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Questions and Answers
What is the final status of a paid invoice?
What is the final status of a paid invoice?
- Open
- Voided
- Uncollectible
- Draft (correct)
What is the purpose of marking an invoice as uncollectible?
What is the purpose of marking an invoice as uncollectible?
- To delete it
- To track it for accounting purposes (correct)
- To make it editable
- To make it terminal
When can you delete a draft invoice?
When can you delete a draft invoice?
- When it is open
- When it is paid
- When it is voided
- At any time (correct)
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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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