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Questions and Answers
What happens to an invoice when a customer pays for it?
What happens to an invoice when a customer pays for it?
- It moves into the pending status
- It moves into the voided status
- It moves into the draft status
- It moves into the paid status (correct)
What is the purpose of voiding an invoice?
What is the purpose of voiding an invoice?
- To make it inaccessible
- To make it uncollectible
- To make it zero-value for reporting purposes (correct)
- To make it open
Under which circumstances can an invoice be voided?
Under which circumstances can an invoice be voided?
- When it's open
- When it's paid
- When it's voided
- When it's uncollectible (correct)
Study Notes
- An invoice is a record of a financial transaction between a customer and a merchant.
- An invoice can have one of five statuses: pending, draft, paid, voided, or uncollectible.
- When a customer pays for an invoice, the invoice moves into the paid status.
- Voided invoices are treated as zero-value for reporting purposes.
- After you void an invoice, the Hosted Invoice Page is still accessible.
- You can only void invoices when they're open or uncollectible.
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Description
Test your knowledge on the statuses and management of invoices, from pending to voided. Learn about the implications of different statuses and how they affect financial reporting.
