Period Close

Definition

The frantic end-of-month or end-of-quarter scramble where accountants rush to record all transactions and reconcile everything—accounting's version of a deadline panic.

Example Usage

During period close, everyone is making journal entries at 11 p.m. on the last day of the month.

Origin

Accounting practice terminology from 20th-century manual accounting era

Fun Fact

Modern companies use automated systems to close periods faster, but it still takes days for larger organizations.

Source: Standard accounting practice

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