Podcast
Questions and Answers
What is the status of an invoice after a customer pays for it?
What is the status of an invoice after a customer pays for it?
What is the purpose of voiding an invoice?
What is the purpose of voiding an invoice?
When can an invoice be voided?
When can an invoice be voided?
Study Notes
- An invoice moves through five statuses: draft, open, paid, voided, and uncollectible.
- You can finalize an invoice, send it, or mark it as paid.
- When a customer pays for an invoice, the invoice moves into the paid status.
- Voided invoices are treated as zero-value for reporting purposes.
- You can only void invoices when they’re open or uncollectible.
- Uncollectible invoices are written off and become unreadable.
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Description
Test your knowledge of invoice statuses with this quiz. Explore the lifecycle of an invoice from draft to uncollectible, including actions that can be taken at each status.
