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Questions and Answers
What does it mean to void an invoice?
What does it mean to void an invoice?
- To delete the invoice
- To make the invoice editable
- To make the invoice uncollectible
- To keep a paper trail (correct)
What is the first step in the invoice process?
What is the first step in the invoice process?
- Open
- Paid
- Voided
- Draft (correct)
What happens when a customer pays for an invoice?
What happens when a customer pays for an invoice?
- The invoice is voided
- The invoice is deleted
- The invoice moves to the paid status (correct)
- The invoice is marked as uncollectible
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Study Notes
- An invoice goes through five statuses: draft, open, paid, voided, and uncollectible.
- Draft invoices are still editable, but are unsent.
- When a customer pays for an invoice, the invoice moves into the paid status.
- Voided invoices are conceptually similar to deleting (canceling) them, but maintain a paper trail.
- Uncollectible invoices are sometimes in this state.
- You can mark an invoice as paid, void, or uncollectible.
- You can delete a draft invoice at any time.
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