Closing rate types is useful if you have a few different rate types and you need to close one or more of them. For example if your chef is on holiday, you might want to close your Dinner, Bed and Breakfast rate but leave your Room Only rate open.

To do this you need to go to Prices > Price Update > New Price update
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In the what to update dropdown select Closed. For our example we are going to close all rooms on the Dinner, Bed & Breakfast rate for the period 1st to 8th November on all days in this period. Tick update direct prices and then press Set Prices.
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You can of course just close certain days of the weeks in a period, so you may want to only do Dinner, Bed & Breakfast on a Friday, Saturday & Sunday. If this was the case you would select Monday, Tuesday, Wednesday and Thursday as the days to add the closure.

Once you've set the prices, this rate type will then be closed for Guests trying to book this, but the Room Only rate would still be open and bookable.
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What if I only have one rate type and I set this to closed?
If you only have one rate type which is bookable and you set a closed rule on the rate type, this won't show on your dashboard as the property being closed. The dates will still show in Green.

However when guests go through the booking journey the property will show as Closed on the calendar.

If you have multiple rate types and you set them all to closed it will show as above on the calendar too.
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If you want to remove a closure, just head back to the Price Updater and change the value from Closed to Open.