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.
As we close the books on 2006, we are again pleased to extend assistance to very-low-, low- and moderate-income individuals and families including homeless, children, frail elderly and the physically and mentally disabled through our popular Affordable Housing Program," said John R.
Shedlarz: This was especially time-constrained because we had to close the books three weeks after closing on the transaction.
As we close the books on our fiscal 2005 fourth quarter, I am pleased with our return to sequential quarterly growth," said Robert G.
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.
During the preparation of the financial statements, it became apparent that Alstyle's procedures to close the books in accordance with its past practices were deficient, especially when compared to the Company's procedures for closing the books in a timely manner.
s Auburn Hills division now can close the books in two days, it's working on closing them in fewer hours, with fewer resources.
These forward-looking statements are based upon our assumptions about and assessment of the future, which may or may not prove true, and involve a number of risks and uncertainties including, but not limited to, our not discovering any unexpected expenses or revenue recognition issues as we close the books for the quarter, our confirmation of the accounting at our German subsidiaries, and there being no change in our assessment of our reserves for product returns and obsolete inventory as well as other risk factors detailed in the company's Form 8K, 10K, 10Q, and other filings with the Securities and Exchange Commission.
We look forward to working with them in preparing an integrated corporate communications plan for our brands as we prepare to close the books on an event-filled and successful fiscal year 2004 and enter a promising 2005.