Cortar las Cuentas

English translation: Close the accounts

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:Cortar las Cuentas
English translation:Close the accounts
Entered by: Carla Lorenzo del Castillo

10:38 Jan 13, 2015
Spanish to English translations [PRO]
Bus/Financial - Accounting
Spanish term or phrase: Cortar las Cuentas
Hello,

I'm translating a company's Articles of Association and I came up with this term. I do not know what it means in Spanish (it's Venezuelan Spanish) so I'm finding it hard to translate. Does anyone know what the term "cortar las cuentas" means?

A little context:

"El día treinta y uno del mes de diciembre de cada año se liquidarán y cortarán las cuentas y se procederá a la elaboración del balance correspondiente, pasándose dicho balance al Comisario con un mes de anticipación a la reunión de la Asamblea General de Accionistas."
Carla Lorenzo del Castillo
Spain
Local time: 09:49
Close the accounts
Explanation:
Going by the context of then preparing the balance sheet...

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Note added at 16 mins (2015-01-13 10:54:09 GMT)
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I think Oliver has misunderstood the verb "liquidar" in this context - here it means to "balance" the account, nothing to do with paying anything.

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Note added at 1 hr (2015-01-13 12:23:30 GMT)
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I think patinba is incorrect with "cut off", which is a purely administrative term for the submission of accounts - your text specifies 31st December, which is surely the closing date and not the cut-off date.
Selected response from:

Edward Tully
Local time: 10:49
Grading comment
Thanks!
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +4Close the accounts
Edward Tully
5cut off the accounts
patinba
4break-down of accounts
Andrew Bramhall


  

Answers


6 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
break-down of accounts


Explanation:
Don't see how it can be close when the accounts will be continuing until they are settled/paid which won't be by the end of the financial year.
"Accounts will be broken down and settled"- in other words, itemised and re-filed to make settlement of them clearer for the accounts department. That is my understanding.

Andrew Bramhall
United Kingdom
Local time: 09:49
Native speaker of: Native in EnglishEnglish
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2 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +4
Close the accounts


Explanation:
Going by the context of then preparing the balance sheet...

--------------------------------------------------
Note added at 16 mins (2015-01-13 10:54:09 GMT)
--------------------------------------------------

I think Oliver has misunderstood the verb "liquidar" in this context - here it means to "balance" the account, nothing to do with paying anything.

--------------------------------------------------
Note added at 1 hr (2015-01-13 12:23:30 GMT)
--------------------------------------------------

I think patinba is incorrect with "cut off", which is a purely administrative term for the submission of accounts - your text specifies 31st December, which is surely the closing date and not the cut-off date.

Edward Tully
Local time: 10:49
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 295
Grading comment
Thanks!

Peer comments on this answer (and responses from the answerer)
agree  Gisela Bocco
7 mins
  -> Many thanks Gisela! ;-)

agree  Bernadette Mora
17 mins
  -> Many thanks Bernadette! ;-)

agree  James A. Walsh
46 mins
  -> Many thanks James! ;-)

agree  James Peel
1 hr
  -> Many thanks! ;-)
Login to enter a peer comment (or grade)

1 hr   confidence: Answerer confidence 5/5
cut off the accounts


Explanation:
The correct term in accounting is "cut-off". The accounts are not closed, but no more items are posted to them for that year. Companies often set cut-off dates a few days before the end of the year so they can start perparing their annual accounts.

Year End Cut Off: Accounts Payable | Finance
www.finance.umich.edu › Financial Operations › Accounting Services
Sunday, June 14th, 2009 9:00 PM - Monday, June 15th, 2009 8:59 PM. Purchase order invoices and non-purchase order vouchers cut off: Monday, June 15th ...
Cutoff Dates for Fiscal 2013 Year End Closing | Finance
www.finance.umich.edu › Financial Operations › Accounting Services
Cutoff Dates for Fiscal 2013 Year End Closing ... in your unit's fiscal year 2013 activity, they must be submitted by the cutoff dates noted ... ACCOUNTS PAYABLE
[PDF]June 2014 - Controller - Michigan State University
ctlr.msu.edu/download/fa/YrEndCutOffProcedures/OpeningMemo.pdf
Year End 2014 Cut-Off Procedures. Last updated: 03/19/2014 ... Accounts Payable processing until 5:00 PM, Thursday, July 3, 2014. Payment Request financial ...

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Note added at 1 hr (2015-01-13 12:03:34 GMT)
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Fiscal Year End Close | Procurement Services
f2.washington.edu › ... › Procurement Services › Tools For Reconciling
Jul 8, 2014 - Fiscal year end is a good time to ensure expenditures and revenue have been recorded to the ... The cutoff dates represent the last day that departments can submit documents to allow ... Central Travel Account (CTA)

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Note added at 1 hr (2015-01-13 12:19:09 GMT)
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Needless to say, this is where the Spanish gets "cortar" from.

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Note added at 3 hrs (2015-01-13 14:13:58 GMT)
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Urrutia's Diccionario de Negocios defines cutoff as "cierre de libros para inventario o para comprobación"

patinba
Argentina
Local time: 05:49
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 604
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