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Questions and Answers
What is the status of a draft invoice?
What is the status of a draft invoice?
- Open (correct)
- Paid
- Voided
- Uncollectible
What is the process of voiding an invoice?
What is the process of voiding an invoice?
- Deleting it
- Editing it
- Moving it to a paid status
- Making a paper trail (correct)
What can you do with a draft invoice?
What can you do with a draft invoice?
- Make a paper trail
- Move it to a paid status
- Delete it (correct)
- Mark it as uncollectible
Study Notes
- An invoice goes through five statuses: draft, open, paid, voided, and uncollectible.
- Draft invoices are still editable, but are unsent.
- When a customer pays for an invoice, the invoice moves into the paid status.
- Voided invoices are conceptually similar to deleting (canceling) them, but maintain a paper trail.
- Uncollectible invoices are sometimes in this state.
- You can mark an invoice as paid, void, or uncollectible.
- You can delete a draft invoice at any time.
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Description
Test your knowledge of invoice statuses and their implications, including draft, open, paid, voided, and uncollectible states. Explore how actions such as marking an invoice as paid, void, uncollectible, or deleting a draft invoice impact the invoicing process.
