3 Questions
What is the terminal status for an invoice?
What is the purpose of a voided invoice?
To keep a record of the invoice
Can you delete a paid invoice?
No
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.
Test your understanding of different statuses that an invoice can go through, from draft to uncollectible, including their characteristics and implications.
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