Podcast
Questions and Answers
What is the terminal status for an invoice?
What is the terminal status for an invoice?
What is the purpose of a voided invoice?
What is the purpose of a voided invoice?
Can you delete a paid invoice?
Can you delete a paid invoice?
Study Notes
- An invoice moves through five statuses: draft, open, paid, voided, and uncollectible.
- Draft invoices are still editable, but remain unsent.
- Paid invoices are terminal, and can never take on another status.
- Voided invoices are conceptually similar to deleted (canceled) invoices, but maintain a paper trail.
- Uncollectible invoices are marked as unlikely to be paid and tracked for bad debt accounting purposes.
- You can delete a draft invoice at any time.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your understanding of different statuses that an invoice can go through, from draft to uncollectible, including their characteristics and implications.
