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Questions and Answers
What is the terminal status of an invoice?
What happens when you void 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.
