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Questions and Answers
What is the purpose of setting up customers and products/prices in Stripe?
What is the purpose of setting up customers and products/prices in Stripe?
- To track bad debt
- None of the above
- To maintain a paper trail
- To create invoices (correct)
What is the status of a draft invoice?
What is the status of a draft invoice?
- Editable and unsent (correct)
- Terminal and cannot change status
- Zero-value
- Finalized and awaiting payment
What is the purpose of voided invoices?
What is the purpose of voided invoices?
- To maintain a paper trail (correct)
- To track bad debt
- To create invoices
- None of the above
Can paid invoices change status?
Can paid invoices change status?
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What is the purpose of uncollectible invoices?
What is the purpose of uncollectible invoices?
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Study Notes
- Stripe has an automatic collection workflow for invoices
- Customers and products/prices need to be set up first
- Invoices have a lifecycle with different statuses
- There are five invoice statuses: draft, open, paid, voided, and uncollectible
- Draft invoices are editable and unsent
- Open invoices are finalized and awaiting payment
- Paid invoices are terminal and cannot change status
- Voided invoices maintain a paper trail but are zero-value
- Uncollectible invoices are for tracking bad debt
- Draft invoices can be deleted at any time
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