Meaning & use
close the books
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Meanings
phraseidiombusinessfinance
To finish recording all financial transactions for a particular period, so that the accounts are complete and can be reviewed.
Grammar: Used as a verb phrase. It is usually intransitive but can take an object: 'close the books for the year.' The past tense is 'closed the books.'
Patterns
- close the books for something
- close the books on something
- close the books at the end of something
We need to close the books for the quarter by next Friday.
The accountant closed the books on the fiscal year and prepared the reports.
After closing the books, they found a small error in the records.
phraseidiombusinessfigurative
To stop doing business or to end an activity permanently, especially after a final settlement.
Grammar: Often used with 'on': 'close the books on something.' It can be used figuratively for ending any project or matter.
Patterns
- close the books on something
The company decided to close the books on the failed project and move on.
After years of losses, they finally closed the books on the old factory.
Word forms
| third person singular | closes the books |
|---|---|
| past tense | closed the books |
| past participle | closed the books |
| present participle | closing the books |
Common combinations
- close the books for the year
- The finance team will close the books for the year at the end of December.
- close the books on the quarter
- We close the books on the quarter next week, so send your receipts now.
- close the books early
- They decided to close the books early to meet the deadline.
- the books are closed
- Once the books are closed, no more changes can be made.
Synonyms and how they differ
- balance the books
- This means making sure that income and spending are equal; 'close the books' is about finishing the accounting period, not necessarily balancing.
- settle the accounts
- This focuses on paying what is owed; 'close the books' focuses on completing the records.
Opposites
Word family
- bookkeeping noun
- The activity of recording financial transactions.
- bookkeeper noun
- A person who records financial transactions.
Commonly confused: close the books or cook the books?
close the books vs cook the books
This means to falsify financial records illegally; 'close the books' is a normal, legal accounting procedure.
Practice
At the end of each month, the accounting department ______ the books to prepare financial statements.
Choose one answer.
The correct answer is 'closes' because the subject 'department' is singular and the sentence describes a regular routine. 'Close' would be used with a plural subject, e.g., 'They close the books.'
Make it your own
Write a sentence using “close the books”, then check it and compare it with the examples above.