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Questions and Answers
What is the status of an invoice that has been paid?
What is the status of an invoice that has been paid?
- Draft
- Open
- Voided
- Paid (correct)
What happens when an invoice is voided?
What happens when an invoice is voided?
- It is deleted from the system
- It is marked as unpaid
- It maintains a paper trail and becomes zero-value for reporting purposes (correct)
- It is automatically resent to the customer
When can invoices be deleted?
When can invoices be deleted?
- Only when they are in draft status (correct)
- Only when they are in open status
- Only when they are in paid status
- Invoices cannot be deleted
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Study Notes
- Stripe has an automatic collection workflow for invoices.
- Customers and products/prices must be created before setting up Stripe invoicing.
- Invoices have a lifecycle with different statuses: draft, open, paid, voided, and uncollectible.
- Draft invoices are editable and unsent.
- 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 used for tracking bad debt.
- Invoices can be deleted while in draft status.
- Stripe can automatically charge customers shortly after generating an invoice.
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