In many cases, the phrase is used in relation to something the speaker feels is unpleasant. For instance, a person may decide to close the book on a troubled relationship. Likewise, a person might use this phrase in relation to an unpleasant period in his life. For instance, if a person has spent several years struggling financially and then finally has more money and fewer bills, he may state that he is closing the book on the past unpleasantness as he moves toward a more promising future.
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If you close your books, be prepared to see inaccuracies in the standard reports. On the other hand, you will see current-period income and expense figures in the chart of accounts.