Definition, Meaning & Synonyms
close-the-books
verb
/kloʊz ði bʊks/
Definition
To finalize financial accounts at the end of a period, ensuring that no more transactions will be recorded for that time frame.
Examples
- The accountant will close the books at the end of the month.
- After we close the books, we will analyze our expenses and revenues.
- It’s crucial to close the books accurately to maintain financial integrity.
Meaning
This term is commonly used in accounting to indicate the process of preparing financial statements and reports after all financial activities have been accounted for during a specific period, typically at the end of a fiscal year or quarter.
Synonyms
- finalize accounts
- settle transactions
- wrap up finances
