Podcast
Questions and Answers
What is the difference between voiding an invoice and deleting an invoice?
What is the difference between voiding an invoice and deleting an invoice?
Voiding an invoice conceptually similar to deleting (canceling) an invoice, but maintains a paper trail, while deleting an invoice removes it completely.
What statuses can invoices move through?
What statuses can invoices move through?
Invoices can move through different statuses from draft to paid.
What can you do with an uncollectible invoice?
What can you do with an uncollectible invoice?
You can mark an uncollectible invoice as paid, void, or uncollectible.
Study Notes
- An invoice moves through different statuses from draft to paid.
- You can finalize an invoice, or delete it.
- When a customer pays for an invoice, the invoice moves into the paid status.
- Voided invoices are conceptually similar to deleting (canceling) an invoice, but maintain a paper trail.
- You can only void invoices when they're open or uncollectible.
- Uncollectible invoices are when a customer 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.
Description
Test your knowledge of invoice statuses, including draft, paid, voided, and uncollectible. Understand when and how to finalize, delete, mark, or manage different invoice statuses.
