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Questions and Answers
What happens to an invoice when it is voided?
What happens to an invoice when it is voided?
- It is deleted from the system
- It is marked as paid
- It becomes zero-value for reporting purposes (correct)
- It is sent to the customer for payment
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Study Notes
- Stripe has an automatic collection workflow for invoices.
- Customers and products/prices should be set up before invoicing.
- Invoices go through a lifecycle of draft, open, paid, voided, or uncollectible.
- Draft invoices are editable and unsent, while open invoices are finalized and awaiting payment.
- Paid invoices are terminal and cannot change status.
- Voiding an invoice maintains a paper trail and makes it zero-value for reporting purposes.
- Uncollectible invoices are for when customers cannot pay and allow for tracking of bad debt.
- Draft invoices can be deleted at any time.
- Stripe can automatically charge customers for invoices.
- Customer emails can be enabled for sending email receipts.
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