Podcast
Questions and Answers
What is the terminal status of an invoice?
What is the terminal status of an invoice?
What happens when you void an invoice?
What happens when you void an invoice?
What is the fifth status of an invoice?
What is the fifth status of an invoice?
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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Description
Test your knowledge of invoice statuses with this quiz. Learn about the different stages an invoice goes through and the actions that can be taken at each stage.
