Closed Account Definition for Other folks, Institutions

Closed Account Definition for Other folks, Institutions

What Is a Closed Account? A closed account is any account that has been deactivated or otherwise terminated, either by the customer, custodian or counterparty. At this stage, no further credits and debits can be added. In accounting, a closed account—or closing entry—refers to the annual process of shifting data from temporary accounts on the income statement to permanent accounts on