close the books

close the books

1. To end a particular financial or accounting period. The business has already closed the books for this quarter.
2. To decide that a particular situation has ended; to conclude something; to stop considering something as an option. Mindy was our top candidate for the job, but we had to close the books on her when we learned that she had lied on her resume. I think it's time for me to close the books on this situation because I'm clearly never getting my money back.
See also: book, close

close the books

Stop financial transactions; end a matter. For example, The entire estate went at the auction, so we can close the books on it, or He was glad to close the books on this case.
See also: book, close

close the books

make no further entries at the end of an accounting period; cease trading.
See also: book, close
References in periodicals archive ?
The Joint Legislative Fiscal Committee has approved is dipping into the state's Rainy Day Fund for $80 million to close the books on the fiscal year that ended June 30.
To our knowledge, there is no specific tool on the market to help users of SAP solutions close the books in a faster and more controlled manner," said Jeremy Roche, CODA Group CEO, in an announcement.
This was a very exciting year for our industry and reaching an all-time record high in sales of $204 billion is a great way to close the books for year 2000.
FIVE YEARS AGO, it took Microsoft two weeks to close the books.
When we close the books on those, we'll work on this one.
Many people say why can't we just close the books on the past.
Depending on the circumstances, S corporations can make an election to close the books under Sec.
Shedlarz: This was especially time-constrained because we had to close the books three weeks after closing on the transaction.
For instance, Davenport's scorecard judges his finance and operations division in such areas as the number of days it takes to close the books at month's end, the cost of each meal the school serves, the turnover of the school's children's clothing inventory, the professional training the department offers its staff members (and how often the department teaches other employees about financial topics) and how satisfied Davenport's internal "customer s" are with his new regime.
s Auburn Hills division now can close the books in two days, it's working on closing them in fewer hours, with fewer resources.