Closed Account

1. A bank or charge account that has been terminated.

2. In accounting, General Ledger account that has been prepared for the next year by closing off the previous year's amount. See also Closing Entry.

A detailed statement of the mutual debit and credit demands between parties to which no further changes can be made on either side.

A closed account is distinguishable from an account stated, which remains open for the purposes of adjustment and set-off.