Podcast
Questions and Answers
What does it mean to void an invoice?
What does it mean to void an invoice?
What is the first step in the invoice process?
What is the first step in the invoice process?
What happens when a customer pays for an invoice?
What happens when a customer pays for an invoice?
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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Description
Test your knowledge about the lifecycle of an invoice, including its various statuses such as draft, open, paid, voided, and uncollectible. Understand when and how an invoice transitions between these statuses and the actions that can be taken for each status.
