2 Questions
True or false: An invoice can only be in one status at a time.
True
True or false: Once an invoice is paid, it can no longer be edited.
True
Study Notes
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The basic lifecycle for invoices looks like this: an invoice is created, it's pending payment, it's finalized and awaiting customer payment, or it's paid and can no longer be edited.
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Invoices can have one of five statuses: draft, open, paid, voided, or uncollectible.
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When a customer pays for an invoice, the invoice moves into the paid status.
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Voided invoices are treated as zero-value for reporting purposes and aren't payable.
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Uncollectible invoices are marked as such and the amount owed is tracked for reporting purposes.
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You can delete a draft invoice at any time.
Test your knowledge of the invoice lifecycle with this quiz. Learn about invoice statuses, payment processing, voided and uncollectible invoices, and draft invoice management.
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