3 Questions
What is the final stage of an invoice's lifecycle?
What does deleting a draft invoice do?
What is the status of an invoice when it is awaiting customer payment?
Study Notes
- An invoice's status can be one of draft, paid, voided, or uncollectible.
- Draft invoices are still editable, but are unsent.
- Open invoices are the first stage of an invoice's lifecycle, and indicate that the invoice is awaiting customer payment.
- Paid invoices are the final stage of an invoice's lifecycle, and indicate that the customer has paid for the invoice.
- Voided invoices are conceptually similar to deleted invoices, but maintain a paper trail.
- Uncollectible invoices indicate that the customer will not be able to pay the outstanding balance.
- You can delete a draft invoice at any time.
Test your knowledge of invoice status lifecycle with this quiz. Learn about the different stages such as draft, paid, voided, and uncollectible, and understand the implications of each status.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
