3 Questions
What is the final status of a paid invoice?
Draft
What is the purpose of marking an invoice as uncollectible?
To track it for accounting purposes
When can you delete a draft invoice?
At any time
Study Notes
- An invoice goes through five statuses: draft, open, paid, voided, and uncollectible.
- Draft invoices are still editable, but are unsent.
- Paid invoices are terminal and can never take on another status.
- Voided invoices are conceptually similar to deleting (canceling) them, but maintain a paper trail.
- Uncollectible invoices are marked as such and tracked for bad debt accounting purposes.
- You can delete a draft invoice at any time.
Test your knowledge on the different statuses an invoice can have, from draft and open to paid, voided, and uncollectible. Learn about the characteristics and implications of each status.
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