Podcast
Questions and Answers
What is the final status of a paid invoice?
What is the final status of a paid invoice?
What is the purpose of marking an invoice as uncollectible?
What is the purpose of marking an invoice as uncollectible?
When can you delete a draft invoice?
When can you delete a draft invoice?
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.
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Description
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.
