Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is the terminal status of an invoice?
What is the terminal status of an invoice?
- Void
- Uncollectible
- Open (correct)
- Draft
How can you maintain an invoice paper trail?
How can you maintain an invoice paper trail?
- Delete it
- Mark it as paid
- Mark it as void (correct)
- Mark it as uncollectible
What action can you take on a draft invoice?
What action can you take on a draft invoice?
- Mark it as paid
- Mark it as uncollectible
- Void it
- Delete it (correct)
Flashcards are hidden until you start studying
Study Notes
- An invoice moves through different statuses from the time it’s created to when it’s paid.
- Draft invoices are still editable and remain unsent.
- Open invoices and paid invoices are terminal, which means that they can never take on another status.
- Voided invoices are conceptually similar to deleting (canceling) them. However, voiding an invoice maintains a paper trail, which allows you to look up the invoice by number.
- Uncollectible invoices are sometimes your customers won’t be able to pay their outstanding bills.
- You can mark an invoice as paid, void, or uncollectible.
- 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.
