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Questions and Answers
What is the terminal status of an invoice?
What is the terminal status of an invoice?
- Open
- Paid (correct)
- Draft
- Voided
What happens when you void an invoice?
What happens when you void an invoice?
- It is deleted
- It is finalized
- It is kept as a record (correct)
- It is treated as zero-value
What is the fifth status of an invoice?
What is the fifth status of an invoice?
- Draft
- Open
- Paid
- Uncollectible (correct)
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Study Notes
- An invoice moves through five statuses: draft, open, paid, voided, and uncollectible.
- You can finalize an invoice, or delete it.
- Paid invoices are terminal and can never take on another status.
- Voided invoices are conceptually similar to deleting (canceling) them. However, voiding an invoice maintains a paper trail, which allows you to look up the invoice by number.
- Uncollectible invoices are treated as zero-value for reporting purposes.
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