close the books

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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 classic literature ?
"Why have you kept away from me, Robert?" she asked, closing the book that lay open upon the table.
"There you have it, Hump," he said, closing the book upon his finger and looking up at me.
Franklin Blake'--there's no meaning in the English language!" said Betteredge, closing the book with a bang, and getting one of his hands free at last to take the hand which I offered him.
To accomplish closing the books, voters approved reducing the amount available to the School Department by $109,898.
Finance chiefs who were close to closing the books on new clients while the backlog was cleared have now come up with the cash to keep it running instead.
health insurer, restated earnings since 1994 to reduce them by $1.53 billion, closing the books on its accounting for backdated stock options.
Just as you have a well-defined process for closing the books on financials, so, too, should you have a structure for closing your books on internal control.
"The profitability of those firms will maintain their upward momentum in the second half of fiscal 1999, thereby securing a pretax profit gain of more than 10% in closing the books for the entire business year at the end of next March 31," Wako said.