, chart, sales, income, currency. This video has 57 sentences and 890 words to shadow. The speech runs for 5:36. The speaker talks at a natural 159 words per minute, close to everyday conversation. 86% of the words are among the 3,000 most common in English; the rest is worth studying before you start.
Key vocabulary in this video
The 15 most advanced words in the video, with pronunciation and meaning:
| Word | Pronunciation | Meaning |
|---|---|---|
| categorize verb | /ˈkætɪɡəˌɹaɪz/ | To assign a category; to divide into classes. |
| invoice noun | /ˈɪnˌvɔɪs/ | A bill; a commercial document issued by a seller to a buyer indicating the products, quantities and agreed prices for products or services that the seller has… |
| duplicate verb | /ˈd(j)uː.plɪˌkeɪt/ | To make a copy of. |
| reconciliation noun | /ˌɹɛkənˌsɪliˈeɪʃ(ə)n/ | The re-establishment of friendly relations; conciliation, rapprochement. |
| customize verb | /ˈkʌs.tə.maɪ̯z/ | To build or alter according to personal preferences or specifications. |
| dashboard noun | /ˈdæʃˌboɹd/ | A panel beneath the windshield of a vehicle or aircraft containing indicator gauges, compartments, and sometimes controls and indicator lights. |
| localization noun | /ˌloʊkəlɪˈzeɪʃən/ | The act of localizing. |
| payable adjective | /ˈpeɪəbl̩/ | Due to be paid. |
| receivable adjective | Capable of being received, especially of a debt, from the perspective of the creditor. | |
| subtype noun | A group of specific things within a larger, more general group. | |
| succulent adjective | /ˈsʌkjələnt/ | Juicy or lush. |
| debit noun | /ˈdɛb.ɪt/ | In bookkeeping, an entry in the left hand column of an account. |
| shareholder noun | /ˈʃɛəˌhəʊl.də(ɹ)/ | One who owns shares of stock in a corporation. |
| merge verb | /mɝd͡ʒ/ | To combine into a whole. |
| specify verb | /ˈspɛs.əˌfaɪ/ | To state explicitly, or in detail, or as a condition. |
Phrasal verbs you will hear
| Word | Pronunciation | Meaning |
|---|---|---|
| check out verb | To record the departure or withdrawal of someone or something (such as guests, employees, books, etc.). | |
| go back to verb | To stem from; to originate in. | |
| point out verb | To identify among a group of similar subjects, or in a scene where the subject might not be readily seen or noticed, with a gesture of the body. | |
| set up verb | /ˌsɛt ˈʌp/ | To make ready for use. |
Pronunciation to watch
The speaker uses 16 contractions and reduced forms, such as we'll, I'll, they're. Say them the short way, as you hear them.
- The “sh” and “zh” sounds: reconciliation /ˌɹɛkənˌsɪliˈeɪʃ(ə)n/, dashboard /ˈdæʃˌboɹd/, localization /ˌloʊkəlɪˈzeɪʃən/, shareholder /ˈʃɛəˌhəʊl.də(ɹ)/, obligation /ˌɑ.blɪˈɡeɪ.ʃn̩/
- Long words — get the stress right: categorize /ˈkætɪɡəˌɹaɪz/, reconciliation /ˌɹɛkənˌsɪliˈeɪʃ(ə)n/, localization /ˌloʊkəlɪˈzeɪʃən/
How to practise with this video
- Listen to the whole video once without speaking and note the words you do not know.
- Start at 0.75× speed, shadow it sentence by sentence, then go back to normal speed once it feels easy.
- Record yourself and compare with the original, paying attention to words like categorize, invoice, duplicate.
What is the Shadowing Technique?
Shadowing is a science-backed language learning technique originally developed for professional interpreter training and popularized by polyglot Dr. Alexander Arguelles. The method is simple but powerful: you listen to native English audio and immediately repeat it out loud — like a shadow following the speaker with just a 1–2 second delay. Unlike passive listening or grammar drills, shadowing forces your brain and mouth muscles to simultaneously process and reproduce real speech patterns. Research shows it significantly improves pronunciation accuracy, intonation, rhythm, connected speech, listening comprehension, and speaking fluency — making it one of the most effective methods for IELTS Speaking preparation and real-world English communication.